Image source: https://www.youtube.com/watch?v=XqkOFLBSJR8
It is time we bid farewell to the social media landscape as we know it. Snapchat is revolutionising the environment in leaps and bounds. The golden nugget insight on which all of Snapchat’s success has been built, stems solely on the complex understanding of the market – millennials – and the ever-changing society around them.
In an age where instant gratification is the norm, Snapchat has employed a ‘no holds barred’ approach. If there was one phrase to describe Snapchat, it would be YOLO (You only live once). Here’s why – while Instagram captures perfect, filtered moments that live online forever, Snapchat embraces raw, real moments which allow us to live vicariously through our friends and even strangers. This content only lives for 24 hours and as a result, an addiction has been formed. Content is generated every second, Snapchatters are forced to constantly engage with the app in order to maintain their presence and remain relevant.
One can only admire their dedication to the cause and their ability to generate interesting content frequently, this can be a direct result of the free time this market has accumulated by using phrases such as bae, tbh and simply the letter V. It is both exhausting and fascinating for those of us who, in all honesty, just don’t fit in on the app.
Snapchat is a rising threat to the likes of Facebook, Twitter and even YouTube. Due to Snapchat’s recently released ad technology and inventory, the powerful engagement that happens every second of the day and the subsequent growing user base – all of which stems from and leads to the thorough understanding of the target market.
Not only has Snapchat created a loyal user base and consequently overtaken some of its competitors, it is also whispering sweet nothings in the ears of advertisers. Data is collected through Stories, Live Stories watched, Discover channels browsed and any other in-app activity. This data is used in defining the new targeting metrics which range from Snap Audience Matching and Look-alike audiences to Snapchat Lifestyle Categories. On top of these exciting targeting opportunities, Snapchat is improving the measurement capabilities.
While Snapchat’s original stance was to veer away from ‘creepy’ advertising, it has now opened up a whole new world of possibilities aimed at making Snapchatters feel understood and serving ads that are relevant to them in a native environment. The advertising options are limited only by one’s creativity. While the platform lends itself to vertical-video, there are opportunities to collaborate with the platform to create innovative, interesting ads to capture the fleeting attention of this market.
Speaking to Snapchatters requires a slightly different approach to the usual Facebook and Twitter banners we have come to know. Creativity is essential to making any kind of impact on this very particular market. It is about using influencers and ambassadors to inspire this aspirational market and assist them on their journey to greatness.
The future is bright for this innovative platform with a rebrand on the horizon. Chief Strategy Office for Snapchat, Imran Khan stated in an interview with Adweek that the company is more than just one app. It is a camera company that is paving the way for cutting-edge technology. Snap Inc., as it will soon be known, will be releasing Spectacles, a breakthrough in wearable face-tech. These trendy looking glasses operate by tapping the frames to record 10 seconds of raw, action video at a time, supporting the rough-edge environment that Snapchat has created.
It seems that Snapchat has found a niche that we can all enjoy and the taste of success is no doubt sweet for them as well. The platform is expected to turnover $366 million in advertising revenue and is forecasted to hit nearly $1 Billion by the end of 2017. Snapchat is certainly a force to be reckoned with.