As Twitter re-launches its $8 verification program today, how will that affect the platform, and what are brands’ thoughts on the changes to the verification program under which users will now get a gold tick instead of a blue one?
Capterra surveyed 300 marketing and advertising professionals in the US to see how they felt about Elon Musk’s paid verification program, their approach to Twitter ads, changes in verified status, etc. You can find Capterra’s full survey report here, but below are some of the key points.
According to Capterra’s data, 53% of brands say that they are unlikely to pay $7.99 per month for Twitter verification. Now, how effective this will largely depend on Twitter’s execution and whether the program sees wider adoption.
To reduce the likelihood of impersonation, brands that have a blue checkmark will now get a gold one. In the future, they’ll most likely need to pay $8 per month to keep their gold tick.
However, we’re uncertain when this deadline is, and if the new verification system becomes widely used very quickly, it could prompt other companies to join in. If lots of brands participate, this would create pressure for all brands to pay in order to keep the indicator of authority and trust in the app.
Though many brands don’t see the value in paying for a checkmark, survey respondents said they would be more willing to pay for other features such as improved promotion opportunities and security. Although not everyone may agree, most people believe that verification is important.
The two data points, when combined, show that it’s not inconceivable for companies to start spending $8 per month to maintain their presence on the app.
The number of users who sign-up for the program will have a direct impact on its success. If many people use it and consider it valuable, then more brands are likely to get on board.
But how successful it will be largely resting on how many people use it, as well as the amount of time Twitter gives brands to sign up before revoking their checkmark.
Out of all the platform’s advertisers, nearly 2/3rds say that promoting on Twitter is currently dangerous for their brand due to Musk’s stated dedication to ‘free speech’ in the app.
Three primary issues have arisen since Twitter updated its verification plan: hate speech, misinformation, and impersonation. Out of these, impersonation has been the most significant problem.
While Twitter’s updated verification program has improved the concerns around impersonation from a brand perspective, there are still some issues that concern businesses.
According to various reports, hate speech and misinformation have increased since Elon took over the app. However, Twitter has stated that hate speech is not as common as it used to be.
Although Elon is gradually permitting some of the users that were previously banned back into the app and sharing COVID theories from his own account, it’s easy to see why some brands are still feeling a bit gun-shy about using it.
Though these concerns exist, they don’t seem to be changing people’s ad spending habits in a significant way.
Most participants said they don’t want to reduce their Twitter ad spend, with 31% saying they will only monitor the situation instead of halting current campaigns. It’s hard to say what the right approach is yet because we have to wait and see how Musk’s changes play out over time. Many advertisers are struggling to know what to do with the app, but only time will tell what is next for it. However, they are also preparing for the worst-case scenario:
In this chart, it is evident that the overwhelming majority of respondents (3 in 4) think that marketers will move to other social media sites like Instagram (76%), Facebook (75%), or TikTok if Twitter were to close down.
Even though it seems improbable, Elon might still succeed. I mean, he’s taking some risks – which is pretty much how he operates. Musk appears to be willing to take on considerably greater risk than other business owners would dare, and up until now, that has aided him in attaining much more significant success. But it could also flop miserably.
If Twitter were to shut down tomorrow, Instagram would receive the greatest number of refugees, according to these statistics. Facebook and TikTok would also see an increase in users, though not as large as Instagram.
Many businesses are unsure about Twitter’s current state, especially with Elon Musk’s recent changes to the app. It remains to be seen how these changes will affect brands, but there is a sense of hesitancy among many businesses right now. it will all depend on what happens next.
Elon Musk has said, once again that ‘legacy’ blue checkmarks will be phased out ‘in a few months.
While no exact date has been set, companies will have to pay a fee to keep their coveted checkmark in the near future. This has caused many brands to hesitate about whether or not they want to pay for a checkmark.
If Twitter manages to prove that its new verification system is beneficial and not overly costly, then more brands may be willing to pay for a checkmark.
How it unfolds over the next few months will be interesting to watch.