Yes, the latest news around Snapchat is not so great – but then again, much of the negative press around the company relates to growth expectations (and failing to live up to them), not actual performance right now. Right now, Snapchat added seven million more users in the last quarter, taking its total daily user count to 173 million, which is still a lot of people – and Snap Inc. also notes that their users are highly engaged. According to CEO Evan Spiegel, Snapchat users aged 25 and under spend 40 minutes per day in the app, which is higher than Instagram, where users under the age of 25 are spending 32 minutes per day.
Clearly, based on the latest numbers, Snapchat’s longer term growth prospects are under a cloud, but the platform still holds a lot of potential – and one sector in which Snapchat holds significant appeal is an area that may not seem immediately obvious.
According to this infographic from Snap Inc., more than 2 in 5 US Snapchatters are somewhere in the auto decision journey, and they’re 3x more likely to be swayed by an advertisement than non-Snapchatters. The research included below highlights the appeal and power of the platform, underlining why people aren’t willing to count it out just yet.
Even if Snapchat does face growth challenges, the immediate potential is obvious – worth considering in your strategic approach.