The mere existence of this debate is cause for concern for X as it strives to realign its business trajectory.
As the summer is passing by and the holiday season is just around the corner, it might be an opportune moment to consider embracing different social platforms to market your business or hone your image on a specific network.
Is the Twitter, now X, Era Over?
Amidst ongoing transformations driven by Elon Musk's ambitious aspiration to reshape it into a comprehensive 'everything app', the platform finds itself in a state of fragmentation, particularly from a branding perspective. Additionally, numerous reports indicate a surge in hate speech and misinformation on the platform, despite X's claims to the contrary.
As a result of these developments, an increasing number of users are opting to disengage. Recent rumors even suggest a record number of X users have been deactivating their accounts. With the emergence of Threads as a potential alternative – one that has already captivated the attention of many journalists and news sources – perhaps the current state of X is signaling that it's time to transition away from the former Twitter app.
The Case for X
Let's begin by examining the arguments in favor of Elon Musk's social media venture, which he envisions as a key component of 'the most valuable brand on Earth'. Musk's vision for X revolves around an app built on the foundation of payments, gradually expanding into banking, remittance, and an array of financial services. This vision is rooted in Musk's experience developing the original X.com in the late 1990s, an online banking startup that later merged into what became PayPal.
Musk believes that PayPal had the potential to be much more, a potential that X aims to unlock. The idea is that conducting all banking activities within the app would streamline payments, grocery shopping, bill payments – essentially facilitating all transactions. However, despite numerous platforms' attempts to replicate this approach, users haven't shown the same enthusiasm for an all-encompassing payment/social/utility app.
Although the idea makes conceptual sense and might have been groundbreaking in the 1990s (even before WeChat's launch), there is limited evidence supporting Elon's 'everything app' concept for the future. However, if Elon manages to persuade people that X is the essential app for all their needs, the potential is substantial. A successful X would attract more users, leading to increased advertisers, making it a pivotal consideration in various aspects.
The Case Against X
The argument against Elon's X plan is rather straightforward: its viability is questionable, and in the interim, X is becoming a convoluted amalgamation of mismatched branding and user dissatisfaction. This situation is compounded by lenient policies toward hate speech, a push for paid subscriptions, and Elon Musk's tendency to disseminate misinformation.
“X is becoming a convoluted amalgamation of mismatched branding and user dissatisfaction.”
As previously mentioned, users have displayed limited interest in combining in-app shopping with social app functionalities. Moreover, the recent cryptocurrency market crash has shaken faith in online banking and the reliability of digital platforms for financial stability. While X does not currently integrate cryptocurrency into its payment tools, many individuals experienced significant losses through online banking systems, potentially making it difficult for Elon and X to generate interest in their offerings.
Additionally, concerns regarding the surge in hate speech on the platform, X's focus on reach restrictions rather than content removals, and the emphasis on compelling users to pay for certain features all contribute to a notable shift in user experience. Even the creator ad revenue share program on X, designed to incentivize creators to generate more provocative content for increased comments and ad exposure, doesn't align with most users' desires.
Even the creator ad revenue share program on X, designed to incentivize creators to generate more provocative content for increased comments and ad exposure, doesn't align with most users' desires.
Time Will Tell
While it's too early to completely dismiss the X concept, exploring other platforms now, with the holiday season around the corner, seems prudent in case the X experiment falters. It's likely that more brands will experiment with alternative social promotion options, including Reddit, Pinterest, TikTok, and Instagram, to identify the most effective channels for holiday campaigns. Twitter/X is no longer the unequivocal choice it once was. Redirecting efforts to other initiatives that maximize attention and resonance could prove more fruitful.
Ultimately, you, and/or your marketing team, will determine the platforms that best align with your business’ needs, shaping your attention and priorities. However, the mere existence of this debate is cause for concern for X as it strives to realign its business trajectory.