Despite the negative press, Snapchat still remains popular with younger users, and still holds a level of cool cache that other platforms can’t attain.
But you know what Snapchat really needs right now? Money, or at least the capacity to show it’s able to generate it – that’s why they’ve announced a major revamp of their 5-month old Ads Manager platform, while also adding in a range of new ad targeting and creation options to streamline and improve the Snap ads process.
As you can see, the new Snap Ads Manager has an upgraded look, making it easier to go through the creation process and post your Snap ads.
But the overhaul’s more than aesthetic – in addition, Snapchat’s also integrated their various ad tools (Business Manager, Ads Manager, Snap Publisher) into one platform.
The integration of Snap Publisher is the most significant – launched back in July, Snap Publisher provides creative tools with which to build your Snap ads, and even includes templates and examples to simplify the process.
Snapchat’s also added in ‘Audience Filters’ – essentially branded Geofilters – which can now be purchased through the upgraded Ads Manager.
And looking to capitalize on the interest in Geofilters, Snapchat’s also changing the way such ads can be targeted. The previous Geofilter ad option, Sponsored Geofilters, could only be aimed at specific locations – hence the ‘geo’ in the title. Audience Filters, however, are not location-based, and can instead be focused on different audiences.
As explained by Marketing Land:
“Audience Filters can be targeted based on people’s age, gender, language, the type of device they are using and Snap Lifestyle Categories. These filters can also be targeted by location, though at a much broader level than Sponsored Geofilters. Instead of setting up pinpointed geofences, brands can aim Audience Filters at people nationwide or zoom into certain regions (states, provinces and so on), metro areas or ZIP codes.”
Given that more than 60% of all Snaps utilize the platform’s various creative tools, including filters, it makes sense for Snapchat to try to boost the option – while brands won’t be able to create Snap’s next level ‘World Lenses’ via the new Ads Manager, the capacity to more easily build, and target, creative filters should help increase advertiser interest.
Snapchat’s also introducing ‘Goal-Based Bidding’ for Filter “Shares.”
“The more a Filter is shared, the more cost effective it is. Advertisers bid on Shares (counted when a Snapchatter shares a Snap featuring the Filter), so the more engaging and relevant a creative is, the more efficient the eCPM (Paid + Earned Impressions).”
It’s similar to the way other platforms have worked to maintain ad quality – Facebook, for example, has their relevance score system which improves ad performance based on audience response. It also lures more ad spend, based on performance, which could help Snap drive squeeze more ad dollars.
As noted, Snapchat needs to show it can make money. Having an engaged audience of 178 million is great, but that engagement needs to translate to ad revenue for the company to appease market concerns, and show that its future is more than just theoretics. With a strong hold on younger audiences, Snapchat could still drive significant revenue, but concerns about slowing growth, and a potential coming revamp, have many spooked.
Improved ad options could help boost appeal, opening the gates for more businesses to at least try out Snap’s ad tools and see what results they can generate.