Instagram and Snapchat are identical constructions. Each simply substitutes new words from an accepted utility name: Instant Message. Insta & Snap are synonyms for Instant, and Gram & Chat are substitutes for Message.
Since Instant Message is already a universally adopted name, you know that Instagram and Snapchat will be accepted as well. If what you’re naming doesn’t map to a two-word generic, break it down into one first.
You can do this by re-purposing an unrelated, well-known compound word, as in Apple’s Wi-Fi base station being called “Airport” – a port accessed through the air. It’s easy to remember and readily embraced because everyone knows the word Airport already.
Proposing a name like Airport to a committee will be met with immediate pushback such as, “Everyone hates the experience of an airport” or, “Last time I was there they cancelled my flight, I had to sleep on the floor and I missed my child’s birthday” or “The first thing I think of is stress, long lines and bad service”- as if any of this will make the name less successful, which of course it doesn’t.
As soon as the name Airport is applied to a Wi-Fi device the primary definition disappears, your audience puts the clever double meaning together in their heads in an “aha!” moment, and smile at the humanity you’ve brought to the game. They will think well of you and warmly embrace the name and its new meaning. And never forget it. You are immediately best of breed in their minds, having uttered only a single word.
Because this simple concept is inherently difficult for corporations, names like Airport are rare indeed – but they do happen.