Snapchat is undergoing significant changes, adapting to its business environment and delivering new products to make the platform more advertiser-friendly.
Over the summer, Snapchat released its advertising API to help brands target ads and receive better data on campaigns. Targeting options available include email matching, interest-based and look-alikes. A/B testing is also available, which will enable brands to adjust their buys on the spot.
Then, on September 24, Snapchat announced they are changing their company name to Snap, Inc. The app will still remain Snapchat; but because the app is no longer the company’s only product, the founders wanted a name that could encompass multiple products without losing its existing familiarity.
Speaking of product launches, Snap just introduced Spectacles, sunglasses with integrated video cameras that allow a user to record memories and play them back later to re-live the experience. November 10, Snap put Spectacles on sale at Snapbots, innovative "vending" machines at locations nationwide. Two things to learn here: Spectacles create an opportunity for brands to enable and join a consumer's memories, and Snapbots remind brands that the channel is oftentimes an extention of the brand.
To the social team at Marcus Thomas, the timing for all of this seems right on target. Snapchat's user base, typically thought of by brands as too young to take seriously (71% are younger than 25), is now getting older and on the radar of enlightened brands. Tools like Spectacles give Snap a new way to engage these users, encourage creative uses by agencies and wake up brands to the "olds'" $200 billion buying power.
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