At an annual growth rate of 30%, Snapchat is now the most favorable platform for companies looking for ways to reach the millennials.(eMarketer). And it’s no joke that Snapchat is driving more than 6 billion daily video views. And all from mobile devices!
6 billion views! That’s colossal!
Just for the sake of comparison, Facebook has a daily video view of about 8 billion and YouTube stands at roughly 4 billion. Considering Snapchat as the youngest of these two behemoths, 6 billion views is undoubtedly a big thing!
For innovative marketers, Snapchat offers an excellent opportunity to tap into the millennial audience, and of course, it is no more just a platform for teens. 2016 has been a good year for marketers spending their better budget share getting used to the platform. However, there still remains a hurdle pertaining to optimizing Snapchat for content success. And the hurdle is to measure the overall success of the content on Snapchat.
To make it easy for the marketers, we have come up with five important Snapchat metrics to measure the success of the marketing campaigns. It is easy to determine how well each branded or brand sponsored Snap or Story is performing by keeping track of these metrics. You can also buckle up your future Snapchat-based advertising initiatives.
1. Total Unique Views
The Total Unique Views are the number of people who have opened up the first frame in your Snapchat story even for a single second. An unlimited number of these 10 seconds videos could be created on a Snapchat story. And because Snapchat counts each view only once, no matter how many times the user watches the same story, unique views comprise an accurate count of the size of the audience. This is the most common Snapchat metric to use when determining campaign success.
2. Total Story Completions
Snapchat stories can be one snap or 100 snaps long. When you post a new Snapchat story, keep a close look at the number of people who have viewed the last snap. This will help you to measure accurately, who have completed your entire story. Just by documenting the number of views of the final snap in a branded or brand sponsored story, it is easy for marketers to quantify the number of users watched the entire story from beginning to the end.
3. Completion Rate
Snapchat could easily be compared with a storybook. A complete storybook that has a proper beginning, a middle portion, and finally the end. Thankfully, Snapchat gives us the privilege to check how many people have viewed your story. The completion rate Snapchat metric measures the percentage of viewers who have completed viewing the story from start to finish, compared to the ones who have left it halfway.
Just you need to divide the number of story completions by the number of unique views, and then multiply it by 100. You will get your completion rate.
Snapchat, unlike Facebook, doesn’t give you any real likes, comments, or shares as such. But it does give you a quantifiable number of users who have taken screenshots of your snaps. These screenshots can help you determine what resonates most with your Followers and can be used as an engagement tool.
The more people take screenshots of your contents, the more you can create content that will genuinely engage them and make them come back for every snap/story. You can also dive deep deeper and see which snaps get the most number of screenshots; thus determining which content actually resonates with people.
5. Fallout Rate
The difference in views between the first snap in a story and the rest of the snaps is the fallout ratio. Pinpointing the stages where the fallout rate is higher, would help you to optimize and create much better content for your future campaigns. This metric shows where exactly the views are dropping during a full Snapchat story.
Divide the difference by the views from the first snap, and multiply by 100. And you get the fallout ratio of your Snapchat campaign!
Analyzing Snapchat data can be difficult & time-consuming as there are no native brand tools yet, as there are on Facebook and Twitter. But that shouldn’t prevent one for taking the time to record the results. Yes, it might take a little bit longer to measure the results in Snapchat, but analyzing the five metrics is essential to understanding how, why, and if you should spend the resources there. Scanning through these data is the only way to understand the performance of your content. And whether you should really be spending time and resources marketing your brand on Snapchat.
We would love to know how are you managing and analyzing your Snapchat performance. Have we missed any other Snapchat metric? Feel free to contact us write back to us in the comments section below.