Snapchat reported an 85% increase in SMB advertisers on its platform in April which also fueled a significant rise in ad revenue during the first half of the year.
Leading to this success, the tech giant has revealed how its evolving ad tools have empowered advertisers to reach a broader audience, create more impactful ads, and enhance performance.
Additionally, as the app continues to generate better outcomes, its growing ad options might pique your interest. To kick things off, they have detailed recent enhancements to its Lead Gen Ads, such as advanced lead optimization and a Zapier integration for automating lead reporting into your CRM.
According to the platform, these updates have resulted in a 69% decrease in cost-per-lead and a 62% increase in Lead form submission rates. With these enhancements, Snapchat's offerings now provide even more options in this area.
Additionally, it has upgraded its app ads, introducing new bidding capabilities and improved optimisation to support app installs, app purchases, and 'app re-engage purchase' features.
While they have observed positive results from early tests of its 'Value Optimization' feature for app advertisers, this option allows marketers to place bids based on the total value of purchases made through their ads.
According to the its blog post, “Early test results are encouraging, and indicate that mobile gaming and eCommerce advertisers in particular will benefit from the new optimization. For example, Lancôme, a beauty brand from L’Oréal, leveraged Value Optimization to drive a 38% increase in average purchase cart size and a 4.4x increase in ROAS.”
The platform’s ability to connect with younger audiences is valuable for app marketers, and these recent updates might catch their attention. The app is also enhancing performance with its advanced AR ad options, including the 'First Lens Unlimited,' which guarantees that a promoted Lens occupies the top spot in the Lens Carousel.
According to Snapchat, First Lens Unlimited has led to a 25% to 45% increase in incremental impressions for advertising partners with this option is now available to all ad partners globally.
Additionally, the tech giant is introducing a new 'State Targeted First Story' feature, initially for U.S. advertisers, allowing them to target their 'First Story' takeover campaigns to specific states.
The platform has also recently launched AR Extensions for businesses, enabling brands to leverage AR promotions in other areas of the app with reports suggesting that AR Extensions are currently in beta, with a global rollout planned for September.
It is also advancing generative AI-powered ad tools, including AI Lenses. An example is its ML Scribble World Lens, which achieved over one billion views in Q2. The platform is also developing new features to make it easier for ad partners to create AI-powered Lenses, potentially democratizing AR creation. Snapchat is also integrating generative AI into its ad copy and creative processes.