Ranked 3rd in Social Media Today’s ‘Top Social Networks Marketers Should Plan For In 2017’, Snapchat can no longer be deliberately unnoticed by businesses. The underlying concept is relatively simple: take a low-quality picture or video, customise with filters and stickers, and share with customers and friends. But if it is so easy, why is it being overlooked by businesses? Here are 5 reasons why it is definitely time to stop the excuses and get amongst the Snapchat movement:
1. Major Revenue Growth Predicted for 2017 and 2018
With over 10 billion daily video views, Snapchat can no longer be deemed as a waste of time or investment. It was already valued at $20 billion in May this year, but reports from eMarketer suggest that it will make a further $935.5 million in 2017, and later $1.7 billion in 2018. An organisation would not be making annual figures like these if audiences weren’t active and receptive to the messages presented. Essentially, the numbers speak for themselves.
2. Expanding Reach
With more than 200 million active users already, and a projected 13.6 % increase in user growth for 2017, there is no denying that Snapchat allows businesses broad reach. While approximately 60% of the US user base are considered millennials, the app is beginning to proliferate amongst older demographics.
According to Hootsuite, 50% of new Snapchat users are over the age of 25 and 12% of users are aged between 35 to 54. This means companies aiming to target older markets can no longer be exempt from utilising the platform as it makes its way into mainstream culture and accumulates a broader range of users.
3. Sense of Urgency
Snapchat offers a sense of urgency unlike any other social media platform. The app boasts 150 million daily active members due to the fleeting nature of its short-lived snaps. The combination of short snippets of content and a 24 hour timeline perfectly leverage the concept of FOMO (the Fear of Missing Out). If you miss the post on the day, it is gone – you missed out. This gives users a reason to be active on the platform every day and view content as it is streamed.
4. Developing Behavioural Ad Targeting
Snapchat already offers some ad targeting based on audience age, gender, location and the Live Stories and Discover Channels they consume. However, a new range of options and features are set to help marketers get more out of the platform then general demographics.
Whilst maintaining their stance on focusing on the users and not marketers, Snapchat will enable ‘Lifestyle Categories,’ ‘Audience Match’ and ‘Lookalikes’ to further segment potential audiences based on preferred content, characteristics and behaviours. Previously one of Snapchat’s biggest criticisms, new developments in ad targeting means the effectiveness of paid advertising on the platform will only improve over time.
5. Showcases Creativity and Brand Personality
Snapchat allows brands to get personal with their customers like no other social platform. You can use it to show sneak peeks, document events, introduce new employees, announce contests, go behind the scenes and even provide exclusive vouchers. All of these real-time marketing options show transparency in business, whilst showcasing your brand personality and potentially creating a point of difference.
This can help to build consumer trust and engagement with the brand. The best part – it doesn’t need to be planned, commercialized or polished. Creating snaps doesn’t need to take hours to perfect and it is the realest forms of content that will build a strong following.
Snapchat is an exciting platform that offers brand’s an outlet to engage in real-time with consumers. As the user base grows in size and breadth, marketers are running out of legitimate reasons why they shouldn’t incorporate Snapchat into their social strategy.