LET'S TALK X: SOCIAL MEDIA & THE POWER OF BRANDING
OVERVIEW
As marketers, we fully realize that social media is a can of ever-changing worms. Just when you think you understand one platform (hello Facebook, I mean Meta, I mean now Instagram is part of Meta, where's Twitter?!), another shift occurs that leaves you with more questions than you had the day before. Fear not! Even for those of us who see the world in photo grids, analyze our thoughts in hashtags, and sleep in Reels sequencing, these shifts keep us on our toes too (in fact, that's part of the fun of being a marketer).
With the recent news of Twitter "re-branding" its platform to become "X", the internet was set ablaze as everyone scrambled to understand why such a pivotal communications platform with well-defined brand equity would all of a sudden seemingly abandon ship to become the more ambiguous "X". As news continued to circulate about the origins and intent of this shift, Elon Musk himself (the current Chief Technology Officer and owner of Twitter-turned-X), explained via his own personal profile:
"Twitter was acquired by X Corp both to ensure freedom of speech and as an accelerant for X, the everything app. This is not simply a company renaming itself, but doing the same thing.
The Twitter name made sense when it was just 140 character messages going back and forth – like birds tweeting – but now you can post almost anything, including several hours of video.
In the months to come, we will add comprehensive communications and the ability to conduct your entire financial world. The Twitter name does not make sense in that context, so we must bid adieu to the bird." - Elon Musk, 7.24.23
WHY IT MATTERS
Twitter's rebrand to X highlights a few key reminders for each of us to consider in the marketing world when it comes to social media and the power of a company's branding:
In the industry, we call this "brand equity" (see above), and it is a delicate, deliberate strategic endeavor. Struggling to convert potential customers to current customers? They may be visiting your website, social media profiles, Yelp/Google reviews, etc. and not liking what they see. Everything from your company's logo to the quality of the images you use to the language in your content is creating an identity that represents who your company is, what you stand for, and whether you can be respected enough to be trusted with consumer loyalty.
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2. Rebranding isn't for the faint of heart.
There are many reasons to consider a company rebrand (more on that later), but based on Musk's explanation and the general shifts the company has made throughout the past year, Twitter's transition to X may indeed represent a significant company shift from a well-known communications platform into a more broad-based "everything app". While it can be risky to upend a well-known brand such as Twitter, when handled with intention, empathy, and comprehensive consumer understanding, the benefits can be worthwhile. However, a rebrand is an extensive process that deserves patience and respect -- make sure to consider the costs-benefits prior to engaging.
3. Social Media shifts constantly -- don't rely on one platform for all of your marketing.
This can be tricky, especially when you have a small team (or one mighty individual), but if history has shown marketers anything, it's that social platforms can change suddenly, and without apology. By understanding your company's target audience, make sure to evaluate how your social media marketing efforts can expand beyond one platform, and how your current marketing efforts have developed additional, alternate options for outreach, community development, and potential customer engagement. Finding ways to cross-promote your content on multiple platforms can help ensure your audience follows your company from one profile to another -- don't underestimate the power in the brand equity that comes from that ongoing, increased brand awareness too.
IN CONCLUSION
So what comes next for Twitter? For X? For social media strategy (e.g. Threads, AI, etc.)? Well, welcome to the world of marketing. Where we piece together the known with the ambiguity, balancing analytics with creativity and business strategy with technical prowess. It's an exciting time to be in the industry.
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