Snapchat_LogoSnapchat has grown up since its inception in 2011. Even in the past year, Snapchat has added an abundance of new features such as a new discover feature that allows brands to showcase their videos. It has revolutionized the way marketers and news outlets interact with their audiences.

Bloomberg News reported that in January of 2016, Snapchat now delivers 7 billion videos to users each day. Snapchat now even boasts of a whopping 100 million daily active users. While Snapchat is primarily comprised of teens and millennials, the user base still has a wide variety of age group demographics. Here is a breakdown of the age groups of the users on the video platform:

  • 26 million – 13 to 17 years old
  • 37 million – 18 to 24 years old
  • 23 million – 25 to 34 years old
  • 12 million – 35 to 54 years old

But what does this mean for businesses?

It means that there is a viable opportunity for businesses to engage with audiences on a platform that isn’t oversaturated with advertisements. Of the businesses that use social media to market their products and services, only 2% of them are utilizing Snapchat. Both B2B and B2C businesses tend to use Facebook, Twitter, LinkedIn, YouTube and Google+ as their marketing platforms, leaving Snapchat with significantly less competition.

Snapchat advertising is currently inaccessible to most small businesses due to the high advertising costs that range from $700,000-$100,000. This, however, doesn’t necessarily mean that small businesses aren’t able to be on the social platform. It can still be a key platform to add to a marketing strategy by creating an account and engaging with other users.

Think Snapchat could be a useful tool for your business? Contact us for a consultation.

Resources:

Snapchat Gains Momentum: New Research