Add a color. Tap the label > More options > Choose color. If more than two color coded labels are applied to a chat, they'll be stacked one over the other. When stacked, color of only the most recent label will be displayed.
Delete a label. Tap the label > More options > Delete label.
Create new broadcast. Tap the label > More options > Message customers.
Creating a broadcast list from labels
You can create broadcast lists for select audiences from your labels. To create a broadcast list from labels: