July 24, 2023
TechNewsWorld recently published an article featuring Patricia Hambrick, Master Lecturer of Marketing, discussing Elon Musk’s transformative move to replace Twitter’s perky blue bird with an enigmatic X.
This past Sunday, Musk announced the replacement of the instantly recognizable Twitter bird though everything else on the Twitter site appeared unchanged. Hambrick notes that people often want to take the positive equity they have in a brand and bring it to the new brand. Musk’s move is what people do when they want to get rid of the old brand completely, which is much more drastic than a typical brand name change.
Hambrick adds that, “From a business strategy standpoint, though, Musk needs to do something drastic to get what he bought back on track. This could be something that could help him, or it could take him down, but it’s a pretty drastic move.”