Many organizations use Facebook or Instagram to promote their services/products online. However, lesser-known social platforms, such as Snapchat, are equally powerful.

Snapchat Ads is also a great option for businesses looking for a different dimension for paid social campaigns. The platform is unique and lets you connect with many users through smart targeting and innovative formats.

By using the correct method, Snapchat Ads will lead to new customer segments and income streams for all kinds of businesses.

The Cost of Snapchat Ads in 2024

On Snapchat, the average "Cost Per Mille" (CPM) is around $3.03. This is much lower than other social platforms like Instagram (CPM is $4.31) and Facebook (CPM is $5.27). Due to its low cost, Snapchat Ads stands out as an exceptional choice for enterprises with low funding.

Furthermore, Snapchat Ads don't need a large investment. You just have to spend a minimum of $5.15 each day. That way, you can initiate the Ad campaigns with a small budget and then scale up gradually over time.

You will find sponsored lenses, which will provide the users with a 3D experience at package prices that range between $450,000 to $700,000. Businesses can also use "Snap Ads," which are 10-second video Ads displayed between the stories.

The Various Types of Snapchat Ads

You will come across not just one but several kinds of Ads on Snapchats. You can use the one based on your budget and business needs.

Commercials Ads

The commercials are a type of video Ad that will let you engage with the audience and drive awareness. These non-skippable Ads come in two forms, which are "Standard Commercials" and "Extended Play Commercials."

The standard ones are non-skippable and 3 seconds to 6 seconds long, and the extended ones are 7 seconds to 180 seconds long, and you can skip the Ad during the 1st 6 seconds.

Filter Ads

These Snapchat Ads are fun overlays, which you can add after you take a Snap. In Filters, you will find features like artistic effects, "Bitmojis," or display information like the venue, time, and date of an event or activity.

As a business owner, you must use the Filters to represent your business in a relevant and entertaining way. So, when you design or purchase the filters, always remember the consumer's front-of-mind: why and where they will use the filters.

Story Ads

These Ads will let you place the branded tile in the Discover section of Snapchat. When users click on the title, it will lead them towards a collection of 3 to 20 Ads. Story Ads can forge a narrative that will engage all the users instantly.

There is no need for an introduction; just pique the user's curiosity and then lure them to your advertising funnel.

Dynamic Ads

With Dynamic Ads, you can personalize the Ads for the consumers. You can use the mobile measurement app, product catalog, or the Snap Pixel to program the Ad creation.

By doing so, you can also optimize the marketing objectives, such as driving in-app or online purchases, which is the most crucial part of your business.

Collection Ads

Snapchat recently developed the collection Ads. By using this type of Ad, you can display a diverse range of your services or goods in a seamless and fun manner. These Ads are basic video Ads where the product thumbnail is located at the bottom.

They are similar to the Dynamic Ads on other social platforms. You can either upload your entire product/service catalog and display them dynamically. Otherwise, you can upload them manually, one at a time.

These ads are a bit more complex than classic Snapchat ads, and you have to fill in certain things in the Ads Manager, such as swipe-up URLs, CTAs (Call to Action), and links.

Augmented Reality (AR) Lenses

According to a report, around 200 million individuals use augmented reality (AR). Using Snapchat's AR Lenses will allow businesses to pull in that widespread eagerness.

This feature will drive engagement and also let users connect with your business in an impactful and unique way. You can make shoppable Lenses so that users can try out the products virtually before buying them.

How Much You Must Spend on Snapchat Ads?

You can spend a minimum of $5 daily on Snapchat Ads. But you will also get the chance to set out the lifetime and regular budget for these Ads. You can also set up spending caps for all your ad campaigns to have full control over the spending on Snapchat ads.

By now, you already know the average cost of Snapchat Ads is $3.03 for every thousand impressions. This price can vary based on several aspects, such as industry subtleties, number of promoters, and other things.

Businesses can easily allocate over 10% of their actual budget on average. This can provide them with a brief picture of what they should consider when investing in Snapchat Ads. However, the proportion of the market budget owed to Snapchat will depend on the success of the Ads.

Snapchat Ads: Is It Worth Opting For?

Snapchat was introduced to the world way back in 2011. It quickly became the most used social platform across the globe, where the majority of its users are only based on the platform itself and are not active on other platforms.

Using Snapchat ads for your business will allow you to reach out to an untouched audience, some of which display a higher possibility of converting to customers. During the start of 2023, Snapchat was reported to have 638 million users across the globe.

Now, businesses that use Snapchat to promote their services or goods can reach out to more than 600 million users on the platform. This clearly shows that it will be worth investing in Snapchat ads, which will allow businesses to engage with the audience by creating unique stories about their origins and founders.

The Snapchat Generation is always ready to learn more about the backstory of its favorite brands. As a business owner, if you foster this common relationship, you will receive great results in return.

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Conclusion

Snapchat ads have become an ideal option for businesses looking for a different way to advertise their products or services. You will also have complete control over how you wish to invest in the Snapchat Ads.

You can tailor the ads according to your marketing objectives, which helps build loyalty and brand awareness among young consumers.