15th March 2017
Snapchat was first launched into the social scene back in September 2011. A few months prior to the launch Evan Spiegel had discussed the idea with his friends Bobby Murphy and Reggie Brown whilst studying Product Design at Stanford University.
Surprisingly, Evan and his friends were only 21 years old when they actually created Snapchat! Little did he know that 4 years down the line at the age of 25 Evan would be ranked on the worlds richest list with a reported $2.1 billion in wealth… pretty impressive right?
In 2012, a year on from the launch - Snapchat boasted a huge 10 million active users! They took the US by storm with Facebook CEO Mark Zuckerberg trying to buy the app from Evan for a reported $3 billion! Evan seeing the potential in his business, declined Mark’s offer, choosing to grow the brand himself with his growing, dedicated team. By July 2014 a whopping 40% of 18 year olds in the US was using Snapchat on a daily basis!
Evan and his team were constantly expanding and working behind the scenes to entice global brands into using Snapchat for their advertising. They worked hard, regularly updating the layout and settings of Snapchat for not only business users, but also the consumers, giving a great, fun user experience. In 2015 a staggering 100 million daily users were sending over 400 million snaps per day proving Evan was definitely hitting the spot!
The snapchat audience is typically the younger generation, between the age of 18 and 30; but with recent studies suggesting that over the last few years it's becoming increasingly popular with the over 25’s. With the younger generation of users encouraging family members to get on board with snapchat to get an insight into people's personal behind the scene lives. It's only ever on the up for users and brands across the globe.
Going forward there's huge potential for brands to get on board, especially with the snapchat ads. Whether your marketing campaign covers a specific location, a major event or a global campaign - geofilters allow brands to grab hold of a location from as little as a few pounds and get customers interacting and in fact promoting a service or product. It’s a way of the public really getting involved and interacting with brands.
So what's in it for marketers? Although there is a huge opportunity for marketers to tap into a new audience to share their brand with, we struggle to get any analytics as there is no established data sources like there is with Facebook, Instagram and Twitter. Brands are stabbing in the dark trying to get stats from their content. Businesses should instead concentrate on the total unique views, total story completions, the completion rate and the number of screenshots. Hopefully some formal analytics will be on the horizon from Snapchat in the near future.
Check back next week where we'll give you the low down on all that snapchat lingo.