Most recently the company has been testing a new location feature that enables users to see who is tweeting near their physical location.  Basically, the new feature is another feed that shows the tweets of those in close proximity. However, unlike the regular Twitter feed—which only shows tweets of accounts you follow—tweets in the "Nearby" stream show all those in your area regardless of whether you follow the users' account or not.  (Read more: Going local? Twitter tests 'nearby' feature)  "Twitter is clearly testing ways it can become something more than it is today," said Jason Stein, founder and president of Laundry Service, a social media agency. "We should expect to see a lot of change, a lot of evolution for Twitter."  While new features like the Nearby feed could potentially help Twitter expand its reach, they could also add clutter to the already noisy platform.  "I think there is a risk for too much too fast, but it's all about how they implement it," Stein said. "They have already made a lot of changes really quickly, but none of them have really been an issue, none of them have made it worse."  And when the company does roll out a change that its users don't like, it's quick to respond, Stein said.  For example, Twitter recently changed its blocking feature so that blocked users could view and interact with the tweets of those who had shut them off from their posts. However, user backlash spurred the company to reverse the change in just five hours.  (Read more: Did Twitter fully undo changes to its 'block' feature?)  "This is more about Twitter trying to find itself and expand its offering without upsetting its users," Stein said. "We should expect to see a lot of change, a lot of evolution for Twitter. But they are going to do whatever their users want."  In addition, there's also the possibility that Twitter will take a cue from Facebook and begin to give users the ability to view content in a more curated fashion.  "They may add new features in and around tweets. These may not necessarily be outward changes to the interface, but they could have more to do with the algorithms and the delivery of services to you and the integration of media and content," Blau said.  This may mean straying from such a real-time format and allowing people to view their feeds with the most relevant information listed near the top of their feed, Stein said.  "People get overwhelmed with such a busy feed on Twitter. It takes a lot of effort for the average person outside of Twitter's core users to follow their stream," Stein said. "If they want to expand they are going to have to think of a way to simplify their experience."  Twitter did not immediately respond to a request for comment from CNBC.  —By CNBC's Cadie Thompson. Follow her on Twitter @CadieThompson.
As Twitter builds out its business it must be careful to not change too much too fast, industry experts say.