Why Snapchat isn’t for brokers
Snapchat might be a fun platform, but can it help your business?
A few years ago, articles appeared left and right suggesting brokers expand their presence to Snapchat—it’s the next big platform, they said. In order for your business to thrive, go to where the Millennials are, they said.
Since then, the growth 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. The long answer? Read on.
1. The audience is limited.
With every new platform comes the thought of reaching more prospective clients. Who’s using Snapchat? Despite the predictions from years ago, the primary demographic of Snapchat hasn’t shifted away from young people. Upwards of 70% of the app’s users are younger than 34, and the majority are female. This isn’t an audience who's regularly buying insurance, but more importantly this isn't the best place to try and reach them.
2. Snaps don't stick around.
Snapchat’s greatest strength 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. If you want to connect with clients on their own schedule, a platform that offers more permanence is a better option. You may think Snapchat can help distinguish yourself from the crowd, but it has to be the right message in the right place. If that’s how your client likes to communicate, go for it. Otherwise, it’s probably best to focus your efforts somewhere else.
3. A lot of effort for a little return.
Another issue with Snapchat is being found —short of taking out a prohibitively expensive ad, the odds a new client finds you there? Slim to none. You might be able to keep in touch with existing clients who already use Snapchat. Other platforms offer more opportunity to connect and engage with existing and future clients.
If you're not already on Facebook, this may be the place to start before you think about taking on other platforms. If you're on Facebook and ready to expand your online efforts, Instagram has a larger user base than Snapchat (1 billion vs 255 million active monthly users) and holds the coveted title of fastest-growing social media platform. It has a much higher ratio of older users as well. Unlike Snapchat, you can host content on Instagram for as long as you like, reducing the need to post frequently.
The main takeaway for you? Don't worry about spending your time on Snapchat. Between Facebook, LinkedIn, Twitter and Instagram, your efforts are better spend in the mainstream to prospect and keep up with existing clients.