With more than 150 million users, Snapchat is a force worth paying attention to. The company recently had its IPO and the question now is whether or not it will last as an effective form of marketing. Many marketers believe that Snapchat’s products are too experimental and the demographic possibly too young for them to get involved.
Snapchat functions differently than other digital advertising options. Even though it may be a bit of a mystery to some marketers and organizations who don’t understand it, Snapchat could very well be a gold-mine of opportunity. It may just take a little bit of digging to reach its potential. (Or access to a few early twenty-somethings or teenagers)
Here are some quick facts about the company:
- Estimated worth of $16 billion
- 150 million daily active users in the past 5 years
- Filed for IPO Feb 2017
- 100% mobile user content
- Growth for 2017 is expected to triple, reaching up over $900 million in revenue
- 10 billion daily views
Who are Snapchat Users?
Wondering if your target market fits into the Snapchat world? Here’s a rundown of Snapchat users:
- 70% female
- 71% under the age of 25
- 73% millennials
- 60% of users contribute every day
- 45% of users post Snapchat stories
- 41% of all 18-34 year olds in the US are users
- Half of new users signing up are over the age of 25
Because this social media platform is very different than others, the options for marketing look a bit different. Here are three paid options that Snapchat currently offers:
Snap Ads – 10 second vertical video ads
Sponsored Lenses – photo modification “toys” for users to play with
Sponsored Geofilters – unique photo filters only available as specific locations
Rather than paying for ads, however, if your organization can gather up followers, you can certainly use free account access to take advantage of promotional opportunities. Snaps are short photos or videos sent to your specific followers. They are typically 5-15 seconds long and can only be viewed one time by the user. These can be used by organizations to feature events or teasers about upcoming products.
Snapchat Stories are longer videos that any follower can watch. The are typically 1-2 minutes in length and can be viewed an unlimited amount of times in 24 hours. These are often used for companies to promote products or services through contests, coupon codes, sneak peeks, new employees, behind the scenes stories, and more.
As the next generation continues to develop and Snapchat attracts more mature followers, it’s likely that the company will continue to grow. Although it has been saddled with a reputation of having a younger demographic, many brands are investing deeply into the world of Snapchat. It is expected that the future of Snapchat will depend on the company’s ability to provide innovative marketing connections with target audiences, but for now it is definitely worth considering as an advertising option if you’re looking to target a younger demographic.