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Snapchat seems to be making a comeback despite the growing competition in the social media landscape. Here’s what changed and how you can include it in your marketing strategy.
Snap has announced their stats for Q3 2019 and it managed to exceed everyone’s expectations regarding its profit and growth.
More specifically, Snap reported:
- $446 million revenue
- 210 million daily active users
- $2.12 average revenue per user
The actual numbers have exceeded the initial predictions and it seems to be the third quarter in a row that there is a growth in the number of daily active users.
Snap’s shares are also up more than 150% from last year, with its CEO, Evan Spiegel, sharing his excitement about their upcoming opportunities.
How Snapchat bounced back in 2019
When Facebook and Instagram started “borrowing” ideas from Snapchat’s success, the popular app’s future seemed gloomy. However, 2019 has been a very good year for the ephemeral social media app. There are many reasons for this comeback and some of them are:
More brands are launching Snapchat campaigns
As more brands discover the ROI on Snapchat marketing, it is becoming more enticing to launch Snapchat campaigns with many different objectives.
The mix of AR features with appealing ephemeral content can make a great combination for many types of campaigns. Despite the changes in the social media landscape, Snapchat can still be a very appealing platform when targeting the younger demographics.
More publishers trying the Discover section
The Discover section is now bringing an increased ROI to the publishers that have stayed loyal to it. For example, Cosmopolitan, ESPN and others have noted a significant improvement to the engagement and their number of subscribers through the Discover section over the past year.
Moreover, Snapchat has announced an increase of 40% in the total daily time spent by users in the Discover section. With more than 450 premium channels, it seems to be the beginning of an engaging and profitable feature for advertisers and publishers who want to stand out.
Improved advertising features
As we reported earlier this year, Snapchat has improved its advertising platform to offer more options to brands that want to try out the platform. The various formats allow brands to be more creative while making the most of Snapchat’s engaging features.
Brands start seeing the potential of Snapchat advertising and it seems that there will be further improvement in their advertising model to attract more marketers in it.
Snapchat has actually committed to improving the advertiser ROI by focusing on the relevance, the measurement and the optimization of the ads and how they can be more efficient for brand campaigns.
New Snapchat Spectacles
Snap has announced a few months ago the launch of Spectacles 3, the newest version of the Spectacles sunglasses. The idea was to introduce dual cameras to help people capture the world and their experiences in 3D.
What’s next for Snapchat
It’s hard to keep a consistent growth in a highly competitive social media landscape. Except for the big tech giants, you are also competing with the latest social apps that grab our attention. TikTok is now the new rising competitor for Snapchat and their ambitious apps.
As one of the most popular social media apps in 2019, it cannot be ignored. That’s why Spiegel has informed analysts in their recent call that Snap is having a developer partnership with TikTok.
What we need to see is whether this partnership can end up benefit both platforms while growing in different directions.
Another interesting development to expect from Snapchat and marketers using the platform is the use of tools that would improve ROI. There is not an abundance of marketing technology that focuses on Snapchat and how you can make the most of it as an advertiser. The fact that Snapchat is planning to invest more in its advertising model is highlighting the need for more tools that would convince marketers to spend more time on the platform.
The need for marketing technology that understands Snapchat and how marketers are using it
What makes Snapchat special is the fact that it came out as a platform that didn’t look similar to other social media networks. The business direction that they’ve picked, blending AR, media partnerships and brand campaigns, is bringing out the need for more tools that are focusing on how Snapchat works and how we can produce more successful content.
MediaRadar, for example, is the only platform that currently tracks Snapchat advertising today and we asked their CEO and Co-Founder, Todd Krizelman, about the future of Snapchat:
“Driving this growth is the fact that the company continues to innovate and provide new products for both its audience and advertisers. On the advertiser’s side, SNAP has launched features like Instant Create or Dynamic Ads, both tools advertisers can use to create Snapchat ads quickly and without any advanced technical capabilities required. We see at MediaRadar a big surge of these ad types. During the last earnings call, Jeremi Gorman (Chief Business Officer) said that increasing the number of active advertisers on Snapchat would be the biggest driver of revenue growth for the platform in the near future. Here at MediaRadar, we see the company making headway gaining those new advertisers, with brands like Discover Card, FitBit, and Philips all running ads on Snapchat for the very first time during Q3. With advertising on the platform getting easier, SNAP is setting themselves up for success.”
Thus, as more advertising opportunities grow on Snapchat, there also comes the need for the supporting martech that will make our marketing plans easier. Seeing more brands finding the desired ROI through Snap ads, it’s time to start exploring how we can plan our next campaigns that resonate with the right audience at the right channel.