Consumers already know this app, and it shows. Snapchat is expected to triple its revenue from the previous year, around $935 million by the end of 2017, according to HubSpot. Despite the potential gains, only 1 percent of marketers take advantage of the app. While Snapchat is a great way to pull in costumers, others have concern over the product’s limited life span. So, is Snapchat right for you? Consider the pros and cons.
PRO: Experiencing your product.
On Snapchat, it’s all about the experience. All social media channels allow consumers to interact with your brand. But with Snapchat, they get to see a more laid-back, slice-of-life look to your product. Consumers can experience the buffet at your fundraiser, or the sunny skyline the morning of your work conference. Glances at corporate lifecreate an intimate feel between the business and the consumer. This trust boosts your credibility with Millennials in particular, who value authenticity over content (Forbes).
Area-specific filters, or geofilters, cover a geographically bound area known as a geofence. Anyone within the geofence can use your geofilter, and it’s a great way to tell potential customers you’re in the area. A cute design with your logo makes it fun for customers to advertise your business on their Snapchat story. And unlike an ad, participants share their personal experience with your business through selfies and group photos.
PRO: Great for sales and promotions.
Snapping customers directly is a great way to promote sales and other exclusive material. The app also allows the consumer to communicate with you, by either replying to your story or snapping you personally. Additionally, many promotions require consumers to snap themselves with your product. There’s nothing better than having the customer do the advertising for you. One of Starbucks’ original promotions on Snapchat was to snap a pic with their product for a chance to win free Starbucks for life.
CON: Limited audience.
According to Snapchat, the average user is between 12 and 34 years-old. Depending on your company, this may not be your target audience. However, this doesn’t mean Snapchat isn’t worth a shot. Facebook, a site originally for college students, is now used by 62 percent of the adult population. So like any other social media, its usage will only grow as older generations catch up with new technology.
CON: Lack of analytics.
The analytics for Snapchat are still a bit in the works. Unfortunately, there is no like or share feature that lets you measure the success of your content. The only way to interact with viewers is through views and screenshots. There is a breakdown to see who saw each portion or clip of your story, as well as who took a picture of it. These “ratings” are the only source of feedback.
While you personally can save your snaps and videos, consumers will only be able to see the content on your story for 24 hours. And because content disappears so quickly, youmight have to upload content daily. The most important thing is to keep your content balanced, leaning more heavily on the interesting than sales.
It’s important to decide whether or not Snapchat fits into your business. Unlike other social media, what makes Snapchat unique is that consumers need to come to you. Unlike an ad, which is brought to the consumer, Snapchat requires the choice of the consumer to click and see your content. This can work to your advantage- getting the customer to say yes to your advertising is the first step to getting them to say yes to your product. And in the online world, it’s those little clicks that matter.