Is Facebook being rebranded?
What could be bigger news than Facebook, the world’s largest social network renaming itself? Ladies and gentlemen, in a recent move, Facebook has changed its corporate name to Meta. Why did Facebook decide on a rebrand?
According to Mark Zuckerberg, the existing brand could not “possibly represent everything that we’re doing today, let alone in the future”.
As a company, Facebook is moving ahead with its plans to broaden its business from Social Media to niches like Virtual Reality and Augmented Reality.
What is Metaverse?
Some experts believe that the metaverse could be the future of the internet; a virtual world where people can connect to work, play, and watch movies and do just about everything.
It’s being seen as the next technological revolution backed by AR and VR.
As a company, Facebook is working to push the idea of “metaverse” and make it a new global phenomenon.
“Over time, I hope that we are seen as a metaverse company and I want to anchor our work and our identity on what we’re building towards,” said Mark Zuckerberg, in a virtual conference.
What do we think of the move?
At Smint.io we’re always interested in knowing what’s helping brands in becoming better brands. That’s why we sat down today over a cup of coffee (and Sachertorte) to discuss Facebook’s rebranding initiative. Here’s what we think:
- The American super-brand was getting old and it was time they did something fresh, added a dash of new flavor.
- The move was forthcoming because the social network also got involved with issues related to user data privacy.
- As a big technology company, Facebook wants to be at the center of attention. That’s probably the best way to maintain its leadership position.
Hence we think it’s an incredibly strategic move on Facebook’s part. They’re doing away with the past burdens and moving into a new sphere. A new identity would give Facebook more confidence to become a strong “metaverse” player and stay among the top global technology brands.
But rebranding a business isn’t child’s play. It takes quite a bit of effort, time, and also a well-defined rebranding strategy.
So, let’s now understand what a rebranding strategy is and how it works.
What is a rebranding strategy? How and why does it work?
A rebranding strategy aims at changing the brand identity of a business. The idea behind a rebrand is to give a fresh name and visual identity to an established brand. Why does rebranding work?
When a business decides to rebrand they’re looking to shed their old values and adopt new ones.
- Rebranding works very well in business niches that are very dynamic and the buyer preferences change quickly. You must have observed how automotive manufacturers are quick at rebranding their existing products.
- With shortening product and brand lifecycles, buyers often get bored of the existing and want something new. That’s why a rebranding strategy can bring terrific results for a brand that might be losing its market share to new and aggressive competitors.
- A rebranding strategy helps a business to stay relevant in a changing and highly competitive business landscape. Many companies also see it as a way to expand their market and their sphere of operation. For instance, with a rebrand, Facebook is looking at expanding its footprint in the realm of new and emerging technologies.
- Some brands use rebranding to humanize their business. For instance, consumer behavioral preferences and needs change over time. A rebranding helps a company to engage and connect with buyers and stakeholders in a better way.
- There comes a time when every business needs to re-think its goals and vision, going further. A rebrand helps the company to communicate about its new mission with customers, employees, and stakeholders. It’s an intelligent strategy to re-imagine the brand story and involve all the connected parties in the process.
- There are also times when some brands have gone through a reputational crisis. It may be because they fell short somewhere or because their policies didn’t go down well with a certain section of people. That’s when a rebrand is an essential way to get themselves out of the rut and start afresh.
What are some examples of successful rebrands?
- Dunkin Donuts, the popular cafe chain, recently rebranded to Dunkin. The brand wanted to lessen the emphasis on Donuts, which are a part of the menu but contribute lesser to its overall sales.
- Kia, the Korean carmaker renamed from Kia Motors to just Kia. With the rebrand, the automotive brand also added a new tagline: “Movement That Inspires”. The rebrand happened back in 1998 when Hyundai Motor Company bought 51 percent stake in Kia and saved it from bankruptcy.
- Dropbox, the popular cloud storage solution, recently redid its visual identity and logo. Dropbox’s rebrand focused on targeting a creative workforce and making it simpler for them to collaborate and co-create. Hence, the vibrant, evocative, and colorful new identity.
Is rebranding always a great thing? Maybe not. Let’s delve more into the pros and cons of rebranding.
Is rebranding a threat or an opportunity?
Don’t get me wrong, but rebranding may become a tough row to hoe. Here are some of the likely perils of rebranding:
- There is a risk that some of your prospects and existing customers completely dislike the new brand identity.
- If a business isn’t aggressive enough about the rebrand, it may not do as well as the old one. In short, a business planning a rebrand must have a well-defined budget for it.
- If you have a large number of loyal customers, a rebrand may turn counter-productive. Therefore, it’s vital to know whether your customers will be interested in staying with you after a rebrand.
- Similarly, a rebrand may not go down well with the company employees. Some may feel that it’s unnecessary. Others may not resonate with the new identity. Moreover, a rebrand often creates confusion for internal teams. Sometimes they don’t have access to the new brand collateral. On other occasions, they completely forget about using them.
But despite these risks, many businesses rebrand and yet come out with shining colors. You may have to walk the tightrope, but at the end of it, a rebrand can open the doors to many new exciting opportunities.
If you’re looking to rebrand your business, then read on, for, in the next section, I explain some ways you can execute the strategy in a smooth and hassle-free way.
Are you planning to rebrand your business? Here’s what you need to know.
I know, getting on with rebranding can feel like you’re getting on the stage for the first time. You’ve forgotten what to say, and a terrible fear grips you. Don’t worry, all you need is a little bit of strategic planning.
What do you focus on when rebranding?
- A good way to start is to learn why you’re looking to rebrand your business. For instance, do you wish to explore new markets, or are you looking to do away with a damaged reputation?
- An excellent next step is to define the new positioning for your brand.
- Start working on building the new brand identity. Spread the word and get company employees and stakeholders involved.
- You need to create a fresh digital footprint and develop new brand guidelines, brand logos, and brand collateral.
- Work on distributing the new brand assets to employees, PR agencies, ad agencies, and distributors.
- Organize internal training sessions to align everyone with the new brand’s vision, mission, and goals.
Seems like a lot of daunting work? You can simply create a single source of truth for your brand. It would help to build a platform that enables you to share all the new brand assets in a single click. Have you ever heard about content experience platforms? They are better known as brand portals or media centers.
But how can they help? Let’s learn more.
Why you definitely should consider introducing a brand portal.
Don’t feel like a shipwrecked mariner while kicking off a rebrand project. A brand portal can work as your savior, your superhero. It’s an online content experience platform that helps you seamlessly communicate and collaborate with company employees, agencies, partners, and distributors.
- A brand portal works as a single resource center to store brand assets and securely share files with teams spread across continents.
- It’s a platform that lets time-starved marketers keep everything from brand logos to product pictures and brand guidelines in one single online location.
- A brand portal allows marketers to manage users and permissions. Plus, you can tag brand assets and oversee who gets access to which brand assets and when.
Now the most important question: how to get a brand portal?
Here are the options you have:
- You can go for customized brand portal solutions (e.g. agency solutions).
+ individual solution
– project takes a long time to complete
– entails high project costs
– not a flexible system for subsequent changes
- You can go for a standard brand portal solution like Smint.io Portals
+ highly flexible solution
+ does not require technical knowledge or IT support
+ easy to set up
+ comes with connectors to consume content from existing data sources (like your DAM, PIM, MAM, Sharepointor others)
+ great for various use cases such as asset tagging, file-sharing, permission management, and more
– no individual solution
Do you have further questions?
Do you want to know if there is a connector from your content source to Smint.io?
Don’t hesitate to contact us right now via e-mail or Live-Chat.