By Paul Armstrong April 20, 2016
Advertising Week Europe hit the heart of London this week and despite an…interesting…queuing system to get into the talks, a full theatre came to listen to Snapchat’s VP of Content, Nick Bell, spill the beans on the “mysterious” platform.
Snapchat has really come a long way from the early sexting headlines that dogged it and from the attendance at the talk advertisers are eager to “get’ this platform. Few however – approximately 1% of this audience – had actually advertised on Snapchat (indicated by way of an impromptu clap of hands). This result isn’t surprising as many brands are still hesitant to jump into Snapchat due to many misconceptions like high entry cost. As Bell himself puts it; “To be frank we didn’t have a huge ad-tech platform (on the first campaigns they ran). If you wanted to run a campaign you had to reach a mass audience and therefore you were getting huge reach and therefore it was more expensive. Some of those numbers and still bandied around as being the entry level price point.” With tools like On-Demand Geofilters (a custom image that can be overlaid on a photo you take) that is simply not the case anymore (although some products Snapchat do have expensive entry points).
But what else should brands know about the Snapchat before they can tell their stories to the great, awaiting masses? Here are some insights that will help your brand navigate taking the plunge with Snapchat:
1) The Snapchat demographic is (and increasingly isn’t) who you think it is
Bell rattled through several statistics, many of which have been seen and heard before, but one was new to me. First, the old ones: +8 Billions video views a day, +100 million active daily users, 2:3 users create content daily and it reaches approximately 41% of 18-34yo in the US (compared to TVs 6%). The statistic that interested me was when Bell talked about users who are coming on board now; “We are seeing the demo stretch…50% of daily new users are 25+.” That’s huge news for brands partly because it is early for this to happen (Snapchat has only been around five years) and partly because it means Snapchat is not “just for kids” anymore (although be under no illusions there are still a lot of them) but it does mean it’s time to target (which Snapchat can now do well per Bell – although nothing like what Facebook offers).