Introduction
The change in Facebook’s name to Meta is meant to help the company go forward with building the Metaverse and the ensuing electronic boondocks. In addition, the board believes it will help Facebook withstand the onslaught of criticism directed at its private messaging networks. Facebook joins Instagram, WhatsApp, and other services under the Meta umbrella as an add-on.
The Metaverse is a concept that combines virtual and expanded reality technologies to create an alternate internet-based cosmos, which has its origins in science fiction novels. At the Facebook Connect event, the company showed examples of people morphing into symbols and essentially playing, socializing, shopping, and working near others, often in remote locations. A site where you are immersed in the action rather than just seeing it will be far more alive and exemplify the Metaverse as a theater and medium (Bufacchi, 2021).
Brand Change
Facebook’s corporate brand is now known as Meta. The original brand of the Facebook item is kept. The main stakeholders in this situation are financial backers, current and future staff, and controllers, not end-users. The separation of the holding company from the Facebook brand is a complete brand inversion. A significant amount of work and money was invested only two years ago, refreshing the Facebook organization logo and implementing it into its applications. On the plus side, the move to Meta is motivated by a long-term goal. Each brand strategy should start with the end in mind, pinpointing your image and business’s ultimate goal.
Mark Zuckerberg is sure that what is coming is about ‘the Metaverse,’ and he understands that this has implications for Facebook’s identity (Heath, 2021). The Metaverse is the next frontier, created because the brand’s entire life is currently so tightly linked to a single item [Facebook] that it cannot possibly cover everything the company does today, much less in the future (Sparkes, 2021).
Because the Metaverse does not yet exist, it is hard to define it accurately. The Metaverse will look like a mix of today’s web-based social interactions mixed with brief trips into three dimensions or projections into the real world. We can move beyond two-dimensional screens and into more lifelike interactions through enhanced and augmented reality.
By generating the required perceptual distance between Facebook and its sister companies and the holding corporation that owns them all, Meta aids in overcoming the critical challenge of getting over the current annoyances. Renaming the entire company Facebook was a poor option in 2019, given its shady image and numerous reputational gaffes. It is also bereft of intelligence from that point on.
Corporate brands are essential on many levels, from supplier partnerships to management interactions. Marking. And Facebook’s previous egregious failures will have impacted these numbers. It was difficult to watch the previous declaration and the procession of ecstatic leaders without imaging these folks attending a supper meeting in the Valley to tell people they worked for Facebook, then crying outside with a glass of chardonnay in their hands at the response.
Furthermore, Facebook’s popularity is projected to dwindle shortly. If the buzz is concentrated on a specific brand within the Meta group, on the other hand, Zuckerberg will expect that the rest of his domain will be allowed a little more latitude. He might even appoint someone to administer Facebook and cope with the chaos while he is going to Meta. That would be a mistake, but it would not stop him from making it.
Meta will also help relieve some of the pressure on the more anticipated businesses, such as Instagram, which received minimal compensation in 2019 after being pushed closer to Facebook in terms of staging and promotion. Clients will no longer be required to log in with their Facebook ID and secret word to utilize a significant part of the organization’s administrations, implying that the future is about distance, not proximity, to the gathering’s developing brand, as Zuckerberg declared yesterday (Sparkes, 2021).
Meta’s third purpose is to keep an eye on the future. Zuckerberg has frequently mentioned the Metaverse as the next step in the evolution of his company and the internet(Heath, 2021). This marks the beginning of new, long-awaited liberty. However, this suggests that the Metaverse will probably displace and supplant the current world of apps, displays, and mid-twentieth-century technology. If he does not respond quickly, he will be associated with the past, and his image will fade with it.
Strategic Approach to Rebranding of Facebook
Brand architecture is about more than just names and logos. It also guides investment decisions. And my concern with the new company name is its single-minded focus on developing Metaverse’s offer when the core social media apps need revitalization.
Facebook’s rebranding as meta came with little evidence that the company could pull off the Metaverse vision, as Zuckerberg elaborated in the featured discussion (Heath, 2021). To begin with, the company lags behind competitors like Microsoft and Apple in terms of developing augmented reality headsets and other wearable technologies. It lacks flexible platforms through which it could integrate locally available clients into its Meterverse environment. While Oculus had a strong quarter during the previous Christmas season, the company is still a long way from Zuckerberg’s goal of building a self-sustaining virtual reality business with 10 million active units(Heath, 2021). This problem will be exacerbated by the lack of a new Quest headset this year.
More importantly, the feature’s absence of genuine buyer use cases demonstrated unequivocally that Facebook lacks an original idea for building a metaverse. Apart from the gaming and work-related use cases previously investigated by Epic Games and Microsoft, Facebook’s only new-ish metaverse use case was wellness practices in vivid virtual environments. Given the degree of movement impairment and weakness experienced by many VR clients, one must consider how many clients would seek practice in the Metaverse and how much value the Metaverse would genuinely add to the wellness class. In this light, it is perhaps unsurprising that most buyers have been uninterested in Facebook’s flashy rebranding.
Much more difficult is Facebook’s emphasis on virtual reality as the primary interface for the Metaverse, particularly given that VR is still years, if not ten years, away from the level of technological advancement and consumer acceptance required to fulfill Facebook’s vision, as demonstrated in the featured discussion. While Zuckerberg has referred to it as a “3D virtual environment” that can be explored rather than viewed on a screen, the vast majority of our advanced interfaces are still created in two dimensions (Heath, 2021).
That is Facebook’s fatal flaw in its metaverse system — the company is so eager for another story that connects its online media business with its VR adventures that it is advancing indiscriminately toward the ideal end-point, where AR and VR eventually become the primary metaverse entries, without doing anything to build alternative interfaces that would serve as a stepping stone to that future. Additionally, it cannot convey any definitive use cases at the moment because it is attempting to jump directly to the Metaverse’s VR era. “We shape our interfaces; they shape us,” Packy McCorrnick of Not Boring wrote. Without exerting any effort, Facebook must shape the following web interface.
This blunder is particularly heinous in light of the work being done by various organizations in this space toward a metaverse future. Epic Games has been acquiring organizations such as 3D resource stage Sketchfab and AirStation, a maker stage for computer game designers, to assist it in balancing a slew of fundamental maker apparatuses to work on the 3D environments and intuitive encounters found in games like Fortnite. Roblox is following a similar path, having recently redesigned the maker-driven game’s imaginative devices and symbols to be more reasonable and adaptable. Both Fortnite and Roblox have a large number of dynamic players who access the 3D game environments via a variety of gaming control centers and mobile devices, and Facebook’s simple VR games are unlikely to supplant them in the Horizon spaces anytime soon (Sparkes, 2021).
Then there is Microsoft, which, in addition to claiming the Minecraft game, which will almost certainly follow Roblox’s lead and evolve into a proto-metaverse environment, is placing significant bets on developing workplace-based metaverse items. The Horizon Workplace, as an example of a virtual workplace, is by far the most well-known VR application that Facebook has created. However, it has a very slim chance of widespread adoption compared to Microsoft’s Mesh, a collaborative platform for virtual meetings that will be seamlessly integrated into Microsoft Teams, a productivity tool that over 145 million office workers already use daily, beginning one year from now. Unlike the Horizon Workplace, you will not need to wear a VR headset to appear like an advanced symbol in a 3D gathering room. All you need to do is launch the Teams application.
In contrast to Facebook’s VR-centric approach, Microsoft intends to use Mesh to bring together people using various devices (cell phones, workstations, HoloLens headsets, and so on) in shared spaces where they can communicate regardless of how they dialed in. In general, Microsoft is prepared to deliver a 3D metaverse experience on a 2D screen on a much larger scale than Facebook currently can. At the moment, it appears improbable that Meta will capture either the diversion or endeavor segments of the thriving metaverse market.
According to reports, Facebook accidentally discovered the Metaverse before it was ready, with disastrous consequences. Facebook has adequately overhyped the idea for the general public during the time spent gluing the organization’s future to the Metaverse in a desperate attempt to change its story, which will almost certainly end up sabotaging the Metaverse’s overall improvement.
Metaverse’s Relationship with the Advertising Aspect of Marketing
The rebranding effort by Facebook does not substantially affect the company’s business, similar to how Google reformed its corporate structure and rebranded its holding company Alphabet in 2015. This makeover feels more like a facelift than a genuine shift: Facebook is still Facebook, and most Facebook users are unlikely to migrate to a Horizon Home environment very soon.
This move allows Facebook to segment its financials into two categories in the future: the “group of applications,” which includes all of its revenue generators such as Facebook, Instagram, and WhatsApp, and the metaverse-related ventures, which will require significant investment in R&D and marketing, allowing it to demonstrate precisely how profitable its core business is.
If Facebook can rebound from its ill-advised journey into the Metaverse and address a legitimately helpful relationship between its online media applications and its augmented and virtual reality projects, the truth will eventually emerge. Just before unveiling the new organization’s name at the end of the featured conversation, Zuckerberg made a point of assuring publicists and marketers that the rebranding will have no impact on Facebook’s current approach. Indeed, as part of its current plan, Facebook will continue to build its metaverse products, ensuring that companies and organizations have access to the Facebook metaverse. As a result, Facebook would adapt the imaginary consideration coming into the Metaverse via adverts and other means of marketing, allowing its Metaverse to be readily accessible to everybody (Kim, 2021).
This is good news for brand advertising, presuming Facebook took all precautions to avoid rushing into VR without first developing the technology. However, an early-mover advantage applies to all developing media diverts for companies interested in studying the Metaverse: enter while the sector is still nascent and not yet overrun by competitors, and align with the early-adopter audience. In today’s proto-stanza climate, it could be more sensible to explore what virtual encounters your image can create and test and then scale them up using any remaining media channels( Kim, 2021).
Metaverse And Marketing
The current proclamation is a throwback to 2015 when Google rebranded itself as ‘Letters in Order’ and launched a series of subsidiaries under a new parent company and ticker symbol. The organization is attempting to boost its worth as a unique mix while also increasing its social and educational offerings beyond what it has previously provided. Even though Facebook’s reputation has been tainted by a series of controversies over the years, marketers and investors continue to donate with confidence and have seen tangible rewards. Meta is a brilliant choice. Even though the term “metaverse” is ambiguous and fluid, its use as a part of our social lexicon is growing.
Meta investigates Facebook’s and marketing’s futures. The Metaverse addresses the vast opportunities for marketers to reach customers in unique ways, just as versatile did over a decade ago. While the Metaverse is still in its infancy and much needs to be figured out, advertisers should never be scared to try new things. Businesses in the Metaverse will need to connect their resources to the biological system so that buyers can easily access them. This will necessitate the formation of new organizations and stages, but the omnichannel playbook is a great place to start.
How Facebook has influenced the current technological landscape. If we are sincere, a sizable portion of our industry enthusiastically accompanied us. Let us all continue to ask whether they are the ones we need leading the charge as the Metaverse evolves and integrates more securely with all of the PC frameworks with which we engage and promote. Rebranding as Meta is about as strong a signal as they can give that they are planning a prominent role — it is up to us as an industry to avoid making the same mistake we almost did and letting them walk away with it (Harvard Business Review, 2021).
Nonetheless, knowing that the Metaverse and Web3 are dependent on users recovering and possessing their information – consider encrypted money and non-volatile memory – this may be regarded as a classic public relations trick (NFTs). It looks that a large technology corporation is attempting to invest in something that is essentially anti-big tech. Particularly given that we are aware of Facebook’s previous client information security flaws, which have had negative societal consequences. [Plus,] it can be agreed that Facebook and Instagram should eventually reform to meet concerns about falling adolescent emotional well-being and encouraging extremism to the point where our enormously popular government’s legitimacy is called into doubt. While emailing Meta will help them divert their attention away from their problems with web-based media, it will take up most of the day. From a reputational aspect, it is advantageous. It allows Facebook to separate itself from the issues of the social media platform. It also aids Facebook’s rebranding by allowing it to be more aware of how the generation that currently does not use its online media platforms uses and will use the web, reintroducing its goods to a new audience. Advertisers and distributors will have two options: stay within the stages or stand up. Only a few companies have continuously refused to work with Facebook and Instagram over a long period (Harvard Business Review, 2021).
Companies that Rebranded
Burberry
Burberry is a brand that is often associated with opulence. This organization, which has been there for over 150 years, was essential in establishing the importance of waterproof coats and overcoats on our shores. Their distinctive design can be found on a variety of items, including clothing, satchels, and fragrances. They would, unfortunately, become a target for group wear as well.
The brand was once so popular among hooligans that anyone caught wearing it was barred from entering some city clubs.While lavish clothing will always appeal to audiences, Burberry rose to the challenge by reevaluating itself, reinventing utilitarian clothing, and engaging the help of well-known and prominent people (Barratt, 2021).
Clearly, the decision was not made solely to focus on the future while ignoring the past. Burberry does transport raincoats and swimwear, but in a lot more inventive and imaginative way that does not damage the brand’s 150-year legacy or generosity.
DropBox
Dropbox launched in 2008 into a relatively undeveloped market. As is the case with other new businesses, it did not rely on branding to differentiate itself from the start. The object sold on its own merits, and the labeling did not have to be exclusive or targeted at a particular customer segment. During Dropbox’s early days, the team’s primary objective was to recruit as many beta testers as possible(Dropbox music, 2020).
Dropbox’s streamlined strategy aided it in establishing a foothold early on by focusing exclusively on two things: the sign-up page and referrals. Dropbox’s emergence has always been akin to that of a startup. On their 2012 welcome page (and the majority of subsequent pages), energetic representations emphasized an uninterrupted and usable interface in any case, and informal language aided form with trust and commonality.
Dropbox announced an upgrade to its ranking in a 2013 blog post. It was a succinct, helpful message that revealed nothing about Dropbox’s organizational vision or the way their image reflects it. Now, it is reassuring to know that Dropbox did not set lofty, ambiguous goals; they simply needed to create a straightforward, vibrant brand that distinguished them from large business-focused competitors. In any case, Dropbox launched one of the most emotionally charged rebranding campaigns in the IT industry in October 2017(Dropbox music, 2020).
Dropbox rebranded in response to the company diverging from its initial vision. Dropbox has evolved from a digitized spare room to a collaborative and production hub. Although its energizing plan language was initially met with skepticism, it accurately reflects the organization’s transformation. Indeed, as evidenced by the source of inspiration at the bottom of dropbox.design, they are also looking to hire top design talent, possibly as a result of the departure of their VIP status lead planner in 2014(Dropbox music, 2020).
Conclusion
A company’s rebranding should be focused on the future. In any event, it should encourage the revitalization of existing centers rather than creating new ones. If Zuckerberg’s focus on the Metaverse were a tremendous act of complete trust or an example of a pioneer become sidetracked from the center as resistance grew, the truth would eventually surface.
Although Facebook’s name change was a physical representation of a tale sweeping the globe, it was not the most up-to-date concept. All advertisers and public relations professionals understand that if other public relations methods fail to shift attention away from your fundamental concerns, you should consider altering your name. In the short term, Facebook’s big rebranding move — from disinformation to protective assault — will have minimal effect on public perception.
References
Barratt, S. (2021). Analysing different aspects and dimensions of rebranding, what is the efficacy of urban rebranding strategies? the efficacy of rebranding through architecture. Fields: Journal of Huddersfield Student Research, 7(1).
https://doi.org/10.5920/fields.799
Bufacchi, V., 2021. Facebook: Virtual or Virtueless Reality?. Irish Examiner.
Harvard Business Review, November 2, 2021. Facebook’s Rebrand Has a Fundamental Problem.
https://hbr.org/2021/11/facebooks-rebrand-has-a-fundamental-problem
Heath, A. 2021. Mark Zuckerberg on why Facebook is rebranding to Meta. The Verge. Retrieved December 21, 2021,
from https://www.theverge.com/22749919/mark-zuckerberg-facebook-meta-company-rebrand
Kim, J., 2021. Advertising in the Metaverse: Research Agenda. Journal of Interactive Advertising, pp.1-4.
Sparkes, M., 2021. What is a metaverse.
The dropbox miracle. (2020). Average Joe, 125–141. https://doi.org/10.1002/9781119619086.ch4
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