Facebook has made the much-awaited announcement on Thursday that it has altered the name of its company to Meta. The Facebook CEO, Mark Zuckerburg, announced the name restructuring at the Facebook Connect augmented and virtual reality conference. The new moniker, Meta, is also based on the scientific term Metaverse, representing the company’s vision to function and operate in a virtual world. Zuckerberg was known to stretch his interests beyond social media, and he was working on Metaverse, which reflects on this development.

Zuckerberg said in a statement that while they are globally known as a social media organisation, they want to identify themselves as an organisation to connect people across borders as it’s in their DNA. Therefore, the Metaverse was the required addition to fulfil the ambition mentioned above. It would be treated as the next goal, just like social media was treated at the launch of Facebook. It could be an ample opportunity for other companies who should take guidance from leading digital marketing agencies in Australia like Coweso to make their next move.

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Why did the Name Change Happen?

There are various reasons for Facebook to replace its name. Still, anyone well-versed with regular news headlines would attest that such an alteration mainly happened because the brand irredeemably mired itself in scandals and negative happenings for a long time. The tech giant was already considered the least reliable organisation by many worldwide, even before the recent controversies related to the whistle-blowing fiasco and the recent stoppage of services. All this has resulted in the fall of grace for their CEO, Mark Zuckerberg, who was once considered one of the most charismatic and admired tech wizards in Silicon Walley.

While there are many negative reasons to transform its branding, one should admit that the work on the virtual aspect was in process for a long time. In addition, Facebook admits that their primary source of profit is in danger after several issues with their privacy features. The digital marketing agency was also under increased scrutiny with each passing month due to their insistence on using user data for their ad-driven model. All these persistent issues made the name transformation necessary.

General Reasons for a Company to Change its Name

Choosing or changing an organisation name is not an easy activity, and anyone who has launched a company is privy to that. One needs to take care of many factors while naming a firm, which includes:

• Ensuring the availability of the desired domain name and appropriate social media handles.
• Verifying whether any other individual or firm is using the said name or have registered it.
• Ease of name pronunciation so that a person can easily spell and remember it.
• Checking any problematic cultural or other symbolic meanings or interpretations of the name that could prove disastrous later.

There are other such elements that decide the name alteration. Once a naming is done, the organisations try not to modify it due to many operational issues. However, sometimes they have no option but to alter it. In the following paragraphs, we go through some of the reasons for a company to rechristen its brand in consultation with the best digital marketing agencies in Sydney.

Bowing to Societal Pressure

It doesn’t take long for societal mentalities and perceptions to change. With the passage of time, organisations with additionally negative vibes come under pressure, especially during ESG investing. These fast-changing dynamics force the hands of the organisations to change their working pattern; else, they would get sidestepped in this competitive environment. The finest example of name change due to social pressure is Total, which changed its name to TotalEnergies. This shift happened due to the company’s stance of exploring beyond their core specialisation, just like Facebook, to include renewable energy as their services.

However, there are other subtle reasons some digital marketing agencies in Australia change their name. For example, General Motors Acceptance Corporation or GMAC wanted to restart with a clean slate due to its unwillingness to be connected with subprime lending and the resultant multi-billion dollar bailout from the U.S. government. The name change meant it could start afresh. This company dealing in financial offerings rebranded itself to Ally in the year 2010.

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Starting Over Due to Unpleasant Happenings

There can be many explanations for the unpopularity of a brand over a period of time. Such reasons range from unnecessary controversies, scandals, guidelines panned by the public, reduction in service quality and many more. It makes sense to remove the unceremonious past and start afresh with a new name in such sensitive times. The ones who get stuck in their identity, like internet and cable providers enjoy the least popular among the masses. That is why a trend of changing names by companies has gained traction in recent times.

Broadening the Horizons

Not being satisfied with their present scenario is another common ground for a change in the name in consultation with top digital marketing agencies in Sydney. Such a change happens when organisations go through a swift expansion or offer new products to find success. However, after a sustained period of growth & prosperity, the company may feel that the current name doesn’t correctly represent what it can offer and adequately reflects its services. Such examples include Apple and Starbucks, which have changed and reinvented their company names over the last few years. While Apple removed the word ‘computers’ from its name back in 2007, Starbucks followed suit in 2011 by dropping ‘coffee’ from its name. In both these scenarios, the organisations felt that the title was not connecting their currently offered services to the customers. Despite the title making them successful before, they didn’t hesitate to change the name, which worked pretty well for them. However, like Facebook, the most disrupting development in the field was from Google, which switched its title to Alphabet, signalling the firm’s unease on being equated only with internet search & advertising and attempting to diversify beyond these verticals.

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