Instagram, Holly, Twitter discussed on Techmeme Ride Home
Your friends are interacting with polygon. The motivating factor for you to exercise. And that's really key so social can actually get someone to be more engaged in the long term and more likely to use the product that if it was a completely solo single player experience the natural fund creates competition. Increase the motivation. It just make something that's inherently not necessarily fun a lot more game like and so i believe that social naturally will help products have basically long retention and then the second piece that social really unlocks is very growth. Because right now we're hitting a point where people are more hesitant to download a new app. You have to have a very strong value proposition to get me to download a new application now. Then companies are realizing hey rather than just buying ads all over the place. Can i build in some vitality more social hooked so that users have an incentive to share it with their fans so that my users have an incentive to posted on instagram. well this is from one of the pieces. I can't remember who wrote this one in the past but there's also with with social generally the scale can be huge even if you get like a small slice of a like a niche or an interest things like that with just one percent share of active users. Tinder claims well over five million daily active users and brings in a billion dollars a year in revenue from that. So that's not the billion scale. That's only five million. But that can still generate a billion dollars in revenue. Just from that. Sliver well i think it's because social at the end of the day is interactive which means you're emotional you're not just interacting with algorithms you're interacting with actual humans on the other side and once you bring in the element of emotion. There's all kinds of things people are willing to pay for right. You're willing to pay to get noticed. You are willing to pay to to flatter someone. You're willing to pay to flirt. You're willing to pay to buy status. Whatever it is the willingness to interact with a platform at a much deeper scale increases. When you feel like you're actually building relationships of human beings on the underside well and that was another key takeaway for me is that you're distinguishing between like we think of engagement all of this time as well right. I opened instagram twenty thirty times a day. That's that's the. That's the addiction of certain types of apps. And things like that. But there's a difference between like that sort of engagement and like absorption like you can also with social have apps that you don't open them every day but when you do you engage with them for hours at a time like we've again. We're seeing this a lot in gaming but that is also there's more of a quality sort of thing that we're talking about here then just the quantity in the scale. Holly and i think part of it is some social companies like you alluded if they focus on just a niche. There's actually a higher chance that it will resonate with one of my identities that i will personally identify right. Maybe i feel like a trendsetter. Maybe i am a collector. Maybe i'm a diy crafter. Maybe i am a a deal hunter. Whatever it is you have these new communities social communities that really make me feel included and make me feel like that part of my identity can shy and i think that's also a reason. Why the incumbents quite honestly We'll have to figure out how to navigate this new world because humans. We have multiple identities and a lot of these existing social platforms. Don't make it easy for you to share all parts of yourself right like i have a youtube channel. Maybe i talk about tech. Hey i really love singing karaoke. i can't put that on the same channel right. Or maybe on twitter talk a lot about inspiration and innovation coming out of asia international but i have a whole bunch of thoughts around parenting or whatever else it is and i can't put that in the same twitter feed even right because a lot of these existing platforms in order for you to kind of really develop your following. You kinda have to choose one or two identities it to max and really just go deep on that. It's very hard to find a platform that allows you to develop all these parts of yourself. And i think that's actually the opportunity. This episode is supported by the team at vistaprint. Have you ever re gifted a gift. Did you feel good about doing that. Have you ever gotten a gift that you know was re gifted. I bet that definitely didn't feel good. Vistaprint specializes in unreal giftable gifts gifts so unique and personal that you wouldn't dream of passing them on one off gifts like calm mugs and canvas prints photo books and wa- counters. They're the kind of thoughtful gifts. You really can't.