With all the talk and excitement about the upcoming Snapchat IPO, we thought it would be a good idea if we took a look at it from a marketing point of view to see if you should be equally excited about it!
The first question to ask is, “Why should I market my business on Snapchat”? Well, here are some facts you should know:
- An estimated 200 million monthly active users send 700 million photos or videos each day, with approximately 500 million views per day (this study is different than Snapchat’s which said there are 8+ billion video views a day).
- Snapchat has approximately 100 million daily active users.
- Snapchat reaches 11% of the US’s entire digital population. This might not seem like much, but when you consider how massive that population is, that’s still a decent reach.
- Snapchat was always among the top 13 apps downloaded overall (and sometimes in the top 3 for photo and video apps) throughout the full year of 2015.
- Snapchat was worth $16 billion as of May 2015.
- Snapchat has more users than Twitter, and grew as much in one year as Twitter did in four years total.
76% of Snapchat users also online shoppers.
- Snapchat’s daily users are spending an average of 30 minutes a day in the app.
Aside from the statistics, which can speak for the growth and engagement on the platform, there are some strong benefits to marketing on Snapchat. These include:
- Less competition. Every brand that’s ever existed seems to have a social media presence on Facebook, Twitter, and Instagram (and, increasingly, Pinterest). As difficult as it can be to even connect with users on these platforms, it can be even harder to get your content to stand out from the competition. Though Snapchat is increasing in popularity amongst brands quickly, there’s still less competition here for businesses than on other platforms
- It’s different. We’ve touched a bit on this in the intro, and we’ll discuss it more later, but it’s such a major benefit I wanted to mention it here, too. Snapchat is different than other platforms.You’ll be reaching a new audience in a new way with a new type of content. This can definitely be a challenge, but it’s also a big advantage.
It feels authentic. Social media sites, in general are great for rapport building, and in some cases, giving the “behind the scenes” look to users.
Snapchat amplifies this facet of social media marketing; it’s more about what’s happening right now. Photos are edited with filters to make them more interesting, not necessarily a higher quality, and the effects are purely there for enhancement (and fun).
You can show the personality of your brand in a new way on Snapchat, highlighting the parts that will be most relevant to your audience there.
You can reach a new audience. If your product has use cases that could appeal to a younger demographic but you aren’t really connecting to them yet on other social media platforms, Snapchat could be your gold ticket in.
CNN, for example, connected with more Millenials on Snapchat than they had through their site; it was an audience they’d previously had some trouble connecting with. Even if you’re reaching the same audience, you’re doing so on an additional platform.
It’s free. This definitely isn’t the most important aspect of marketing on Snapchat, but it doesn’t hurt to note that it is, indeed, free. Some tools in marketing aren’t, after all.
Snapchat has seen increases in growth in the past few years, with user engagement and activity being plenty high enough to capture business’s attention.
Before you jump onto the platform and start running campaigns, however, you’ll want to take a look at one thing: who is your audience on Snapchat?
Who’s on Snapchat?
It only makes sense to understand what demographics are most present on a platform before you start developing your marketing strategies, and Snapchat is no exception.
Let’s put it this way: if Millenials are included at all in your target audience, you should definitely be on Snapchat.
- More than 60% of 13-34 year old in the US with smartphones use Snapchat
- 37% of users fall in the 8-24 year old category, with 71% of its users being under the age of 25.
- The population is currently made up of 70% women and 30% men.
- 12% of 35-54 year old are currently using Snapchat, and only 2% of those 55 and older are on the platform.
Snapchat currently has a younger audience, though it’s important to note that more than half of new users currently signing up for Snapchat are over the age of 25.
If teens and college students aren’t your target demographic, however, you could still get some use out of marketing on Snapchat—as long as your audience isn’t purely in the 55+ age group.
Are there Any Businesses that Shouldn’t Use Snapchat?
Since I’ve had some posts published about Snapchat, there’s one question I’ve been asked a lot: are there any businesses that shouldn’t use Snapchat?
While I’d never say that it would hurt a brand to use a social media platform unless some major marketing missteps are made (see my personal favorite– the McDonald’s example), there are probably a few brands out there that might not have much success on Snapchat and could do better to focus their attention elsewhere. If your target demographic is purely middle-aged to older adults, for example, and a younger audience would have zero interest in your product, Snapchat may not be for your business.
That being said, it never hurts to try; the demographics could always change and expand, and you might be surprised how your content fits in with the new audience, or how engaged your audience is on the platform.