Using online platforms to Grow your Business.
What does the Rich and Twitter Leaders have in common?
In this post you’ll discover what these two hold in common and how leverage the rich gets richer dynamic.
Learn How To:
- Use the rules of the rich
- Maximize your business by standing out.
- Leverage Twitter’s Rich get Richer mechanics
Wonder why the Rich keep getting Richer? It’s the assets being invested. Whether it’s your time or money, investing for delayed gratification, and not spending for instant gratification is key. The top percentile of the wealthiest invest up to 75% of their savings into top performing assets. The middle class invests little and have a greater debt to asset ratio, with the only investment being their home, acting as a mortgage debt. However, the wealthy invest in private businesses and commercial real estate to receive generous returns. They invest more than they spend and patiently wait for their wealth to multiply into a fortune.
“The rich become richer and the poor become poorer is a cry heard throughout the whole civilized world.” -Friedrich Schiller
Sacrifice now, and enjoy later or enjoy now and sacrifice later. Invest now, collect, reinvest and wealth will grow. Nurture wealth to grow it. Just as a tree takes time to bear fruit, so does money. Invest your resources wisely and harvest the rewards in the near future.
That being said, What does the Rich and Twitter Leaders have in common?
Like the wealthy, Twitter leaders invested early to accumulate massive followers. They were the first to adopt Twitter as it grew. Early adopters of twitter are today the top percentile with the highest number of followers in the hundreds of thousands.
Twitter is a microblogging platform allowing you to publish Tweets, ideas and information limited to 140 characters. It’s a hub of information as members share, connect, and follow one another. It is a powerful platform for establishing an online presence, authority, and even gaining work.
On Twitter, you can gain a following just by retweeting (reposting) other people’s ideas and information. By sharing another person’s interesting post or article, your showing the network that you’re watching, responding and actively participating. By retweeting another’s post, you’re spreading their idea or article across to a wider audience, which the original poster will appreciate. You may then get a reply or a following from the original poster, thus increasing your influence as well. Retweets represent a specific social metric, a native measure of social success.
Tremendous value from Twitter is derived by following others and collecting followers. The more Twitter users create a list of people they follow, the better Twitter becomes. Investing in following the right people increases Twitter’s value, as relevant and interesting content is delivered to the user. Twitter’s Tipping Point is 30. Once users follow 30 members, useful and interesting content is increased dramatically. Once users gain 30 followers, they rapidly gain more and more followers.
Early participants of Twitter have many more followers than those who join late. This is not just from having had more time on the platform, it is due to Twitter’s key mechanics.
Twitter works on a one-sided Rich-becomes-Richer dynamic. Followers are attracted to members with higher counts, which continues to grow the follower count further. High follower counts signals legitimacy and credibility of the member on a platform, a social status of prominence and influence.
Twitter itself features members of high social proof and recommends new users to follow them. Following seasoned users with prominence helps prevent new users from abandoning Twitter. This in turn, feeds the rich-become-richer feedback loop. As a result, early adopters rapidly rise and build a high level of influence on online platforms.
As users gain more and more followers, their ability for influence increases as they gain access to a wider audience. This gives them an opportunity to share their knowledge, spread new ideas, and rally support for their view or cause with their large audience.
Reputation is also built. People can literally take their built reputation to the bank. Yelp and Airbnb show how important reputation can be. Restaurants with negative scores are treated very differently from those with a great reputation. It is most often a deciding factor of how the business can operate. It determines what price a seller can set for an item, room rental rates, or who is selected as a provider. Businesses with bad reputations find it difficult, if not impossible to compete against highly rated providers. Reputation is a form of stored value increasing the success of a business and the likelihood of being heard, taken seriously, and gaining support or a following.
In summary, early adopters of a platform can take advantage of the Rich-get-Richer cycle. Users will pay one another with their attention and following. The more followers a user has, the faster his following grows exponentially. As followers grow, the user will increase his influence, prominence, and ability to build a great reputation.
As members spend their attention on you, your value grows with your influence as a thought leader. Gain attention to build reputation and influence.
That being the case, how does one gain a massive following and use their reputation and influence for marketing online? Find out in the next post….
“It takes many good deeds to build a good reputation, and only one bad one to lose it.” –Benjamin Franklin