Elon Musk's Twitter Acquisition: A Cautionary Tale for Renters
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Understanding the Twitter Landscape
Elon Musk's recent move to acquire Twitter could position him as the new landlord of one of the oldest social media platforms. If you’re planning to stick around on Twitter, you might want to consider getting some renter’s insurance.
It’s important to remember that you shouldn’t build your entire brand solely on social media. This is a lesson that has been evident since the early days of the Internet, and it’s worth discussing. Social media is essentially rented space; the owners—like Zuck, Parag, Shou Zi, Paul, or Rohan—can modify or even shut down their platforms without any prior notice to you. This raises a significant concern: if your entire network and reputation are tied to social media, you risk losing it all at a moment’s notice—unless you diversify your digital presence.
I had almost forgotten how precarious this digital ecosystem can be. Perhaps it’s due to the isolation brought by COVID or the rise of social audio platforms like Clubhouse and Twitter Spaces, but I lost sight of my fundamental principle: nurture your community in spaces you own, rather than those you merely rent. The recent headlines about Musk’s attempt to take over Twitter jolted me back to reality. Nothing like a billionaire’s whims to bring one back to earth, right?
Musk exemplifies what can happen when a new landlord threatens to take over your social media space—this could lead to the removal of features you enjoy, increased costs, changes in community dynamics, or even outright eviction. If you’ve been solely focused on your community within social media, you may be in serious jeopardy. However, it’s not all doom and gloom. By creating a diversified online presence and establishing what I call "Internet renter’s insurance," you can endure any turbulent social media shifts while keeping your community intact.
The Principle of Ownership
For over a decade, I’ve advised clients (and myself) with this golden rule: build your community on platforms you own, and use rented spaces as a supplement. Owned platforms refer to your website and email lists, for example. Bonus points for engaging with your community offline through events and gatherings (remember those?). The key is to develop relationships primarily by delivering value through your own website, newsletters, and any other channels where you control the content and terms. This allows you to create an environment that best serves both your community and your brand.
While I’m not opposed to fostering a following on social media, I must emphasize that relying exclusively on these rented platforms to connect with your audience and promote your brand is a significant misstep. Encourage your followers to engage with you in spaces you own by providing them with valuable content. Build an email list, share useful and creative updates on your website, and if you have a podcast, ensure it’s accessible from your own site as well as popular platforms like Apple and Spotify. If people already appreciate you on social media, they will likely flock to a community that you’ve thoughtfully created for them.
Is Elon Musk the villain in this narrative? Not necessarily. Is he stirring up change by attempting to take over one of the oldest social platforms, established in 2006 and ranking as the ninth most-visited site globally? Absolutely. The future is uncertain, but one thing is clear: a shift in leadership often leads to significant changes. Will the aspects you cherish about Twitter remain intact? Perhaps. More importantly, will what your audience values about Twitter be affected? The unpredictability of social media ownership means that having Internet renter’s insurance ensures your audience has alternatives—places that you’ve developed specifically for them.
Key Takeaways
- Social media platforms are rented spaces that can be altered or removed without notice.
- Focus on cultivating your community primarily on platforms you own.
- Owned spaces include your website, email lists, and any other controlled online environments.
- Ultimately, you understand what brings value to your community. Provide that.
- Internet renter’s insurance ensures you maintain a way to engage with your audience outside of rented spaces, allowing you to offer value.
- If you overlook these principles, the whims of a billionaire will serve as a stark reminder.
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Footnote
¹The opening line of this piece is inspired by the lyrics from Jim Croce’s classic song “You Don’t Mess Around with Jim.” A nod to my fellow nostalgic readers.
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