social media, martech, digital
JULY, 31ST 2023
The bird has flown. Bye Twitter. Will “X” mark the digital spot now?
How long does it take to bury a 17-year-old brand? This can be done instantly. Is there a vision behind it? Certainly.
Author: Jacob, Co-Founder & Head of Creative & Tech Department at mofd agency
Well, will this vision come to life? There is just one way to find out. We have to wait and see. Definitely, Elon Musk’s move brought the attention of the world. The question is if that attention will translate to future success of the “X” mark on the digital landscape. Let’s have a closer look at the Twitter and the possible reasons of this rebranding case.

Twitter – it all started in 2006

In March 2006, a team consisting of Jack Dorsey, Noah Glass, Biz Stone, and Evan Williams established Twitter, originally conceived as a side project arising from the podcasting tool Odeo. During that same month, Dorsey posted the first-ever Tweet, which simply said, “just setting up my twttr.”. By the way – he created an NFT from this tweet and sold for a whopping 2 900 000 USD (although its value dropped later by 99%).

Over the years, the company had its ups and downs, but definitely went back on the track of success. And now, Elon Musk has cut the brand from its roots – he changed the Twitter’s logo and name to “X”. The bird has flown. We can expect that there are numerous changes looming ahead. When you put an end to a brand with almost-two-decades of history, you better have a good plan. We work that way at mofd agency – we start with a strategy.

Rebranding – you should do it the right way

Rebranding can be a way to breathe some new air into the business. Sure, there are many cases when rebranding was done right and brought a company back on the track to success. Of course, there are also many cases when the move just backfired.

That happened to one of the top global brands. Namely, the Coca-Cola brand. The failure was so spectacular, that the term “New Coke” became a synonym for a disaster with a product launch. You can read about the case here.

Image Credits: Collage: TechCrunch / Getty Images

Twitter’s rebranded to “X” – what’s the idea behind it?

Well, we don’t have a regular chat with Mr Musk with a cup of tea in the afternoons. Thus, we can’t provide you with details about the plans for the future of “X”. Still, we know how to use social media to gather information. And here’s what Elon wrote about his plans:

“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.”

Clearly, he’s hoping to implement an idea of making an app that will be present in many vital aspects of the life of every user. Including finances. That’s nothing new, at least in other countries. Do you know what a “super app” is? Worry not, we got you covered.

Super app – what is it?

They say that when you want to know what kind of innovation is going to happen globally, you should check out what’s happening in the digital world in Asia. It’s a bit exaggerated sentence in our opinion, mainly due to cultural differences. But still, there’s definitely something true about it. Like, the super apps are doing great in that part of the world. It looks like Musk is going to try to make the “X” a super app in the future. So, what is a “super app” anyway?

Super apps – how they work?

Super apps bring together various app functions under one seamless user experience. These versatile apps create a service ecosystem by integrating numerous “mini app services” into a single platform. Initially emerging as ride-hailing, service, or social media apps, they expanded to incorporate payments and financial services.

As a result, super apps have asserted their dominance in the Asian ecommerce market. You probably know how that works – you can now order food using Uber, not only order a ride. Amplify that with dozens of other options (including finances) and there you have it. Sounds easy? It’s not.

Super apps address app fatigue issue

Recently, consumers have grown weary of juggling multiple interfaces and dealing with constant app updates. The sheer number of apps available, with over 7 300 000 listed on the Apple App Store and Google Play stores in 2020, has contributed to app fatigue becoming increasingly prevalent. Users have become reluctant to allocate valuable memory space for countless separate apps.

Super apps – the all-in-one solution

However, the super app concept has defied this trend. By offering additional services beyond their primary purpose, super apps successfully address app fatigue. Ecommerce merchants and service providers who fail to adapt and embrace the super app model are the ones left bearing the consequences. As consumers seek convenience and efficiency, the super app revolution is reshaping the way we interact with mobile applications.

So, users just want to save their memory and have an all-in-one app that conveniently makes their lives easier. Sure, it can save time and the device’s memory, but what about data privacy? Honestly, one app that “does it all” gathers a massive amount of private information. We think at mofd agency that this should be a concern for users as well.

Super apps – examples

Offering users a bunch of cool options does not make the application a super app. There’s money involved. And we mean serious money by that. Super apps take advantage of the trend of shifting consumers towards open banking. These apps use Fintech APIs in the name of providing better user experience and improved use of user data. Well, that’s very convenient for the users. Frankly speaking, it is even more convenient for those tech companies. So, what are the top super apps out there in Asia? Here they are.

WeChat – the Chinese Giant

Held by Tencent Holding Ltd, WeChat started as a messaging service. Now this is a perfect example of how to become a true giant in the industry. WeChat at one point, was the biggest standalone mobile app in the world. What’s interesting, currently WeChat’s users can’t even imagine that there’s no in-app payment service in it. Numbers? Sure. Get ready for a blast.

● 1 600 000 000+ active users monthly

● 1 100 000 000+ active users monthly of WeChat Pay

● Over 62 000 000 000 USD value on the market

AliPay – another Chinese Giant

Founded by the well-known Jack Ma, AliPay started as a digital wallet. Now it offers a bunch of other services, like travel bookings, digital discount coupons, bill payments, mobile phone top-ups, and many more. This super app stays strong, and here are the numbers.

● Over 900 000 000 users in China

● 1 200 000 000+ unique active users

● Over 150 000 000 000 USD reported value

Paytm – the Indian Fintech

The company has recently IPOed (Initial Public Offering – check what it is here), and thus, it means it’s doing really good on the market. Paytm is the top mobile payment platform in India, but you can also find numerous other services there. Namely, food delivery, public transport ticketing, and travel booking. Statistics? Of course, here they are.

● Over 350 000 000 users on the platform

● 60 000 000+ bank accounts on the platform

● 220 000 000+ saved cards

Will the “X” become a new super app?

Now that is a good question. We know about some of the recent changes so far. Twitter will introduce a paid version of its API, discontinuing free access starting February. The move comes after altering API terms, affecting many popular Twitter clients. Developers using the API for tracking changes and offering alerts may need to adapt or pass costs to users. Researchers studying human behaviour and misinformation detection on Twitter might also face limitations.

Under Elon Musk's ownership, Twitter seeks greater monetization avenues and control over user access. The platform has revamped its subscription service and tweet appearances to attract advertisers and ensure self-sustainability. These changes reflect Twitter's efforts to secure its future as an engaging and lucrative destination. However, “X” needs a lot more to become a super app.

Ads Revenue Sharing Program to the rescue

Twitter, now rebranded as X, has launched its “Ads Revenue Sharing” program to retain top creators. Eligible users can earn from ad revenue by meeting specific criteria, such as 15 000 000 impressions in the past 3 months and at least 500 followers.

X aims to distribute 5 000 000 USD in the first round of payments, encouraging engaging conversations through replies to posts. The program is a significant step to reward creators and boost the platform's popularity. Will that work? It might, as even the Twitter has been rebranded, users still may feel a strong connection to the platform. You know, the only constant thing in the world is change, but instant rebranding is a risky thing. Even if you’re an eccentric billionaire who has a massive impact on the digital landscape, you require a good strategy for rebranding.

X status

Rebranding done right at mofd agency

So, you’re thinking about a makeover for your brand? First things first, you gotta know your why – the purpose behind your rebranding. Dig deep and figure out what you want to achieve with this makeover. Whether it's to attract a new audience, refresh your image, or boost your market presence, knowing your why will guide you through the entire process. Don’t know how exactly you should do it? No worries, we got you covered.

You see, your brand is like a personality – it's how you talk, how you look, and how you make people feel. So, pick colours, fonts, and visuals that reflect who you are and what you stand for. And don't forget to have some fun with it! A little humour and personality can go a long way in making your brand memorable and lovable.

So, the pint is to embrace the change, stay true to yourself, and get ready to wow the world with your awesome new brand! The good news is that our pros at mofd agency got your back along the way. We know how to avoid “The New Coke” thing. Drop us a line using the form below. Let’s talk!

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