As Twitter undergoes a transformation, part of its strategy is bolstering capabilities for local businesses using the platform, CFO Ned Segal told CNBC on Tuesday.
“We’ve got all these local businesses that are on Twitter, but they’re not advertising on Twitter the way that they might on other platforms, mostly because we just haven’t made it easy for them,” Segal told “Mad Money” host Jim Cramer in an exclusive interview.
While Twitter has proven its worth in local news — people can turn to the platform for breaking news near them or to see what people are saying about their state’s sports team — the millions of local businesses on Twitter are still not utilizing the platform to its full extent, Segal said.
“We’ve done a lot of work there recently to create a subscription product for them so that they can advertise easier on Twitter, but there’s still a lot of work to do to get more of them on Twitter today,” the CFO told Cramer.
Twitter’s wealth of data should also be a draw for businesses who want to work or partner with Twitter, Segal said.
By selling its data to companies, Twitter both enables them to be more successful and presents itself as a potential advertising partner, he told Cramer.
“One of the great things about our data business is we don’t have to decide what the business models are for these companies,” Segal said. We give them access to our data and they build great businesses around it.”