Snapchat has quickly risen to become one of the most popular social networks in the past year, and there’s no sign that their growing user base will stop or slow down any time soon. Obviously businesses and social media marketers are flocking to find a way to monetize on this; with social media, if you follow the people, you follow the money. However, if you want to advertise on Snapchat, it’s going to cost you a pretty penny; they’re asking for $750,000 a day for ads to run! While this isn’t anywhere near the realm of absurdity in the marketing and advertising industry, Snapchat’s inherent functionality have companies and marketers hesitating.
In order to succeed on Snapchat, you need to be prolific with your content. Very prolific. When you share an image or video, it only shows up for a short time on any given user’s device before vanishing into the ether. Since ads on social networks need to mimic the average user in terms of its appearance, they are also subject to this function. If you get right down to the nitty gritty, advertising on Snapchat means you’re paying a hefty sum for an ad to show up on a platform that prides itself on the fast-paced mutability of its content; users spend very little time looking content before it vanishes. To keep a photo or video up, you need to keep a sustained tap on it – something users would be loathed to do, especially for an ad.
So what does this price point mean? Smaller business will be left out of the loop, and larger corporations with the money to spend will need to focus on how to reach the Snapchat demographic (18-29) and keep their attention long enough for an ad to stick. So is the asking price worth the 100 million monthly users? If you equate this to normal analytics data, would a potential multimillion bounce rate be considered a success?