Perhaps the biggest news that garnered attention from every corner in the last week would be Elon Musk’s acquisition of Twitter, the social media platform. The chaos that followed in the company has been widely discussed across the business world in the last few days. And many brand marketers believe the acquisition is not a wise decision. They are still in confusion about whether they should make changes to their current social media strategy.
Here’s our take on how brands should be looking at Twitter since Elon Musk has become a shareholder of Twitter. Let’s start with a quick brief about what has happened.
Elon Musk And The Twitter
Elon Musk, the CEO of Tesla and SpaceX, announced that he owns 9.2% of Twitter on April 4th, 2022. The deal made him the largest shareholder of the internet company. Soon after the announcement, Musk asked people whether they would like to have an edit button on the platform. Later the company confirmed that they are working on introducing an edit button.
Furthermore, he said there will be significant changes in the platform soon. After Musk’s announcement, Parag Agrawal, CEO of Twitter, confirmed that Musk will join the company’s board of directors. A series of incidents happened between April and November 2022 which has led to the current situation in the social media company.
On October 4th, 2022, Musk confirmed to buy Twitter for $44 billion. By the end of the month, he completed the acquisition of Twitter and updated his bio as ‘chief twit.’ Since then, there has been a lot of activity in the company. Some of the top-level executives of the company were fired immediately. Apart from that, the company witnessed:
- Laying off 50% of the staff
- Introducing how accounts can be verified with $8/Mo
- Asking employees to come back
- Suspending accounts that impersonate others
- Elon provides his POV on who people should vote for.
And this activity has raised concerns for some brands on the platform and the direction it is taking. As of today, Elon has owned Twitter for not more than a month. We are very early in the process of Elon testing and learning what is going to resonate and what is going to get rejected from product and tool innovations. So far he has shared his ideas publicly and seems to be listening to the feedback from people. His actions are an attempt to be disruptive and we shall see if that ends up being good or bad in the long term.
FCS is keeping our pulse on the activity day in and day out. We monitor not only the platform but Elon’s Twitter page and the industry news outlets. Our Director of Twitter, Henry Lansing, is keeping tabs on this hourly.
What Do We Recommend?
Our current recommendation is to continue as is with your current Twitter strategy as it relates to frequency, content, amplification, messaging, and engagement. If your brand is already verified on Twitter, it is best to keep that until official changes are made from the platform. If the platform decides to launch the program to purchase a verification, it’s our recommendation to get on the program because of the benefits that come with that, especially your organic reach. As of today, there also has not been a shift in the algorithm either. That is a big concern for social media marketers as changes continue to happen. FCS will update our clients as new things progress and how and what we need to do in order to keep up with the channel.
The tides can shift so it’s better to be prepared to shift your strategy in case of an emergency. Therefore, you should be planning your messaging around what potentially could happen to your Twitter presence and or how you will approach a new strategy when the time comes. If the platform becomes a toxic channel for brands to be affiliated with then there needs to be a stance taken on a tweet that makes your official exit.
Call Us Today To Discuss This Further!
Are you confused about your Twitter marketing strategy? Allow our team to guide you in taking the best steps amidst the changes in the platform. The fact is social media world is a constantly evolving one. Not just Twitter, every other platform goes through changes frequently, and your brand marketing strategy should be able to proactively adapt to it.
At FCS, we follow the trends closely to come up with the best social media strategies and unlock the full potential of each platform for your brand’s success. If you would like to discuss possibilities and strategies, please feel free to get in touch with the team at FCS!