With Instagram’s recent launch of Instagram Stories, many have been wondering if it’s worth it to have another platform to update on social media. After all, Instagram Stories are almost a carbon copy of Snapchat Stories and you don’t have to have another platform to manage. So is it worth it to continue using Snapchat? How do you effectively measure Snapchat ROI? We still see a lot of value in using Snapchat if your brand is looking to reach the younger or “digitally dependent” generation. We wanted to give you some insight on how to measure Snapchat ROI as you consider your use of this platform. So, let’s take a look:
- View Count: The number of views you are getting on your Snaps is the first thing to look for. Make sure you check in as close as possible to the 24 hour mark before that Snap disappears. This will give you the closest indication of how many views you are getting on each snap. Take a screenshot so you remember.
- Focus on Retention: Retention Rate is the second key to understanding your ROI. How many people started watching your first snap compared to your last snap? Are you being consistent with your snaps? Are you giving your followers enough value for them to keep coming back? If you have double the views on your first snap but only a fraction of that on your last snap, you may want to look at why the audience dropped off and work to improve your story retention in the future. On the flip side, if you have a strong retention rate throughout all your snaps then you are doing awesome. Keep it up!
- Cross-Platform Strategy: Cross-Promotion is the third key to tracking your ROI on Snapchat. Do you promote your snaps on other platforms? Are you asking your followers to come over to Snapchat with you on a consistent basis? Did it lead to more engagement? Are you receiving any messages from your snaps? Did you receive any new followers? Make sure you can keep track of this information.
I know these are a lot of questions to consider, but why waste your time on a platform that isn’t truly giving you a return on your investment? Tracking your performance may help you to make wiser decisions as you consider your social media growth, and you can help decide whether or not Snapchat is right for you.