When Mark Zuckerberg Facebook created, in 2004, it was a mere directory for students at Harvard: The Facebook Book. After two decades, 90 acquisitions and billions of dollars, Facebook has become a family name. Now, it wants a new one.
Zuckerberg is expected to announce a new name for the company on Facebook Connect at the company’s annual conference next week, as first reported by The Verge. The new name – which includes Facebook, Instagram, WhatsApp, Oculus and the rest of the family – will make the company as a whole with ambitions beyond social media. The Facebook app may be the core of the company, but Zuckerberg has made it very clear that the company’s future belongs to Metavers.
But what is in a name? In the case of Facebook, it comes with strong association, some reputational damage, scrutiny from Congress, and the disapproval of the general public. The name Facebook has caused a “lack of trust” in some recent efforts, including its expansion into cryptocurrency. By changing the name of the parent company, Facebook can give itself a chance to overcome it. It won’t be the first corporate behemoth to seek some goodwill with a new moniker: only companies always do it.
Still, branding experts এবং and branding amateurs on Twitter বিশ্বাস aren’t convinced that renaming a company will do much to correct reputational issues or distance itself from recent scandals.
“Everyone knows what Facebook is,” said Jim Heininger, founder of Rebranding Experts, a firm that only focuses on rebranding companies. “The most effective way for Facebook to address the challenges that have tarnished its brand in recent times is through corrective action, not trying to change its name or installing a new brand of architecture.”
Facebook’s decision to change its name comes after whistleblower Frances Haugen leaked thousands of pages of internal documents. The Wall Street Journal, Publishing a company without giving too much importance to the public good. The documents prompted a hearing on Capitol Hill, where Congress has already been discussing for years the possibility of controlling Facebook or splitting its party.
A new name can give the company a new name. But “a name change is not a rebrand,” said Naiji Modu, founder and CEO of Rebrand, which advises companies on brand transformation. Branding comes from a company’s mission, culture and power, more than just its name, logo or marketing. “Unless Facebook has serious plans to fix at least some of the problems, just changing a name is pointless. In fact, it could make things worse.” Changing the name of a company can create more distrust, if it keeps itself away from its reputation.
Modu says it makes sense to change the name of a company to clarify the company, as other companies have. When Google restructured in 2015, it named its parent company Alphabet to reflect its growth beyond its search engine (Google), which now includes many efforts (DeepMind, Waymo, Fitbit, and Google X, among others). . Most people still think of the company as Google, but the name Alphabet is a sign of how the company fits together.