Should My Business be on Snapchat?

Facebook. Twitter. Pinterest. Snapchat. The list of social media platforms goes on and on. While business owners know the value that social media presence can bring to their company, many small and medium firms simply don’t have the resources to devote to all of the platforms. In this article, we will discuss one of the most popular social media sites, Snapchat, which has become a dominant player in today’s world.

Gary Vaynerchuk, an entrepreneur explains his view on the success of this platform: “Snapchat closely resembles how we communicate face-to-face than any other social network. When we talk to each other, passing in the halls or just living out our lives, those moments disappear. Snapchat emulates that behavior and psychology. Moments are temporary and that’s exactly the feeling and behavior that Snapchat matched to.”

Younger Target Audience

Snapchat is an ideal tool to reach a younger audience base. Out of a total 166 million users, the majority of Snapchat users are under 24 years old. More specifically, 71% of users are 18-34 years old.

As of September 2016, Snapchat had over 150 daily active users all over the world. What is the best way to reach these audiences? With a well thought out marketing strategy.

Here is a list of some of the most successful utilizations of Snapchat:

  • Sour Patch Kids: The candy company made headlines on Snapchat when they posted snaps of harmless pranks they would conduct in public. Candy and pranks are perfect attention grabbers for the younger generation, which is how the brand connected with them.
  • Taco Bell: While Taco Bell has a variety of customers, it utilized Snapchat’s storytelling feature to share new products, and even give dating tips!
  • Amazon: This world-known giant posts exclusive deals just for Snapchat members, and made a killing on black Friday with this strategy!

Not Right for All Industries

While Snapchat is a valuable platform that can help businesses increase brand recognition, it is not right for all industries. Fields such as government, construction, logistics and banking may find more advantageous to focus on other platforms, such as LinkedIn.

The customers of these websites are typically older, married and not as prone to using Snapchat. They also are less likely to be driven to explore a business from a social media ad or post. Instead, they would probably be more swayed from reading an article or an opinion piece online!

Can’t Drive Traffic

There are ways to include a link to your website when you post content on platforms such as Instagram and Facebook. However, there is no way to do that currently on Snapchat. While it can be a valuable marketing platform for brand recognition, there is no way to track and analyze Snapchat’s value in bringing in leads or raising profits.

Business owners that are tight on funds may find it more valuable to utilize social media trends that can present clear data on conversion rates.

Although Snapchat is not right for all businesses, if you have interesting and unique content (videos and photos) to share with a younger age group, it can be a helpful tool in driving new business. IOU Financial can help you with the funds needed to explore all of the offerings Snapchat has to grow your company. Call us today to inquire about our small business loans, which can be approved in as little as 24-48 hours.

 

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