It was bad enough when your mom joined Snapchat to see what all the fuss was about. Now your bank wants to send you snaps, too.
Banks have been considering different uses for Snapchat, including marketing to job seekers, addressing questions from customers and generally trying to be more visible in a social media channel more heavily used by younger people. They are still trying to figure out what works best, so the approach is still cautious and experimental. But consumers, particularly Snapchat’s largely millennial user base, have a high bar for organic content, analysts say. If the material isn’t sufficiently compelling, a user may completely shut out a brand.
“The process of adding someone on Snapchat is so cumbersome,” said Mike Metzler, director of client strategy at Delmondo, a company that manages influencer campaigns and produces Snapchat content for major consumer brands, including Mastercard. “If you’re a bank and you get someone to add you and make crappy content it’s a risk.”
More in Marketing
‘The processes are continuing forward’: Advertising’s dealmakers press on with M&A despite Iran uncertainty
War in the Middle East is a problem for advertising’s dealmakers. Just not yet.
In graphic detail: The numbers making the case for what holdcos could be
What the data says about the CMO-agency relationship — and none of it is comfortable.
TikTok rebrands its advertiser pitch around full-funnel ambition
The company’s latest business campaign aims to make the point that the app sees itself as a top tier platform for advertisers, where the full funnel can happen within one experience.