FACEBOOK rebranded itself as a META

FACEBOOK rebranded itself as a META

The topic of today's mock GD practise session in class, "Facebook rebranch to Meta: is metaverse a revolutionary technology or a hype," was given by mam.

The GD went pretty well, but I'm not aware why businesses rename themselves or what motivates them to do it, including Facebook's decision to do it as a Meta.

In addition to what I had learned in class, I did some serious research on the topic and have come up with some interesting insights.

Firstly ,let’s think about why companies go for rebranding?

Five top most reasons to rebrand a business are

REPOSITIONING:

Repositioning, refers to the process of changing the people understanding or perception of a product or service. A product's positioning involves what customers think about its features and how they compare it to competing products.

Walmart has repositioned its brand to suggest its low prices will actually helps customers live’s

Walmart has changed its slogan ‘Always Low Prices’ to Save Money. Live Better. In 2007,this increased Walmart’s sales incredibly.

NEW CEO:

New CEO’s breathe new life int business and a rebrand can steer it away from failures.

Steve Jobs APPLE rebrand,

When Steve Jobs returned to Apple in 1997, he changed the rainbow coloured logo to a modern metallic version. It worked incredibly well and apple becomes one of the Veblen good.

Mergers and Acquisitions:

The two main reasons for rebranding after the mergers and acquisitions are to make changes visible and also comply with legal requirements.

In the month of September 2020, Vodafone – Idea rebranded itself. The company used the initials to rebrand itself as ‘Vi’. The company in its statement said that the name ‘Vi’ is to be pronounced as ‘we’.

Internationalization:

When the companies want to globalise the product the existing name may not convey the same meaning in all the countries.

Twix was called Raider back in 1967 in many countries of Europe until the name was changed to Twix (1991) with an enormous advert campaign and a catchy claim called “Raider”.

Bad Reputation:

Sometimes businesses can get hit with a bad reputation, which can burn them to the ground. Rebranding can refresh our business and change the way it’s perceived.

Oil and gas companies generally don't have the best environmental reputations, but BP takes the cake. In 2000, the oil and gas giant changed its name from British Petroleum to BP, revealed a new green and yellow sunburst logo, and adopted the slogan "beyond petroleum." This was all in an attempt to appear more environmentally friendly.

FACEBOOK rebranded itself as META

As we all know that METAVERSE is the next phase of the internet, Facebook is one such a company that focusses mostly on connecting people through internet on the same platform, well most of the people think about how people interact with technology but Facebook concentrates on how technology can connect people.

Now a days we can find anything on google through internet I:e information ,music, movies, shopping etc.. except the thing which is people, Hence Metaverse is the next frontier which connects people. Facebook was born at a specific time and place when the era of social networking has started but connecting people is always a big task.

Mark Zuckerberg always thought the devices were still designed around apps not people, he believes that this is not the way that we meant to use technology. The Metaverse gives us an opportunity to change that if we build it well, but it takes all of us, creators developers ,companies of all sizes, together we can finally put people at the centre for technology and deliver an experience where we are present with each other.

Meta builds technologies that help people connect, find communities, and grow businesses. When Facebook launched in 2004, it changed the way people connect. Apps like Messenger, Instagram and WhatsApp further empowered billions around the world. Now, Meta is moving beyond 2D screens toward immersive experiences like augmented and virtual reality to help build the next evolution in social technology.

Metaverse is more or like, wearing just a pair of glasses and you will be step beyond the physical worlds and into a kinds of experiences.

Facebook is one of the most used products in the history of the world. It is an iconic social media brand, but increasingly it doesn’t encompasses everything that they were trying to do, Instagram WhatsApp, Messenger, Quest etc..?building social media is always an important thing, but they were so tightly linked to a particular product that will represent whatever that they were doing today will represent their future.

They just announced that they were making fundamental changes to their company and representing their business on two different segments?one for the family of apps and one for their work on future platforms.

He also says that from now on, that they were going to be Metaverse first not Facebook first, That?means that over time we don’t need to use Facebook to use their services. The name suits best to the company as it(Meta) means “Beyond” in the “Greek” language and they believe that there is always a next chapter to the story.