In a 6,000-word leaked memo to Cheddar’s Alex Heath, Snapchat’s CEO Evan Spiegel attempts to revive employee morale with philosophy, tactics and contrition as Snap’s share price sinks to an all-time low of around $8 — half its IPO price and a third of its peak. TechCrunch reports: “The biggest mistake we made with our redesign was compromising our core product value of being the fastest way to communicate,” Spiegel stresses throughout the memo regarding “Project Cheetah.” It’s the chat that made Snapchat special, and burying it within a combined feed with Stories and failing to build a quick-loading Android app have had disastrous consequences. Spiegel shows great maturity here, admitting to impatient strategic moves and outlining a cohesive path forward. There’s no talk of Snapchat ruling the social app world here. He seems to understand that’s likely out of reach in the face of Instagram’s competitive onslaught. Instead, Snapchat is satisfied if it can help us express ourselves while finally reaching even meager profitability.

Snapchat may be too perceived as a toy to win enough adults, too late to win back international markets from the Facebook empire and too copyable by good-enough alternatives to grow truly massive. But if Snap can follow the Spiegel game plan, it could carve out a sustainable market through a small but loyal audience who want to communicate through imagery. The report goes on to highlight nine of the most interesting takeaways from the memo and why they’re important. They include: “Apologizing for rushing the redesign; Chat is king; Snapchat must beat Facebook as best friends; Discover soars as Facebook Watch and IGTV stumble; But Discover is a mess; Aging up to earn money; Finally prioritizing developing markets; Fresh ideas, separate apps; and The freedom of profitability.

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Source: Slashdot – Snapchat CEO’s Leaked Memo On Survival