Social media advertising is a great way for businesses to reach potential customers, especially young people. But, reaching audiences on one popular social media network probably costs advertisers a lot more than you think.
Snapchat is an app that lets users send out temporary photo, video, text and drawing messages to others that disappear after the preset time limit is up. The social media network started hosting advertisements last fall and advertisers are claiming it costs $750,000 to advertise for just one day!
That's a lot of cash. The cost falls somewhere between a television advertisement during American Idol (about $475,000) and the Super Bowl (about $4 million).
Advertisers on Snapchat are interested in reaching the app's 100 million users. But, is it worth $750,000? Some advertisers think so. Universal, McDonald’s, Samsung and Electronic Arts have all advertised with Snapchat.
Still, the price is quite a bit higher than other social media networks and apps. For instance, Instagram has a similar sponsored ad model as Snapchat and charges around $350,000 to $1 million per month. Also, Twitter charges around $200,000 for Promoted Trends, and Facebook has a highly-customizable advertising model that even small businesses can afford.
So why would advertisers shell out so much more money for Snapchat? It's all about the audience. Snapchat has a younger audience than other social media networks, and advertisers are willing to pay to reach them.
Advertising your business on social media and online is a must in the digital age. And, it doesn't have to cost you $750,000 a day. Click here to learn the secrets to buying ads on Facebook, Google and more.