The choice of the letter “X” aligns with Musk’s vision, as he has used the same letter in his company, SpaceX. For many marketing experts, the change was a mistake as it destroyed a brand built over 17 years, along with various other criticisms and memes that emerged after the rebranding announcement. And why did so many brands rebrand in 2023 again? You’ve probably noticed that since COVID-19, the world has been undergoing significant and increasingly accelerated changes.
In the branding world, this is no different. A study by Hanover Research canadian biotechnology email list showed that 75% of companies underwent a brand overhaul since 2020. Another survey by UPCity in 2022 concluded that 51% of companies changed their visual identity since the COVID-19 pandemic. What has motivated these companies to invest in this type of repositioning? From what I’ve gathered studying the subject, I arrive at two main points: necessity and opportunity.
or a crisis that impacts how the company is perceived by the public. On the other hand, opportunity arises from growth expectations, significant changes in the product or service, or even a company reorganization in the face of the market. Regardless of the reason that leads a company to invest in rebranding, this is a time-consuming process that doesn’t bring financial gains in the short term.