Frequent changes can destroy your buyers – Here’s a case study of Elon Musk’s X
Frequent changes can destroy your buyers – Here’s a case study of Elon Musk’s X
Brands are something that are built over time, you can throw money at them, but you can’t go from point A to point Z faster than a certain limit. No matter how much money you spend or how many antics you try... Brands are still built over time.
Musk seems to be finding that out.
Ever since Musk took over Twitter it has been in the news. Despite the newer, freer, more open space and despite all the publicity, Twitter usage is falling—falling at quite a pace!
It’s down to 121 million now according to an app report by Apptopia.
Twitter says it’s 253 million.
That’s a gap of 132 million, more than 50%. Any promoter would be panicking right now, especially if they had sunk $42 billion in it.
But Musk is talking about monetizing Twitter with a $1 monthly fee to like posts on it.
👉Here’s the story of why Twitter became X
Musk changed Twitter’s name to X just because he had a domain lying around.
Yeah, X.com was a payment system just like PayPal. Later, Musk merged X with Paypal and he couldn’t use X for anything.
Maybe, he bought Twitter just because he wanted to use X.com for something. I suppose all these decades he was just sitting around thinking of a big enough business for it.
Well, from the numbers it seems this has been a wealth-destroying move.
Even X/Twitter’s monthly usage figures are in question. Twitter claims it has over 500K monthly active users, but analysts say this number is more realistically around 223K.
It might even be behind Pinterest in monthly active users which reportedly has 463K.
Here’s why I think this happened
👉 Musk changed the politics of the platform. It disenchanted many users. New users take more time to come in than pissed-off users take to move on.
👉 Too much noise about charging for this and that. Publishers don’t know if their efforts to publish content on Twitter will be safe if Musk changes the rules.
Same goes for readers. All this talk about charging users to use Twitter is irritating.
👉 No real changes in features.
Twitter looks and feels the same. It was supposed to turn very fast into a SuperApp but very little has changed. The core features have only been tweaked, but there’s no major change in vision yet.
Is there any learning in here for us
What can we take home for our own business?
- Don’t change the game too fast. The branding change didn’t do anything for Twitter.
-Don’t threaten your customers’ expectations. You can’t get people used to a free product and then try to charge for it without creating a big pushback.
-Don’t bury your product in negative buzz. Sometimes it’s better to not be in the news then be the bad news all the time.
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