Mark Zuckerberg Changes Facebook name to META

Mark Zuckerberg changes Facebook’s name to “Meta”

by BusinessDigital MarketingSocial Media

Why “Meta” in particular?

What’s the reason behind Facebook’s name change ?

Mark Zuckerberg has announced that his company will no longer use “Facebook” as an official company name but meta instead, as part of the company’s big global plan to develop a virtual world. Critics, on the other hand, say that the reason behind the name change; is an attempt to divert focus from recent controversies around privacy breaches.

The first thing you need to know is; What does Mark mean by “Meta”?

The word Meta comes from the word Metaverse, which is a futuristic imagining of the shared virtual reality portion of the Internet – often as a form of social media – but generally refers to the full scope of augmented reality, which is a part of virtual reality.

Notably, Facebook changed its name to Meta, but the social networking app Facebook will keep its name.

The company said in a statement; The name change aims to put the company’s “applications and technologies under a new brand.”

Since launching Facebook in 2004, the company has acquired social media apps such as Instagram and WhatsApp.

It has also invested in other technologies including the Novi digital wallet, and Oculus virtual reality system.

A big part of the rebranding is also Meta’s focus on reviving the “metaverse”.

Skeptics pointed out that this was merely an attempt to divert attention from the so-called “Facebook Papers”.

Documents leaked by a former Facebook employee, reveal that the company has ignored or downplayed the importance of internal warnings about negative and harmful consequences created or amplified by the social media platform’s algorithms around the world.

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Consumer trends that play a factor in the marketing strategy

by Digital Marketing

It is difficult to downplay COVID-19’s effect on the planet as a whole. Within just a few months, markets have been uprooted and the market and social environments are very different from what they were at the beginning of 2020 with that consumer trends started to appear .

Consumer Trends that play a big factor in the marketing strategy

While the pandemic’s influence was felt differentially around the world, unique patterns appeared in market behaviours and behaviour. When looking at consumer habits across 45 countries, the US research firm, Mckinsey and company found that the current economic climate has brought to the forefront the following consumer trends :

Consumer Trends

Values and Essentials 

 

Digital and Omnichannel flights 

 

Shock at brand loyalty/business by consumer trends 

 

Economy Nutrition and “Service” 

 

Homebody economy

Such patterns point to the value of brands showing their consumers concern and offering a message of optimism amid some difficult times. Market purchase decisions are constantly being influenced by the advertising, behaviour and accountability of a company.

All of this has seen many firms and organizations having to make improvements to their marketing plans to keep up with the changes. We’ll take a further look at these trends in this article and give you tips on how you can execute every trend in both your conventional and digital strategies.

But clearly, consumers have cut their spending on non-essential goods and services and increased purchases of ‘essentials’ such as food and household goods. Consumers as a whole are more aware of where their money goes, and want to make sure that the correct 

purchases are made.

Showing the product’s advantages should be combined with a sense of concern for the clients, and the wider situation. Displaying empathy will turn into practical measures such as reducing your rates, negotiating payment arrangements with customers if they run into financial problems or providing them with educational tools such as courses or guides.

Although it is true that buyers are more conscious of what they are buying, it is not to say that there is no shopping at all. Like several brick-and-mortar companies closed during the lockdowns, sales online are booming.

You may probably conduct the majority of your business online, depending on what industry you are in. If not, then find moving at least a portion of your online trading could be time-consuming. This may include placing your goods on your website for sale, marketing your products/services through online ads and improving the way you represent your customer base.

Your marketing strategy will reflect the changes in support for small, independent businesses. The current scenario offers companies and brands the ideal opportunity to maximize their involvement in the neighbourhood and to be active in local initiatives.