Assuming you haven’t been living under a rock for the past six years, you’ve probably used, or at least heard of Snapchat. If you haven’t, no problem, we’re here to fill you in.
Snapchat is a social media app that’s become kind of a big deal, and it’s making headlines for many reasons. What was originally launched as an app that allowed you to send pictures to your friends that would disappear in seconds, Snapchat has released many new ad features and become a new platform businesses can use to market their brands.
If you need a refresher on Snapchat’s general features, you can read more here, but we’re going to review some of Snapchat’s ad features that have been introduced for businesses and how you can use them to help promote your brand.
Snapchat For Business
In the past few years, Snapchat has developed many paid marketing features to help your business. You can promote your brand on snapchat with Ads, Sponsored Lenses, and Sponsored Geofilters.
Advertising on Snapchat is a great way to get the attention of your perfect audience. Snap Ads are 10-second video ads that appear for users in between the time viewing their friends’ stories or viewing stories in the Discover section. You can also offer your audience a choice to swipe up after your video to view more content like a longer video, maybe an article, a link to a website, or an option to download an app.
Snapchat Sponsored Lenses
If you use Snapchat personally, chances are you have come across a silly lens that makes your face look funny, scary, or like a certain character. Sponsored Lenses are just like normal lenses, but they offer users an opportunity to essentially interact with an ad.
For example, here is a Sponsored Lens from Amazon Prime which was used to help increase viewership of Amazon’s new original show, “The Grand Tour.”
Snapchat Sponsored Geofilters
A Geofilter is a location-based filter users can put over their Snaps based on their location. For example, if you are attending a sporting event, chances are, when you arrive at the venue, there will be a Geofilter available to use in the area of the venue.
Here is a Geofilter offered at a nightclub I went to a few weeks back!
I was able to use a lens on our faces, then add a Sponsored Geofilter over the Snap to show what event I was attending! Cool, right?
Snapchat offers two custom Geofilters for businesses to use. On-Demand, which covers a smaller area and starts at just $5, or the more expensive Sponsored Geofilter that can be shown as a filter option in a much larger area and cost up to hundreds of thousands of dollars.
Is Snapchat Right for Your Business?
Now that you know some of the features Snapchat offers for businesses, you’re probably asking yourself, “Should my business be on Snapchat?” Not all platforms are best for all brands, so here are some key questions for your team to answer before starting on Snapchat:
- Are you trying to target a younger audience? (Millennial or Generation Z) It’s never a good idea to market yourself where your audience isn’t going to see it. Those who are in the Millennial or Gen Z age ranges are most likely to be viewing your content on Snapchat.
- Can you update content quickly? If you can’t publish content in a timely manner, don’t bother with Snapchat. It’s a very of-the-moment platform, and if you’re late by even a few hours, your content won’t be effective.
- Can you create engaging content? Do you have the resources to brainstorm and create highly-engaging content? Does your business sell products/services that will be engaging to Snapchat audiences? Users have the option to skip ads, so you have to be able to stand out!
- Is your brand voice fun, humorous, and authentic? This is a must on Snapchat! People turn to this platform for entertaining and light-hearted content, so make sure you are adjusting your tone to fit the audience!
The Current State of Snapchat
While we love all of these options Snapchat offers for marketers, statistics show only 7 percent of marketers actually used the platform to promote their brands in the first quarter of 2017.
In late October of this year, Snapchat’s stock prices dropped nearly 20 percent after it missed its user growth goal by over 4 million users. They have also reported a $40 million loss from the cost of creating their less-than popular Spectacles. Ouch.
Marketers are even noticing a decline in user engagement and open rates on ads recently. A lot of this can be attributed to the app’s failure to reach older generations.
Doesn’t seem like 2017 was a great year for Snapchat, but CEO Evan Spiegel says he’s vowed to re-design the app to be more user-friendly and reach a broader audience.
Here at Synectics Media, we’ve been hesitant to market on Snapchat with these statistics, but we’re intrigued to see how it improves in the early parts of 2018.
What do you think? Is Snapchat for you? Do you plan to wait and see what happens with the app? We plan to revisit this in the early parts of 2018. Stay tuned!