Snapchat—it’s that outcast social channel that kids use to post funny pictures and videos using filters and voice changers, right? (Well, kind of, but it’s evolving and becoming a more viable marketing tool to reach younger and older consumer audiences. It’s time to take baby out of the corner and learn a little more about the opportunities within this social network.
Here are some considerations for your bank or credit union when considering adding Snapchat to your digital marketing mix.
State of the Snap
Statistically, more than 71% of Gen Z is on Snapchat. With this new generation beginning to enter the workforce, it is a great time to start playing by their rules and reaching them where they’re most engaged. Additionally, the app is gaining momentum with 25-to-44-year-olds and, as the app evolves, use will only continue to become more prevalent.
1. Snap Ads
These ads are probably the most straightforward use of the Snapchat platform. The ads will be served within your audience’s stories as they view them within the app. This format provides a great opportunity to get compelling, branded visuals in front of your selected audience. User objectives can be defined to encourage the viewer to click to a specific product or promo page on your website. Additionally, app install ads can support your efforts to get more of your customer or member base using your mobile app. These ads can display as looped video, long-form video or even offer an augmented reality for users to interact with their surroundings with your brand elements implemented strategically.
Filter ads are a great awareness builder within the Snapchat platform. By strategically targeting geographic locations, audience interests or age, these filters become available to Snapchat users. When snapping that perfect selfie or taking a picture of a cute dog at the park, the app allows users to add a branded overlay at the top and/or bottom of their pictures or videos. This gives your audience the control to associate your brand with the things they enjoy doing. These campaigns can be extremely fun and engaging, especially if your products are helping these Snapchat users do the things they love. For example, if you are running a travel points reward campaign on your credit card, you could geographically target your local airport and make the branded filter available to your card users while they are waiting for their flights.
If you haven’t explored the lenses on the Snapchat platform, it’s worth downloading the app just to play around with adding these to your own selfies. Lenses provide another augmented reality feature that uses the placement of your face to add animated elements to your photos and videos. Based on the users' movements, expressions and even their voice, the animations can react, providing an interactive experience that has your brand all over it. This is another way to let your audience become your brand advocate and help you reach their networks. Similar to the filter, based on your product strategy, these lenses can be available at specific geographic locations and highlight product benefits offered at your bank or credit union.