What’s your Snapchat Strategy? 4 years later. | Nuscreen Inc.

What’s your Snapchat Strategy? 4 years later.

I last wrote about Snapchat in 2016. 4 years ago. A lot has happened in the past 4 years, for both social media in general and Snapchat.

Let’s do a rundown of some more recent Snapchat stats according to Oberlo, since the post written in 2016:

  • Snapchat had 210 million active daily users in Q2. 2019.
  • 90% of all 13-24 year olds and 75% of all 13-34 year olds use Snapchat in the U.S.
  • 2.1 million snaps are created on Snapchat every minute worldwide.
  • The Snapchat application is in second place worldwide based on overall mobile usage.
  • With 53.5 million downloads, Snapchat is in the list of top 10 most popular apps worldwide.
  • 61% of Snapchat users are female and 38% of users are male.
  • Snapchat users spend an average of 26 minutes per day on the app.
  • 63% of Snapchat users say they visit the site daily, with around half (49%) saying they visit the social media app several times a day.
  • Nearly half of Snapchat daily Discover viewers watched Discover everyday of the week.
  • Almost 4 in 10 Snapchatters claim they discover brands thanks to Snapchat celebrity endorsements and online posts.

In many ways, Snapchat has grown from what it once was but has also declined in other areas because of consumer focus shifting to many other apps emerging. For instance, TikTok has most recently felt the boom of social media rush and is in a similar position Snapchat was in 2016, as an emerging and growing brand.

So, what’s your Snapchat strategy?

Maybe it’s to give your audience a behind-the-scenes view of what you do. Maybe it’s to advertise on the platform. Whatever it is, if your demographic falls into the younger and tech friendly audience, you should probably have a Snapchat strategy.

Statistics aside, there are many reasons why your brand/business should consider strategizing your growth through Snapchat. Snapchat Ads are simply less competitive compared to other social medias. We all know that almost every brand is on social media such as Facebook, Twitter, Instagram etc. As hard as it is for some brands to get content out on all these platforms, it can be a more difficult task to stand out from your competitors on these platforms. According to Snapchat, 38% of Snapchat’s audience cannot be found on Facebook or Instagram. Opening your doors to this unique group of audience members that you haven’t been reaching from other mediums could make a huge difference. That’s over a third of Snapchats' audience!

There are many different ad formats Snapchat offers. These include Snap Ads (simple swipe up ads to drive Snapchatters to your website, app, video etc.), Collection Ads (showcase a series of products and make it easier to shop through a tap), Story Ads, AR Lenses (memorable and interactive branded moments of augmented reality experiences Snapchatters can use), Filters and Commercials.

Another area of focus that Snapchat seems to have mastered, is its authenticity. Compared to other socials, where content may be more formal or professional and high quality, Snapchat is known for having a more “authentic feel” in its content. Content is always current and happening right now, edited with fun filters and bright colours. If you wish to keep your brand simple, authentic and fun, Snapchat is perfect for you.

With new apps and trends emerging..Is Snapchat still worth it?

Since 2016, Snapchat has had its ups and downs. But when all is said and done, is it still a platform brands should focus their advertising and marketing efforts on? Yes..and no.

There are still better options out there when it comes to reaching a bigger and more relevant audience and impact of your ads. Facebook and Instagram come to mind.

After Snapchats public debut in 2017, the social network was worth $31 billion. It dropped as low as $5.5 billion, as other options emerged for users and brands. There have been many controversial discussions over the years regarding Snapchat, which have probably assisted in its decline due to the negative reviews the app has received.

Kyle Jenner's single tweet saying she wasn’t really into Snapchat anymore caused the company’s value to drop $1.5 billion!

Remember the time Snapchat was under fire for running an ad asking if users would rather punch Chris Brown or slap Rihanna? According to Vanity Fair, that mishap cost Snapchat $800 million.

However after all this, Snap (NYSE:SNAP) was one of the best-performing stocks of 2019. Snapchat is back on the rise and it’s share price has tripled since its all-time low in December 2018. According to The Motley Fool, Snapchat may deserve a premium over Facebook and other tech companies in the social media and digital advertising industries. Snapchat is expected to grow revenue more than 1.5 times as fast as Facebook next year.

Companies will always have negative PR and may make mistakes along the way. It’s happened in the past, and it will most certainly continue to happen in the future. There are always ways of finding a solution without losing everyone's attention. For example, when Snapchat had a redesign in 2018, it lost millions of users. Petitions were started urging the company to reconsider its designs, which it had done to cater better ads to users and to bring in more advertisers. This caused Snapchat to withdraw the designs, and eventually rolled out another rebuild of the popular app. In turn, Snapchats user growth took off as a result, according to The Motley Fool.

But from a branding and business perspective? Snapchat is probably worth it for you if it falls into your company’s needs and demographics.

Having a strategy for all of the main social medias that can affect your business is something all businesses should consider for the growth and awareness of your brand. If your brand is fun, bright and has an authentic feel, Snapchat may work best for you to interact with your audience compared to other mediums.

Snapchat aims to remain competitive and to be considered one of the most used apps on your phone. It seems to be rising once again, and brands and advertisers should take notice.