ADOTAS – Snapchat’s entire existence started off with a feature that never existed before, and the startup wants to continue this trend by building on more functionality and innovations. In terms of monetizing the app, in-app purchases will come first, as Snapchat looks to innovate and create services users will want to pay for – a model often disregarded in today’s market. By allowing more user activity to take place within the app, will inevitably lead to more user data being created. Snapchat will then potentially be able to collect data on users, allowing for ad targeting, which has proven to be more effective and provide a higher ROI for brands.
Snapchat has incorporated a personal messaging feature in which users can send text messages, photos and videos within a thread to specific contacts. Once read, the contents also disappear. However, the new Snapchat functionalities are proof that the company is moving away from being merely a social media platform and into communications and messaging, similar to WhatsApp. We will continue to see major players within the messaging space start to develop a range of services that move beyond just communications, including social gaming integration, payment tools and utilities that integrate into a user’s lifestyle.
The application also incorporates video chat functionality, which opens up a lot of doors for the company. Snapchat might be introducing this feature now with the hopes of collecting a large base of users in order to introduce more video related innovations they are building (this could include group chat on mobile, sharing digital multi-media via video, etc.)
New features also provide interesting opportunities for brands to experiment on Snapchat. Taco Bell & Grubhub have proven to find success marketing on Snapchat, using it to provide engaging content with a personal touch through storytelling, launching new products and providing offers. It will be very exciting to see the types of ways brands will leverage these new features to communicate with users.
As Snapchat continues to evolve its product, the possibilities for brands to engage with users can be endless. Snapchat could potentially incorporate GPS functionality allowing users to send Snaps that reveal their current location. This could completely transform how brands are able to communicate with Snapchat users.
Snapchat is responsible for developing a format that enables brands to pioneer new ways of communicating with audiences. Snapchat’s out-of-box format encourages brands to think like they have never done before – building messages for 10-second self-destructing pieces of content within a 5-inch screen – and it has the potential to revolutionize the future of advertising.