Snapchat Advertising: Is it Worth It?Strategy & Research
With over 100 million daily active users and over 7 billion snaps being taken each day, there's no denying that Snapchat is now a major social media network. It is not just the pure level of activity on the network that makes it appealing to businesses, it's also its younger user base. According to Snapchat’s internal data, more than 60% of 10 to 34 year olds in the United States use Snapchat. Because of this, many people are wondering if Snapchat is worth using for advertising. I decided to research the platform further to find out if investing in the platform is worthwhile and what the current advertising options are on Snapchat.
First, Know Your Audience
Businesses interested in advertising on Snapchat need to know who their target audience is and find out if they are currently active on the network. Snapchat may not be a viable marketing option if your products and services don't align with its audience. Conversely, if you run a business that has offerings that are focused primarily on a younger audience, you should consider a presence on Snapchat.
Great for Current Fans, Not for New Customer Outreach
Unlike other social media platforms, Snapchat doesn't have any real recommendation features that provide businesses with exposure. The very nature of how Snapchat works is that users have to follow you in order to see your snaps or your live stories. However, there are things like geofilters that businesses can take advantage of. If you plan on building a presence on Snapchat, you need to promote your username on other platforms or in your place of business.
Paid Advertising is Not for SMBs
At this time, there are very few options when it comes to paid advertising on Snapchat. The only real option for advertising on the network is what Snapchat calls "3V Advertising." These ads are full screen videos and reportedly cost a minimum of $750,000 per day. While this price seems outrageous compared to other social media networks (or even big sites like YouTube, where the masthead ad goes for around $50,000 a day), it is very much in line with major-market TV commercial costs. Snapchat has made it clear that they are the new TV, and they want to price their advertising accordingly.
It’s Really Too Early for Most Businesses
Snapchat is still in its early days when it comes to advertising and the promotion of business products or services. This is especially true given the limitations of its paid advertising offerings. Unless you’ve built out robust marketing efforts in traditional and online advertising, Snapchat isn’t something that you should invest into heavily at this time. If anything in digital marketing is certain, though, it’s that this could change. Who knows where the platform will be in a year. We’ll have to wait and see!