Since monetizing from ads wouldn’t work for Twitter (“click through rates on social networks are low – people are there to communicate with each other, not to search for information”), Jeremiah Owyang suggested that Twitter should tap into the lucrative CRM space by offering its own CRM system (or its own analytics system to brands).
That’s not easy, not least because there are unsolved problems that revolve around building a brand management system out of Twitter. The goal of such system would be to make it possible for companies to “monitor, alert, track, prioritize, triage, assign, followup, and report on the interactions with their brands”. So here is a list of cool student projects:
- Build tools for mapping real IDs and pseudonyms (mapping Twitter ID into customer ID –many don’t use their real names)
- Build tools for identifying those people on twitter who influence buying behavior
- Build product recommendation tools that are able to sense and react to users who ask their peers for product recommendations at the point of sale (right in the store).
Useful read: The Facebook Era