Snapchat Platform Landscape: Learnings From COVID-19
Over the past few weeks, Snapchat has reported increased engagement across the platform, much of it coming from communication between close friends and family. Discover Content within News, Health & Wellness and Gaming are also seeing increased engagement. With friends looking for new ways to connect and have fun together, engagement in Snap Games has reached the highest figures since launch.
Of course, maintaining quarantine best practices means adjusting your routine, so it’s no surprise that new methods of keeping busy revolve around internet use. With disruptions in daily routines, Snapchatters are adjusting their priorities, interests and choices. News and financial sites are seeing increases in activity as people look to stay informed and plan for the future during our current environment. Equity trading apps have also seen increased interest as Snapchatters look to pay close attention to their investments throughout this time of uncertainty.
Snapchat Marketing Advantages
Depending on your objectives, there are some advantages to the changing landscape on Snapchat, and certain brands or campaign goals can see scale and success. Within the platform we are seeing increases in Install Volume for App Ads (+36 percent), Swipe-up Rate (+19 percent), Time Spent Calling (+50 percent) and Time Spent Engaging with Lenses (+25 percent). With increased engagement on the Snapchat app, there is an opportunity for brands to test creatives, execute brand-lift studies, scale within specific verticals and execute brand awareness with historically low CPM inventory.
- Time spent calling (+50 percent)
- Time spent engaging with lenses (+25 percent)
- Install volume for app ads (+36 percent)
- Swipe-up Rate (+19 percent)
- News and Financial Sites
- Equity Trading Apps
- Current usage has reached an all-time high, surpassing typical peaks on Christmas and major holidays
- Group Chats have reached an all-time high as well
- Calling has grown by more than 50 percent
- Engagement in Snap Games has reached the highest figures since launch
Snapchat Recommendations for Business
The change in consumer behavior in the wake of COVID-19 presents both opportunities and challenges for advertisers. While all advertisers are anticipating a return to stable consumer behavior, normalcy and business-as-usual, it’s important to remain proactive and vigilant in the pursuit of media success. As a Snapchat Certified Partner with extensive platform expertise, Mindstream Media Group recommends the following:
1. Scale Top-Performing Verticals – Due to strong trending performance, we recommend capitalizing on momentum within Snapchat for brands who fall within the following verticals:
- Financial Services
- App Install (Gaming, Streaming and VOD, News, Financial, Equity Trading Apps, Fitness and Wellbeing – Health and Meditation)
- CPG (Cleaning Products, Everyday Staples, Subscription Boxes, Prepared Foods, Fitness Equipment, Health, Supplements and Medical Supplies)
2. Test AR Lens – With engagement at an all-time high and costs at an all-time low, there is an opportunity for brands who’ve yet to test AR lenses. In addition to increased engagement and low cost, AR lenses reach an entirely new inventory source compared to the other ad units. Within the Snapchat ecosystem, there are many users that frequently visit the discover section and view publisher content, but there is also a whole set of users, specifically content creators, who spend the majority of their time on the app interacting with lenses and sharing content with friends and family. Leveraging the AR Lens unit, advertisers can achieve incremental reach while capitalizing on brand interaction when users are engaging the most. Bonus Content: 5 Tips for AR Lenses During This Time.
3. Pivot Messaging and Goals – Advertisers should remain proactive by pivoting their goals and messaging to align with the COVID-19 landscape. In order to achieve success, brands and advertisers who’ve been focusing on in-store visits as a KPI can restructure their campaign goals to focus on driving traffic to their website, app-installs, purchases, engagement or even brand lift. To captivate audiences and nurture relationships with consumers, we recommend leveraging Snapchat best practices for messaging during this time.
With over 229 million daily users, Snapchat provides an opportunity to connect with a unique audience while they are communicating with friends, playing and learning. The coronavirus pandemic has resulted in increased engagement and historically low CPMs, making now a great time for brands to explore the platform’s ability to build awareness, drive consideration and boost conversions. The situation is ripe with opportunity for advertisers in verticals like financial services, news and CPG or those with particular campaign goals such as increasing website visits or app-installs to scale and test.
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