One of the golden rules of marketing is that the first companies to hop on a new platform usually see the biggest returns on their investment.
Back in the 1990s, it was normal to have email open rates over 90 percent. Back when AdWords first started, it was easy to get highly competitive keywords for rock bottom prices. When Facebook first let marketers run ads, the cost per lead was much lower than it is today.
As platforms become more established, they also end up costing more. That’s why the best marketers usually take advantage of new platforms before everybody else.
Today, Snapchat is one of those early-stage platforms, but it’s already incredibly popular. In fact, Snapchat users viewed over 7 billion videos every day in early 2016. They now have over 150 million daily active users, which is more than Twitter.
But, some marketers are afraid to experiment with new platforms because they don’t know how it will fit into their overall marketing mix — what can you actually use Snapchat for? Engagement? Sales? What’s the real benefit of sending people Snapchat messages as opposed to messages through other platforms?
It can be confusing, especially when you’re starting out. Something to keep in mind is that a typical marketing funnel is broken down into three main stages:
- Awareness. Prospects learn about your business and what you have to offer.
- Interest. Prospects from the first phase take the first step toward becoming a customer by signing up for a webinar or company emails.
- Evaluation. Prospects from phase two take the final jump to buy from you, often as the result of a sales call or an email drip campaign.
Snapchat is strongest during the second stage, when you’re engaging your prospects and trying to create interest. In fact, research shows that Snapchat gets nearly a 4x higher engagement rate compared to similar platforms like Instagram. Through Snapchat, you can deliver valuable content to your audience to let them see a different side of your business — one that might not be as visible through another channel.
Here are three ways marketers can use Snapchat to grow their businesses:
1. Offer promo codes.
Brands have had success using promo codes on Snapchat because of how high the engagement rate is.
For example, check out this case study from Grubhub to see how it created a Snapchat story to send a promo code to its audience.