Facebook has changed itself to Meta. Companies not only change the name, but they also make their name short and simple. Apple dropped the word ‘computer’ from its name in 2007, while Starbucks removed the word ‘quite’ from its name in 2011. This was done when both the companies have established themselves all over the world due to these words. Recently Google has changed its name. Now it is known as Alphabet.
Shakespeare once said what’s in a name, but whenever a company starts, it’s hardest to choose a name. While choosing a name, we also have to keep in mind that if these names are not already present. The problem is more when an established company with a billion users changes its name. Facebook did the same and changed its name to Meta. Now in such a situation, the question arises that why did it need to rebrand itself? There are a few reasons behind this, which we will examine.
Social pressures: Social perceptions change rapidly and companies try to anticipate these changes in advance. Social pressure was the main reason behind the name change by companies such as Total and Philippe Maris. The reasoning behind the transition from Total to Total Energies was that now the company does business not only of oil and gas, but also of renewable energy. The renaming of the company signified a change in its operations. In some cases, the reasons for companies to change their names are even smaller. GMAC (General Motors Acceptance Corporation) did not want to associate itself with the sub-prime landing and bailout package offered by the US government. This company is now known as Clean Slate. The financial services company rebranded itself in 2010 along with its subsidiaries.
Trying to win back the trust of customers
Brands become unpopular over time due to scams, quality degradation and other reasons. When this happens, the company tries to win the trust of customers once again by changing the name. Companies also decide to change the name if they feel that the current name does not properly define their business.
Why did Facebook change its name?
Recently, the company’s image was being tarnished due to the shutdown of services of WhatsApp, Instagram and Facebook, scams and negative news. The most important thing was that all these things were being linked to Mark Zuckerberg. Zuckerberg was once considered the best CEO of Silicon Valley, but now his ranking has dropped significantly. In addition, the Company recognizes that privacy issues have affected its revenue. The advertising model of the company has come under constant scrutiny. Also the company wants to focus its attention on building the metaverse. It first indicated its ambitions in 2014, when it acquired virtual reality headset maker Oculus. A large portion of the workforce is already working on making the Metaverse concept a reality and there are plans to hire 10,000 more people in Europe over the next five years. The term metaverse is used to explain virtual and interactive space in the digital world. The metaverse is actually a virtual world where a man can exist even though he is not physically present.
Changing the name will not benefit
Even after Facebook changed the name, the issues she is battling would not leave her. Global market research firm Forrester’s vice president and director of research said the new company could have a bad reputation if it did not take the issues raised seriously.
Google was backrub in the beginning
Many of the popular digital services we use today had a completely different name in the beginning. Google was known as ‘Backrub’ Instagram as Barban. The letter ‘E’ in the present of Twitter was put after.
Copyright is also a big problem
The fight over the name of WWF is very interesting. In 1994, an agreement was reached between the World Wildlife Fund and the World Wrestling Federation that the World Wrestling Federation would not use the name internationally. However, the deal was later broken when the wrestling company registered WWF.com. However, he later changed his name to WWE (World Wrestling Entertainment) after losing the case.
Meta Materials shares opened up 6%
The company named Meta Materials got the most benefit from Facebook’s name change. Its stock opened up six percent on the Nasdaq on Friday. An hour later, it saw an increase of 26 percent. However, Facebook’s stock saw a rise of only 1.6 percent. Let us tell you that meta materials are already popular among those who use internet media and reddit.