Smart entrepreneurs are now doing deals in 140 characters or less on Twitter
(Source: Fortune Magazine)
A year ago Kris Drey couldn't care less about Twitter.
With 13 years of Web site experience, Drey is no technophobe. He serves as vice president of product marketing at Fliqz, an online video-hosting service with 20 employees in Emeryville, Calif. But when he first skimmed Twitter, the popular micromessaging service launched in 2007, Drey saw a lot of mindless chatter and very little that seemed useful to a video business.
Still, with the economy taking a dive, Drey persisted. He was looking for ways to spread the word about Fliqz without spending any more of his maxed-out $15,000 marketing budget. Not only was Twitter the fastest-growing social media service around -- its user base grew by a whopping 1,841% in 2008, to 14 million -- but it also wouldn't cost him a dime.
"The only overhead is your time," says Drey, 40. "You need to pay attention."
He did just that. Drey started posting three or four updates a day as @Fliqz (all Twitter IDs start with "@") and subscribed to (or "followed") the 140-character updates (or "tweets") of anyone he could find who seemed interested in the online video industry, even if the person was just posting links to stories on blogs. One Saturday afternoon Drey spotted a Twitter post from a Fliqz customer who was having trouble encoding video. After exchanging a couple of tweets with him, Drey called the customer on the phone, figured out that the guy had a corrupted file and fixed the problem. The customer posted a tweet of happy surprise.
Talk back: Are you on Twitter yet?
Fast-forward a few months, and @Fliqz now boasts 1,358 followers. Thanks to Twitter, Drey snagged 21 new sales leads, and Twitter also helped him seal one $6,000-a-year contract. Fliqz signs or renews up to 30 deals a month, so the company is hardly tweeting its way to massive growth. But it's not too shabby a return for a free tool. Drey estimates that he spends eight hours a week on Twitter, or the equivalent of 2% of his marketing budget every year.
Call this the year business invaded Twitter. The service -- which can be used on any cell phone or computer -- has been a hit almost since its inception, with celebrities as diverse as Richard Branson and Britney Spears using it to tout their appearances and correspond with fans. But in the past year, @Comcast has set up what has effectively become a help desk on Twitter, while @JetBlue (JBLU), @Zappos, @WholeFoods (WFMI, Fortune 500) and @Starbucks (SBUX, Fortune 500) interact with hundreds of thousands of their followers. (Source: Fortune Small Business)