This name change signaled the company’s desire to expand beyond internet search and advertising. One of the biggest name changes in recent years is the switch from Google to Alphabet. In both these cases, the name change meant disassociating the company with what initially made them successful, but in both cases it was a gamble that paid off. The former dropped “Computers” from its name in 2007, and Starbucks dropped “Coffee” from its name in 2011. After a period of sustained growth and change, a company may find that the current name is too limiting or no longer accurately reflects what the company has become.īoth Apple and Starbucks have simplified their company names over the years. This is a very common scenario, particularly as companies go through a rapid expansion or find success with new product offerings.
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Internet and TV providers rank dead last in customer satisfaction ratings, so it’s no surprise that many have changed their names in recent years. When this happens, a name change can be a way of getting customers to shed those old, negative connotations. Hitting the Reset Buttonīrands can become unpopular over time because of scandals, a decline in quality, or countless other reasons. The financial services company rebranded to Ally in 2010. government, and a name change was one way of starting with a “clean slate”. GMAC (General Motors Acceptance Corporation) didn’t want to be associated with subprime lending and the subsequent multi-billion dollar bailout from the U.S. In some cases, the reason why companies change their name is more subtle. In the case of the former, the switch to TotalEnergies was meant to signal the company’s shift beyond oil and gas to include renewable energy. Social pressure was behind the name changes at Total and Philip Morris. Or, if they don’t change in time, their hands might get forced.Īs time goes on, companies with more overt negative externalities have come under pressure-particularly in the era of ESG investing. Societal perceptions can change fast, and companies do their best to anticipate these changes in advance. Below are some of the categories of rebranding that stand out the most. But first we’ll look at historical corporate name changes in recent history, exploring the various motivations behind why a company might change its name. These considerations are amplified when a company is already established, and even more difficult when your company serves billions of users around the globe.įacebook (the parent company, not the social network) has changed its name to Meta, and we’ll examine some probable reasons for the rebrand.
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