This week was big news for Snapchat, they announced they were breaking into the physical hardware business, and simultaneously to filter their own brand image. Snapchat will now be called “Snap Inc.” It’s shorter, sweeter, and simple new name gives a broader image to the brand. Snap Inc is definitely proving to the world that they will not only be recognized by their application, but a company that has multiple services and products to offer their audience. After all, the secret to a successful company is its ability to market themselves a brand, not by a single product.
“When we were just getting started, it made sense to name our company Snapchat Inc., because Snapchat was our only product! Now that we are developing other products, like Spectacles, we need a name that goes beyond just one product – but doesn’t lose the familiarity and fun of our team and brand.” Snap CEO Evan Spiegel
Moving Beyond Bread and Butter Branding:
A company cannot survive long term without innovation and development. While a popular product gives a business it’s bread and butter market, they need to constantly develop and create new brand strategies and new developments. Snapchat understood this concept, and branched into creating a completely new product offering outside of the application world. They announced they will be releasing a new pair of shades that will contain their own software, to take video clips of the world around you. This creates a completely new market that they can dive into, and also creates a well-rounded brand. Customers will pay attention – they are always waiting for what else you have to bring to the table.
Keeping the Customer in Mind:
Snapchat’s corporate name change kept the customer in mind. According to CEO Evan Spiegel:
“Changing our name also has another benefit: when you search for our products it will be easier to find relevant product information rather than boring company information or financial analysis. You can search Snapchat or Spectacles for the fun stuff and leave Snap Inc. for the Wall Street crowd.”
Bottom line. Snap Inc is doing a great job of surrounding their marketing and their brand around the benefits to the user and the customer by supporting their needs. They are really listening to what their customers want, the brand is surely not ghosting.
James is the Lead Author & Editor Product2Market of Blog. James writes for the Product2Market blog to create a source for news and discussion about some of the issues, challenges, news, and ideas relating to Product Marketing.