Looking for more opportunities for direct-response advertising? Snapchat has you covered! After introducing Context Cards…
With more than 187 million daily users across the globe, 71% of Snapchat’s audience is under age 34. Snapchat offers brands direct contact with a younger audience that craves the interaction that Snapchat offers. The company recently introduced new updates in an attempt to bring more advertisers to the platform. Snapchat is also testing features that will expand abilities to target ads, encourage conversions and enhance analytics.
What Changes Is Snapchat Making This Quarter?
Check out an overview of everything new on the platform below.
New Lense Options for Advertisers
Snapchat is making it easier than ever for advertisers to get the conversions that matter the most to them with shoppable augmented reality lenses for brands. This new lense option lets brands add “Buy Now”, “Watch” or “Install Now” to their custom lenses. This means that users can now purchase, watch or install content from directly within the app.
From a budget standpoint, these lenses come with a variety of price tags. Advertisers can opt to use the self-serve ad platform, where they can bid for placement for as little as $100 a day. For brands looking to secure placement in front of audiences of their choosing, the minimum price is $40,000. In order to be the first lense that populates when users use the face recognition tool, you’ll have to chat with Snap to find out the fee.
Broadened Its Location-Based Ad Targeting
With the access users give to Snapchat of their whereabouts, it’s no wonder that the platform is taking advantage and bulking up their location-based advertising options.
Snapchat added a targeting option that allows advertisers to target based on a certain location category.
Photo via Snapchat
According to Snapchat, these location categories are the best way to reach the most relevant audiences. “Location categories are a simple and powerful way for businesses to reach customers at scale who are in the right context to consider or act. Instead of running Snap Ads and Filters over specific locations or geofences, advertisers can now reach Snapchatters based on the type of location they’re in. For example, a swimsuit brand can reach Snapchatters currently at beaches nationwide, or a movie studio can reach them at the theater.”
There are currently over 150 location categories for brands to choose from.
Advertisers can also target audiences based off a specific pinpoint with radius targeting.
Photo via Snapchat
Radius targeting “…allows advertisers around the globe to add or exclude a radius around an address, city center, pin or point of interest (like Yankee Stadium or UCLA).” This kind of targeting will benefit brands looking to drive traffic to specific locations or trying to convert on location-based products (for example, school merchandise from UCLA).
The Launch of an In-Store Analytics Tool
To compliment its new location-based targeting, Snapchat also rolled out a beta program for brick-and-mortar advertisers. The program provides demographic insight on customers that use the app while inside their stores. This tool will roll out to advertisers with a physical location in the future and will be free to use.
Photo via Snapchat
Promoted Stories (Now Story Ads) Available In the Self-Serve Ad Manager
Story ads, the ads that users see in the Discover tab of Snapchat, let advertisers have three to ten Snaps that can be swiped up on and lead to landing pages, videos, or app installs. Previously, advertisers would have to purchase these through a representative of Snapchat. With the introduction of these ads in the auction-based bidding system, advertisers will be able to bypass working with a salesperson and choose their targeting and budgeting for these ads based on what is best for their brand.
Do you advertise on Snapchat? If not, do these new updates entice you to consider putting a budget towards the platform? Let us know in the comments below!