'FOMO' Will Make Elon Musk's $8 Twitter Charge a Success Says Marketing CEO
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Elon Musk attends Heidi Klum's 21st Annual Halloween Party at Sake No Hana at Moxy Lower East Side on October 31, 2022, in New York City. Musk outraged many Twitter users with the announcement of his $8 per month Twitter plan to have a verified badge.
The fear of missing out will make Elon Musk's $8 monthly Twitter payment model a success, according to a marketing expert.
Despite backlash on his social media site, Musk has reiterated his intention to proceed with the plan. The billionaire plans to charge Twitter users $8 a month for a blue verification badge and a number of other benefits on the site, though you can also still use it for free.
Musk has been directly answering his critics on Twitter, which has included the likes of politician Alexandria Ocasio-Cortez and author Stephen King. They are just two of the prominent people pooh-poohing Musk's proposal. According to one expert, however, Musk's plan could well succeed.
"People are unpredictable," Elliot Stern, chief executive officer, Accel Marketing Solutions, Inc. told Newsweek. "They can hem and haw at the cost but, at the end of the day, if there is an overwhelming amount of users with FOMO, whether it is because of the perks of a verified account or just to keep up with the Joneses, people will pony up—at least to see what it's all about."
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On November 1, after touting the idea with various prices, Musk announced his plan for the social media site he recently purchased. "Twitter's current lords & peasants system for who has or doesn't have a blue checkmark is b*******," he wrote. "Power to the people! Blue for $8/month."
He confirmed that the price will be adjusted "by country proportionate to purchasing power parity." Listing some of the benefits for those who subscribe, he said: "Priority in replies, mentions & search, ability to post long video & audio and half as many ads."
Accel Marketing Solutions specializes in attorney and law firm marketing services. Its CEO Stern looks ahead at how the change to the verification system of Twitter will impact its relationships with search engines.
"It'll be interesting to see if Google gives verified accounts more weight when highlighting tweets in search results. Will the verified accounts help curb bots that are flooding Twitter, making it less attractive to advertisers? Can't wait to see how this all shakes out," Stern said.
Musk has been unapologetic in announcing his new business plan. He even channeled a classic Monty Python sketch when addressing all the "complainers" online. Musk's self-description on his Twitter page is set to "Twitter Complaint Hotline Operator."
While many have rebelled, hundreds of thousands of people are closely following Musk's plans as he updates users on the platform, with many offering their support. Journalist Peter Pischke wrote for Newsweek that Musk's verification change is "good for free speech" and is "angering all the right people."
In an effort to rebel against Musk's plans, the term #RatVerified became a trending topic when someone suggested users could put a rat emoji next to their name for free instead of paying for a blue check mark.
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