After unveiling a new feature, LinkedIn Stories, with much fanfare on September 2020, LinkedIn shut it down less than a year later. The fate of its equivalent on Twitter ‘Fleets’, was the same. Although the feature was beloved by advertisers, this didn’t come as a surprise to anyone who is active on the two platforms.
Writing on the wall
So why did everyone see the writing on the wall while LinkedIn and Twitter were seemingly in the dark? Why did the Instagram Story become and remain a stunning success, while a similar version of the feature on LinkedIn and Twitter was a cataclysmic failure?
The answer is that even the largest corporations sometimes forget the number one 1 rule: always stay true to your mission statement. Because if you do not know your own self, you cannot expect this of others.
Let us explain.
Currently, there are seven social media platforms that claim more than one billion monthly active users, each of them competing for their competitor’s audience.
History has shown that when one platform unveils a successful new feature, the competing platforms will rush to introduce a similar version, often without analyzing whether it provides benefit to their users.
Let’s take a closer look at the mission statements of Instagram, Twitter, and LinkedIn:
Instagram: “to capture and share the world’s moments.”
Twitter: We serve the public conversation….to strengthen our communities…to give everyone the power to create and share ideas…free and global conversation.
LinkedIn: To create economic opportunity for every member of the global workforce…connect the world’s professionals to make them more productive and successful.
Note how the focus differs on each platform.
While one platform highlights sharing moments, namely images, another puts emphasis on conversation and community and the third on professionals and the workforce. Their separate values and focus constitutes their unique selling proposition and the reason people signed to each one and stay engaged and active on their platform.
The Stories feature on Instagram adds value by enabling the user to create a richer and poignant depiction of their “moments”, to express their moments better. Understandably, people on LinkedIn and Twitter are not interested in showcasing visually based moments. They are here for conversation, or alternatively to connect to other professionals. That is what the two platforms forgot.
Copying isn’t always bad
When Twitter unveiled its new feature; Tip Jar the world said, “Yes!”- it showed an understanding of the needs of their users and added-value, all while staying true to their mission statement.
When TikTok followed suit two weeks ago– the world continued expressing support. The aim to ”reward creators by making it easier for them to receive payment for their work” adds value to users on both platforms.
All eyes are on Twitter who last week revealed their latest addition, ‘Twitter Blue’ which allows users to subscribe to get additional offerings and features. If successful, which platform will turn copycat?
We’ll find out soon enough.