Since Snap’s IPO in early 2017, all eyes have been on the company’s revenue – or lack thereof. As a latecomer in the ad-tech space, Snap has the advantage of learning from Facebook’s mistakes. With recent ad tech acquisitions including location data company Placed and mobile search app Vlurb, Snap is showing signs of growing up.
Given the platform’s ever-growing user base, having a Snapchat presence is no longer optional for global brands. Yet while brands continue to leverage Snapchat to build brand awareness, focusing on product and lifestyle, very few brands have got Snapchat’s metrics down to a science.
For brands looking to leverage Snapchat ads to build brand awareness and expand their social footprint, the key metric to track is Reach. Seeing the number of ad views as well as overall demographic information like age, gender, and location of viewers is the perfect starting point to understand the impact of your ad dollars.
Beyond reach, one of the key metrics brands should look at is Resonance, provided by Snapchat’s in-app polling tool. This enables brands to understand viewer sentiment about and favorability towards the specific ad served. Unlike on other social platforms, tracking users’ explicit reaction to the ads served is much less important. Facebook ads are traditionally leveraged to put users on a path to purchase and convert, so metrics like clicks, shares, and likes are critical, which is not the case on Snapchat.