There was a boy named “Jack” . . . you know how the story goes—he sows the seeds, grows the bean stock, climbs it, grabs the gold-producing goose, and the rest is a movie coming near you. We could call Jack an opportunist i.e. somebody who takes advantage of something, an entrepreneur, a trailblazer if you will.
Well, there’s a “golden egg snatching” opportunist in real life—American Express. Although Amex has partnered with Twitter, Facebook and Foursquare already, starting just last Monday, this is the first time the company has used the partnership in social network purchasing, in particular Twitter using #hashtags. Jennifer Booten of Fox Business states, “It marks the first widespread monetization of the microblogging site since its inception.” This makes e-commerce as easy as 1-2-3. Literally, it only takes about that many steps to use Twitter to buy a wide range of products with Amex as the buying tool and even have it sent to your door.
“We wanted to bring [purchasing] to Twitter first,” according to Brad Minor of American Express. “This is the most dramatic manifestation of what our tech can do because it’s all happening in 140 characters or less and showcased in a hashtag. That said, it would be possible to transfer the underlying capability to other platforms.” You can check out American Express on YouTube to see how it all works at http://youtu.be/CUXQYrn8zds. It couldn’t be easier. Congratulations to American Express for jumping on the bandwagon and making it look easy.
So, what can we learn from this major move—a “Jack” = American Express, moving into “giant” territory = social media, and taking the goose that continues to produce those “golden eggs” = making money. I think it’s simple: use social media to your advantage in any way possible to increase revenue. Be creative, go forth and claim your “goose”.
What ways do you use social media to increase revenue for your company? We would love to hear from you! Kroma Marketing.