12 Pros And Cons Of A Corporate Name Change
By Ellen Fruchtman, President
By now you should have heard about the big name change from Facebook. The new name (Meta), was introduced by Mark Zuckerberg who said he liked Meta because it’s a Greek word that “symbolizes there’s always more to build”. A big part of the rebrand is to also focus Meta on bringing the “metaverse” to life. What’s a metaverse, you may ask? It’s a virtual world you can immerse yourself into and do almost anything. Zuckerberg goes on to explain that the metaverse will be a place where people can interact, work and create. More importantly, he expects it to reach a billion people over the next few decades.
Changing your name (rebranding) is an enormous corporate step. It should be considered if you are looking in some way to benefit your company. Be it a different identity for your business, to separating yourself from your competitors in some way. What are the pros and cons of making this kind of decision for your own business? Here are a few:
- It can attract new customers and broaden your demographics.
- It can communicate new messaging.
- It can further the achievement of new goals.
- It can help to re-engage with your existing customers.
- It can help streamline messaging.
- It can help your business be more current.
- It can be confusing (to existing and new prospects).
- It will cost significant dollars.
- It can cause you to lose customers.
- It will require a significant investment in time and research.
- It takes significant time to rebuild awareness.
- If it doesn’t work, it’s hard to go back.
Some may say Mark Zuckerberg had an ulterior motive. Who knows? In any case rebranding to the extent of a name change is undeniably a big, corporate decision. Before you consider the move, consider all the pros and cons.