wasting money

How Not To Waste 40 Million Dollars

May of 2011, Twitter bought the most widely used desktop and mobile social media client, Tweetdeck. For the longest time, nothing was done with the old beta application that ran on Adobe Air. After buying this software, they then “upgraded” the application by taking it out of Adobe Air and reconstructing it in both Windows and Mac native clients, the core components of the application were removed. In fact, the flexibility, power, and dynamic functions that were removed is what had made it so successful. Because of this, many people have dropped the application for others, not to mention, they paid $40 million dollars to make a great thing simply okay.

So for all you CEOs out there with $40 million dollars to invest (and any schmuck on the street that wants to use their money wisely), here is a bit of free advice to keep in mind when messing with a good thing.

  1. Remember why you became a success. It is because users were able to use it how they wanted. In fact, Twitter initially was intended to be used as a simple SMS to small groups of people. Yet, the users established it into an amazing social media service. Then the users began using hashtags to transform it into the perfect marketing social network. So when the users like a client that works with your network and gives you millions of tweets, it is wise to invest in the company, but not to gut it to your liking and then hope people will continue using it.
  2. Do not waste your money to get rid of those that helped you become a success. It is understandable that you want to prevent people from using third-party products. But why dumb it down? For new people who do not use desktop clients?
  3. Do not alienate the best thing you have. Remember that people have many social media options. In fact, you are not even the top network on the street, so driving people away is not the smartest idea.

What are your thoughts on Twitter’s actions?