Millenials are the hottest market of the moment and social platforms are vying for their attention and the subsequent advertising dollars. Snapchat is one of the favorite social media apps of the youngest Millenials and they’ve just released several new features as well as much more attractive ad pricing right on time for the holiday season.
Snapchat’s Latest Features
Snapchat’s latest update is complete with a number of new features designed to keep users entertained and enthralled by the application. The new features include a slow-mo filter, a rewind filter, new lenses for front-facing camera photos, achievement trophies (similar to those featured in video games or those once associated with Foursquare), in-app video calls and a special text feature. To add, Snapchat now features Force Touch support for iPhone 6S or 6S Plus users.
The latest features with the potential for the biggest impact on marketers and brands are the ability to purchase snap replays, an update in Snapchat Story feedback and Story Explorer. Snapchat users may pay to replay any beloved snaps by purchasing three replays for $0.99. Any snap may be replayed but only one time. It’s a convenient feature for users but also benefits marketers who stand the chance to enjoy even greater exposure and reach. The Snapchat Story, a popular feature allowing users (including brands) to share a collection of images and videos taken over a 24 hour period, has received a most convenient update that makes it possible to leave replies on specific photos and videos rather than on the entire collection as a whole. This is extremely helpful for marketers as it improves the potential for increased feedback and engagement on Snapchat. Finally, Snapchat will introduce Story Explorer to the New York and L.A. markets before continuing to roll out the feature in other areas. The feature will allow users to search images of the same moment such as a store opening in Soho or the Grammy Awards. They will then come across results of all photos and videos posted publicly and shared on Snapchat leading to a diverse array of angles, points of view, filters, etc. for the same moments as seen through the eyes of various people and companies. This has the potential to become a very powerful marketing tool that will help with market research as well as promotion, publicity and event marketing.
Snapchat Significantly Reduces Advertising Pricing
Snapchat’s astronomically high $750,000 advertising fee has now been reduced considerably to $100,000. This price reduction will surely attract more advertisers, however, it is still too costly for most companies. Regardless, the power and potential of Snapchat is undeniable. Marketers may also benefit by way of Snapchat Stories and other content on the platform that is available to use at no charge and that may only incur expenses from the creation of special campaigns when the use of photographers, models, hair and makeup, set designers, et al. are necessary.
