Three Reasons why Snapchat isn’t the future
Snapchat might be a fun gimmick, but can it help your business?
By Matt Balascak, Content Writer and Podcast Host
A few years ago, articles were appearing left and right suggesting that brokers expand their business to Snapchat—it’s the next big platform, they said. For your business to thrive, you have to meet younger clients where they’re at.
Since then, the growth that many analysts predicted for Snapchat has yet to materialize. It remains a social platform that, while frequented by Gen Z and millennials, still doesn’t turn a profit and has trouble attracting advertisers. Is Snapchat even worth your time? The short answer is no, probably not. The long answer? Read on.
1. The audience isn't right.
With every platform comes an opportunity to reach new prospective clients. Who’s using Snapchat? Despite the predictions from years ago, the primary demographic of Snapchat hasn’t shifted away from young people. 75 percent of Americans aged 18-24 say they use Snapchat, compared to less than a third of adults aged 30-49 and just two percent of adults older than 65[i]. This still isn’t an audience that’s regularly buying insurance.
This isn’t something that’s likely to change, either. Snapchat hasn’t grown significantly since before 2019[ii], meaning it’s unlikely you’ll find older demographics using it soon – and waiting for your audience to get older isn’t exactly the best use of your time.
The other issue with Snapchat is discovery—short of taking out a prohibitively expensive ad or sponsored content on a creator’s story, there’s no way for new clients to find your business. You might be able to keep in touch with existing clients who already use Snapchat. The odds that a new client finds you there? Slim to none. It’s a platform built to strengthen existing relationships, not necessarily to create new ones.
2. Snaps don't stick around.
Snapchat’s greatest strength, its ephemerality, is also its biggest weakness. Your message didn’t quite hit home? No problem, it’ll be gone in a few minutes or a day. That said, unless you’re posting to your Snapchat story daily, your profile will sit empty most of the time. If you want to connect with your clients on their own schedule, a platform that offers more permanence is a better option. Sure, you can distinguish yourself from the crowd by sending a Snapchat message to a client instead of an email or text message. If that’s how your client likes to communicate, go for it. Otherwise, it’s probably best to stick with something they can reference later.
3. Focus your efforts where they matter most.
If you’re looking to tap into Snapchat’s younger market, there are alternatives that might be better suited to your business. Instagram has a similar demographic profile and features to Snapchat, but has a much higher ratio of older users as well. Unlike Snapchat, images uploaded to Instagram (with the exception of Instagram Stories) won’t disappear within a few moments or a day. You can host content on Instagram for as long as you like, reducing the need to post frequently. You’ll be able to get your message out to as many potential clients as possible.
The main takeaway for you? Between Facebook, LinkedIn, Twitter and Instagram, you’re probably already using social media to prospect and keep up with existing clients. Social media is still a worthwhile use of your prospecting time, as the vast majority of Americans (72 percent) regularly use social media[iii]. But unless you’re regularly on all four platforms and reaching every potential client, your efforts are better spent in the mainstream.
Need a hand with your social media strategy? Assurity can help – get the basics with our Social Media Strategy Guide, then dive in with ready-to-use posts for life insurance, disability insurance, critical illness insurance, prospecting and recruiting.
Questions? Your regional sales team is always ready to help. Send them a message or give them a call for more help with social media or anything else your business needs to thrive.