Last Updated on June 14, 2023 by Robert C. Hoopes
Many businesses have found it difficult to survive the economic consequences caused by the COVID-19 epidemic. In the wake of the outbreak, several marketers pulled down on spending on social media giant Twitter. However, CEO Elon Musk recently said that things could be looking up for Twitter Company.
Musk said in a recent interview that “most” of Twitter’s advertisers have returned, and the firm is almost back to breaking even. Twitter’s executives, who have been working around the clock to fix the company’s financial problems, will no doubt be relieved to hear this news.
So, why has Twitter experienced a dramatic uptick in popularity? To begin, it’s important to realize that Twitter has long been a well-liked medium for commercials. There are more than 330 million monthly users on the site, and many companies are actively marketing there. Nonetheless, many advertisers reduced expenditure in response to the epidemic in an effort to save money and weather the storm.
Yet, as the pandemic shows signs of abating, many businesses are once again considering expanding their advertising expenses. Twitter has jumped on this opportunity, releasing many new ad styles and features to help businesses better connect with their intended consumers on the platform.
Twitter’s recent growth can be attributed in part to the platform’s enhanced ad-targeting features. Ads on Twitter have always been extremely targeted, but thanks to updates to the platform’s algorithms and data analytics, they are now much more so. Ads can now be shown to people who are more likely to be interested in them, increasing conversion rates and improving ROI for businesses.
Twitter’s success can also be attributed to the platform’s emphasis on video. Online advertisers have found that video is more engaging than text ads, and that trend appears to continue. In light of this development, Twitter has introduced several types of video advertising, such as promoted videos and in-stream commercials. Advertisers may now provide more interesting, aesthetically appealing material to consumers through these adverts, boosting user engagement and conversion rates.
Improved ad targeting, a shift in emphasis toward video content, and the advertising industry’s slow but steady rebound from the epidemic have all contributed to Twitter’s recent success. While the future of Twitter’s success is uncertain, the company’s recent rebound has given investors and marketers reason to be optimistic.