Many questioned Snapchat’s staying power when the company launched in 2011, but unlike the ephemeral nature of the network’s content strategy, Snapchat has proven it’s here to stay. Statistics show Snapchat has over 100 million daily users that combined watch 7 billion videos per day and contribute 8,800 photos per second. In 5 short years, the company has evolved from fad to one of the fastest growing and most intriguing social media networks on the internet. In 2016, Snapchat is projecting $300-$350 million in revenue, over 600% growth from the company’s 2015 projection of $50 million.
Snapchat thrives on allowing users to focus on the moment rather than perfection. Users can send photos and videos which disappear after they have been viewed. They can also craft “Snap Stories” which remain up for 24 hours after they’ve been posted. Snap Stories created an avenue for major corporations to deliver content to their followers. Media companies like Vice utilize Snap Stories to deliver the news to millennials, while retail companies like Grubhub have had major success creating promotions.
Here are some creative ways companies are utilizing Snapchat:
Since Snap Stories disappear after 24 hours, users are motivated to watch stories frequently or risk missing out on an awesome moment. As a company, offering exclusive discounts or deals through a Snap Story is the ultimate incentive to increase snap views. Grubhub gained acclaim for their #SnapHunt Scavenger Hunt, which awarded 10 winners $50 in free food for each challenge. The personal, one-to-one nature of Snapchat makes it ideal for marketing promotions, which in turn increases your daily views and following.
A LOOK BEHIND THE CURTAIN
Many companies utilize social media to take consumers behind the curtain of day-to-day operations. The spontaneity of Snapchat provides the ultimate network for such interactions. Snap Stories don’t have to be perfect, they don’t have to be major, they can be casual. Some companies utilize Snapchat to broadcast live events. Small events like birthday parties and company outings can make for engaging content.
TV Networks like CNN and Comedy Central utilize Snapchat to promote their shows with bite-sized snippets designed to tease the viewer. CNN targets younger audiences with news stories relevant to them through the Discover function. Coca-Cola realized their audience could detect advertising when the company repurposed their TV commercials for the network, at which point they began creating Snapchat-specific content. The change ultimately was received with a 54% increase in video completion rate.
MAXIMIZING INFLUENCER MARKETING
As any social media expert knows, influencer marketing is key to developing a following and gaining access to new audiences. Snapchat’s emphasis on shared, intimate experiences with the individual makes the format ideal for celebrities and other influencers. Social media stars and acclaimed artists like DJ Khaled can document their day-to-day lives, including the clothes they wear, the stores where they shop, and even bizarre instances of getting lost at sea on a WaveRunner. Celebrities use Snapchat to create a narrative of their daily lives, an unparalleled opportunity for companies to incorporate their product or service and acquire positive brand association.
While Snapchat provides a major opportunity to market promotions, sculpting public perception of your brand in Snapchat requires a large amount of content in order to compete and keep users satiated. Snapchat is still a burgeoning network with an unlimited amount of possibilities. For an amazing look at the potential future of Snapchat, check out this awesome article from TechCrunch.