Alicia Galindo Source: Courtesy
I want to start this column by asking the following questions: Where do you find information about your investments? Where do they watch or listen to the news? Where do they seek financial advice to improve decision-making?
Probably for traditional channels like the newspaper, television, or maybe on youtube, twitter, or probably through a new app where anyone can speak live and share their ideas, points of view and practically what comes to mind.
If something has become more relevant in these times, it has been social networks and their impact on financial markets. New social media platforms have changed the way people obtain and exchange ideas and content, for example: TikTok and Reddit. One of these new apps is Clubhouse, which has been defined as a really fun way of transmitting information and makes Facebook and Twitter look really old-fashioned.
So let’s start with: What is Clubhouse? What is special about this app? And who uses it? Clubhouse is a social network through an app that you can enter by invitation only. Allows users to be in “rooms” or “rooms” to talk only with “audio” with friends, followers or with the general public. To join you only need an Iphone and the most important thing … receive an invitation from a member.
This app was launched in March 2020 by Paul Davison and Rohan Seth both former collaborators of companies like Google. In one of their communications, Paul and Rohan established that the objective of Clubhouse “is to build a social experience that feels more human, instead of just creating posts, and that the user can get together with friends and just talk and learn.”
Initially the app featured the top Syllicon Valley, CEOs, investors, celebrities and recently it was opened to the general public. Some of the initial users are Elon Musk and Oprah Winfrey and the most curious thing is that you found them in these “rooms” talking about their interests, businesses or the industry.
According to Hubspot (2020), despite its exclusivity, Clubhouse was valued at $ 100 million dollars and received an additional investment of $ 12 million in just one year after its launch. Recently the app has already started to open to the general public, allowing two friends to be invited for each user. This has been reflected in the growth of its active user base from 100,000 to 600,000 in December 2020 and today there are more than 2 million. amazing, right? We are talking about writers, comedians, entrepreneurs, parents, brokers, investors and athletes who have joined this social network to share experiences, talk, laugh, meet new people and learn.
Due to this success, Facebook is beginning to explore these options and Twitter has already created some “Twitter spaces or rooms” for testing.
How is the experience? It’s literally like walking into a Zoom class where everyone has their cameras turned off and their microphones muted and there is an option to participate through the famous “little hand” icon. There are moderators in each room and users can invite others to join. Something interesting is that the meeting ends when the moderator decides, and if the moderator wants to leave earlier, they can pass the role to another user.
There are some interesting rooms. Some recommendations for the world of finance include shows like “Stocks 2 freedom” and “Stock market academy”. According to a Bloomberg Wealth report, the advantages of this app are, among others, the ability to build a brand, a trustworthy community and follow-up. Also another advantage is that the content is always evolving and you can use the app to hear the latest advice, have exclusive information or simply discuss points of view with experts.
Among the disadvantages are, for example, not being able to record conversations, but it does not prevent users from recording from the cell phone. There may be a lot vulnerability in brands because the content is not edited and there are users who can exceed their comments.
From my point of view, I believe that this app can be used to immediately learn and listen to the ideas of experts. I believe that, from the point of view of positioning of products or services, a marketer must be aware of the audience he wants to reach and, if possible, evaluate the impact on the brands of products and services. Being a growing app it can still be a “wild ground” if you want to use it to create a community.
The author is a professor in the Academic Department of Accounting and Finance at the Business School.
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