If you’re looking to rebrand your business due to declining revenue or changing customer preferences, changing your company’s name is one way to do it. Here are 10 examples of famous businesses that changed their names.
WW
In 2018, Weight Watchers rebranded as WW to move away from associations with dieting. The company was looking to shift its focus to wellness and overall health. CEO Mindy Grossman said the name WW was a way to pay homage to the company’s history, but that it didn’t stand for anything in particular.
Meta
In 2021, the social media giant Facebook made headlines for changing its name to Meta. The Facebook app kept its original name, but it’s now part of several companies under the Meta umbrella.
The move was meant to signify the company’s transition beyond social media into the metaverse. However, Facebook was under heavy scrutiny at the time, and many people speculated that the business name change was a way to distance itself from negative publicity.
Subway
Subway was originally founded in 1965 under the name Pete’s Super Submarines. The Founder, Fred DeLuca, received a $1,000 investment from Dr. Peter Buck to start the shop, and the company was originally named after him. But customers found the name hard to pronounce, and it was changed to Subway in 1968.
In 2015, Google rebranded as Alphabet, a holding company for its other businesses. The company did this primarily to give its investors and shareholders clarity around its many business endeavors.
However, many people don’t realize that this wasn’t the first time the company changed its business name. When the company began in 1996, it was originally called BackRub. By 1997, the founders had ditched that name in favor of Google.
Apple
When Apple was first founded by Steve Jobs, Ronald Wayne, and Steve Wozniak in 1976, it was known as Apple Computers. But in 2007, Jobs announced the company was changing its name to Apple to focus more on consumer electronics.
eBay
Pierre Omidyar, the Founder of eBay, originally launched the site under the name AuctionWeb. The company continued to steadily grow and gain media coverage. The media often referred to the company as eBay, which prompted the company to change its name.
Netflix
In 2011, Netflix attempted to split its business into two—Netflix would offer streaming services while its DVD-by-mail service would be called Qwikster. However, customers and investors disliked the change, and the company’s stock fell steeply. The company quickly did a U-turn and went back to its original name and business model.
As these 10 companies demonstrate, there are times when changing your business’s name makes sense, but it can also backfire.
X
Elon Musk purchased Twitter in 2022, later taking the company private and changing its name to X. Musk said it was about more than just a name change and was meant to rebrand the platform as an “everything app.”
However, the move is widely viewed as a mistake. Twitter was one of the most recognizable brands in the world, and the company lost subscribers and ad revenue after the change.
Dunkin’
In January 2019, Dunkin’ Donuts changed its name to Dunkin’ to reflect changes to its brand and customer base. Donuts were still a key part of the company’s menu, but 60% of its sales actually came from coffee beverages. The name change was also an effort to simplify the brand, as it had already cut 10% of its menu items.
Block
In 2021, Square’s parent company rebranded itself as Block. The purpose of the name change was similar to Meta and Google’s rebrands. It reflected the company’s growing business interests, including Square, the Cash App, Tidal, and its investments in Bitcoin.
A rebrand decision framework: When a name change helps
As these 10 companies demonstrate, there are times when changing your business’s name makes sense, but it can also backfire. If the original name is hard to pronounce or customers frequently confuse it with another business, a name change could make sense.
Also, there may come a point when your business name no longer reflects the direction of your company. Maybe your products or services have changed, or your business’s mission is different. Changing your business’s name can be a valuable part of an overall rebrand.
However, you should think twice if you already have a well-known brand with strong SEO rankings. For example, not only did X lose 17 years of brand recognition, but a year after changing its name, its global web traffic was down 14%.
Before making the change, ensure that the new name is available and there are no trademark issues. You should also prepare for the costs that come with rebranding and be ready to communicate with your customers about the direction change.
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