Elon Musk's Takeover of Twitter: What Does it Mean for Your Beauty Retail Business?
In case you missed it, Elon Musk has taken over Twitter. He bought the company on Monday and is now the CEO. So what does this mean for your beauty retail business? As a company owner, it's important to stay up-to-date on the latest changes in social media platforms to continue to reach your target audience. This blog post will discuss how Elon Musk's takeover of Twitter may change how beauty retailers use the platform and present your brand overall.
Impact #1: Increased Twitter Usage
It's no secret that Elon Musk is one of the most popular people on Twitter; in fact, he is the second most followed person on the platform. He has over 30 million followers and is known for his witty comments and engaging conversations. Since he is now the CEO of Twitter, we can expect to see an even higher increase in people using the platform.
As the most immediate impact of Elon Musk's takeover of Twitter is an increase in usage, more people are exposed to Twitter daily. As a result, your beauty brand should consider increasing its presence on Twitter. This can be done by tweeting more often, using more hashtags, and interacting with other users.
Impact #2: More E-Commerce Opportunities
Since Elon's takeover can increase traffic to Twitter, another impact of Elon Musk's takeover of Twitter will also mean a likelihood of increased sales. Another great thing about Elon's plan is to combat the spambots going viral on Twitter right now; this could mean a better environment for real business to get their messages out to customers without noise.
That said, it's worth noting that Elon also mentioned that Twitter would get into a subscription model instead of a platform relying as much on advertisements as it used to be. Therefore, it is important for you and your team to explore the e-commerce capabilities of Twitter and how your beauty brand can take advantage of this new feature.
Impact #3: A less competitive environment for small beauty business owner
Did you know that bigger brands such as L'Oréal, have been known to spend upwards of $100,000 per day on Twitter ads?
Now that Twitter is under new management, we can expect to see some changes in how beauty brands advertise on the platform. With increased usage but less coverage by ads, this could be a more level playing field for small businesses.
In addition, with the new subscription model, Twitter may become a more intimate platform, leading to more opportunities for small businesses to connect with their target audience on a personal level.
Impact #4: Cryptocurrency may become more accepted on Twitter and globally
Since Elon has always shown his accepting attitude towards cryptocurrency, he also said that Dogecoin would be an acceptable form of payment on Twitter. Dogecoin, Elon's favorite coin for quite a while, though, is not even the biggest cryptocurrency. Therefore, we can assume that if Dogecoin is accepted, other major forms of crypto such as Bitcoin and Ethereum will be too.
This could lead to a more widespread acceptance of cryptocurrency and could have a major impact on how businesses operate, not just on Twitter but globally.
As a beauty retailer, crypto should definitely be something on your radar, and you should start thinking about how you can accept crypto as a form of payment for your products.
(Did you know that Carsha accepts Ethereum and USDC, for both beauty retail and beauty wholesale orders? What you earn in crypto can now be used directly to purchase more beauty inventory for your store!)
Impact #5: More Freedom of Speech
Finally, another impact of Elon Musk's takeover of Twitter is more freedom of speech. This is because Elon has been very vocal about his support of free speech. You might think that this would not be relevant to your beauty brand, but keep in mind that freedom of speech also applies to how you present your brand on social media. As a business owner, wouldn't it be great to have a platform that supports your right to express your brand without censorship?
What do you think about the impacts of Elon Musk's takeover of Twitter? Are you prepared for the changes that might come? Let us know!