SnapChat was valued by investors at over $800million. What makes it worth that? Over 350 million snaps are sent each day, up from 200 million in June. People are flocking to this social sharing tool that allows its users to share photos, videos, and text for up to 10 seconds before it disappears into cyberspace forever. While those numbers are impressive, value comes from somewhere else.
Marketers and Advertisers are always looking for the newest unique way to get through to their customers, and I think SnapChat is going to be a huge channel very soon. Capturing someone’s attention has always been a challenge, and getting a message through clearly only adds to the complication. SnapChat has, in a way, solved both of those problems by adding an immediacy to the platform.
Users will stop what they’re doing and direct their full attention to their phones every time a snap comes through, because they know it will be gone after a few moments. Users will even attempt to “screenshot” a snap, just so they can hold on to the moment for a little longer. Marketers would pay good money to be guaranteed 10 seconds of their customers attention to send them any message they want. That is where the value of SnapChat lives.
Take that attention grabbing power SnapChat already has, add a few simple features, and you’ve got a remarkably powerful tool to reach your customers. If users could “follow” their favorite brands, knowing they’d receive some benefits in return, brands would have a highly targeted group at their beck and call. If there was some location-based targeting, brands could send an offer to their fans the moment they walk into their store.
Imagine the power of delivering an offer straight to your customer’s hand, at the point of sale, that they are forced to act on immediately. Do you think that’s worth $800 million?