Wednesday, February 28, 2024

How to Make Money on Snapchat: The Ultimate Guide for 2023

HomeMake Money OnlineHow to Make Money on Snapchat: The Ultimate Guide for 2023

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Image Source: Freepik

Snapchat is one of the most popular social media platforms today, with over 300 million daily active users. For brands and influencers, Snapchat presents a huge opportunity to connect with a young, engaged audience and drive revenue.

In this comprehensive guide, we’ll cover everything you need to know about making money on Snapchat, including:

Table of Contents

1. Understanding the Snapchat Landscape

2. Snapchat Advertising Options

  • Sponsored Lenses
  • Snap Ads
  • Commercials
  • Collection Ads

3. Best Practices for Snapchat Ads

4. Partnering With Influencers

5. Creating a Snapchat Affiliate Program

6. Selling Products Directly on Snapchat

7. Generating Revenue With a Snapchat Takeover

8. Building a Snapchat Community

9. Measuring Your Snapchat ROI

10. Maximizing Your Earning Potential on Snapchat

11. Frequently Asked Questions

Understanding the Snapchat Landscape

With over 293 million daily active users as of Q2 2022, Snapchat has cemented itself as one of the top social platforms today. Snapchat’s audience skews young, with 90% of users between the ages of 13 and 24.

For brands looking to engage Gen Z consumers, Snapchat is a must. Snapchatters are highly engaged on the platform, with the average user opening the app 30+ times per day.

There are a few key features on Snapchat that brands can take advantage of:

  • Stories: Photos and videos that disappear after 24 hours. 60% of users create Stories daily.
  • Discover: A content feed where Snapchat curates content from publishers, creators, and brands. Shows and ads can generate billions of views.
  • Lenses: Interactive augmented reality filters and effects. Sponsored lenses allow brands to reach millions of Snapchatters.
  • Chat: Direct messaging functionality for real-time communication. Chat presents opportunities for Snapchat takeovers, influencer campaigns, and community engagement.

With its immersive features and highly engaged user base, Snapchat offers huge money-making potential for brands. Now let’s explore the specific options for monetizing your presence.

Snapchat Advertising Options

Snapchat gives businesses several ad formats to choose from, depending on your campaign goals and target audience.

Sponsored Lenses

Sponsored lenses allow you to create branded AR experiences that overlay onto users’ selfies and videos. Lenses often go viral amongst Snapchatters, leading to massive impressions.

To sponsor a lens, you’ll work with Snapchat’s creative team to design interactive elements and effects. You can geofilter your lens to target specific locations. Snapchat promotes sponsored lenses within the app to drive usage.

Kylie Jenner’s branded lens for her 21st birthday received over 1.4 billion views, showcasing the viral potential. Sponsored lenses cost around $450,000 for a nationwide U.S. lens per day. The high price tag delivers prime real estate within the app and the possibility of huge engagement.

Snap Ads

Snap Ads are full-screen vertical video ads that appear between Stories and Show content. You can target ads based on gender, age, interests, and other demographics.

Snap Ads are priced through an auction, with the current average cost per swipe up around $4. Snap provides robust analytics on views, swipe ups, website visits, and more. Snap Ads are an effective way to drive traffic to your website, promote products, and increase brand awareness.

Commercials

Snapchat Commercials place your video ad directly within curated Publisher Stories. You can target Commercials by gender, age, location, interests, and other factors.

Commercials guarantee a fixed number of views at a fixed rate, unlike the auction model of Snap Ads. Commercial pricing starts around $20 per 1,000 views. Commercials add a premium positioning, as your brand content gets injected within Snapchat’s professionally produced shows.

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Collection Ads

Collection ads allow you to showcase multiple products in a swipeable carousel format. As users swipe through, they can tap to view products and be directed to your online shopping destination.

Collection ads work well for ecommerce brands with robust product catalogs. Each collection can feature 3–10 products. You’re charged on a cost-per-swipe basis, with rates around $3 — $4 per swipe.

The versatile creative and targeting make collection ads ideal to promote sales, new arrivals, gift guides, and more. Retailers like Everlane have successfully leveraged them to drive traffic and conversions.

Best Practices for Snapchat Ads

To maximize the performance of your Snapchat ads, keep these proven best practices in mind:

  • Leverage Snapchat’s unique ad formats — Augmented reality lenses, vertical videos, collections ads, and Commercials all allow you to creatively engage the Snapchat audience. Take advantage of what makes Snapchat different.
  • Tell a story — The narrative structure is key. Successful Snapchat ads highlight a problem, build intrigue, and showcase your brand as the solution.
  • Get to the point fast — You only have a few seconds to grab attention before users swipe on. Lead with your value proposition and call-to-action.
  • Shoot vertically — Snapchat was made for vertical mobile video. Make sure your ads and content are captured in portrait orientation.
  • Use subtitles and captions — Many users view Stories without sound. Subtitles allow them to understand your ads too.
  • Leverage influencers — Snapchatters love following their favorite creators. Working with influencers can expose your brand to new demographics organically.
  • Test different targeting strategies — Try narrowing your audience by gender, location, interests, and behaviors to hone in on who’s most likely to engage.
  • Analyze performance data — Snapchat’s analytics tools let you see views, completion rates, clicks, and more. Monitor metrics to optimize campaigns.

By taking a creative, data-driven approach, your Snapchat ads can yield impressive results. Now let’s look at how partnering with influencers can further expand your reach.

Partnering With Influencers

Influencer marketing has exploded on Snapchat. Over 75% of Snapchatters have made a purchase based on an influencer’s recommendation.

Collaborating with the right Snapchat creators allows you to organically get your brand and products in front of highly engaged, relevant audiences.

When vetting potential influencer partners, consider these tips:

  • Evaluate audience demographics — Do they reach your target market? Analyze follower count, age, gender, interests, and location.
  • Assess content quality and engagement — Do they produce compelling content? How do followers interact via views, comments, and shares?
  • Consider creative opportunities — Could they showcase your product via organic integration? Brainstorm ideas together.
  • Discuss pricing — Snapchat influencers may charge for sponsored lens promotions, story takeovers, or other branded content.
  • Set clear deliverables — Outline content expectations, usage rights, and campaign timelines in a contract.
  • Track performance — Use unique promo codes and UTM links to quantify sales driven by the influencer.

Micro-influencers with 50,000 to 500,000 engaged followers often provide the best value. Make sure to closely monitor ROI throughout your influencer initiatives.

Creating a Snapchat Affiliate Program

Beyond influencers, you can empower any Snapchat user to earn commissions promoting your brand through an affiliate program.

Here are some tips for launching a money-making Snapchat affiliate program:

  • Recruit Snapchatters invested in your niche by reaching out directly or promoting the program through your own account and hashtag campaigns.
  • Create a custom Snapchat affiliate sign-up page on your website to seamlessly onboard users.
  • Provide creatives like custom lenses and assets to make it easy for affiliates to integrate your brand into their content.
  • Set commission rates between 10–30% on any sales driven by affiliate links.
  • Use affiliate links and promo codes to accurately track sales and attribute them to the appropriate affiliate.
  • Offer tiered commissions to incentivize affiliates to drive more sales.
  • Feature top-performing affiliates on your own Snapchat account to further reward them.
  • Continuously optimize the program based on affiliate feedback and performance data.
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Launching a Snapchat affiliate program allows everyday Snapchatters to earn money while expanding your marketing reach.

Selling Products Directly on Snapchat

In addition to driving traffic to your ecommerce site, you can sell products directly on Snapchat through Shoppable AR Lenses and Snapchat Minis.

Shoppable AR Lenses

Shoppable AR lenses integrate product browsing and checkout capabilities right within your sponsored lens experience.

Users can flip through products, view prices and details, add items to their cart, and complete purchases — all without leaving Snapchat.

Shoppable lenses provide immense convenience to drive impulse purchases. They present a major opportunity for ecommerce brands to unlock revenue.

Snapchat Minis

Snapchat Minis are lightweight, HTML5 web experiences that live within the Snapchat app. Brands can create Mini stores to sell products directly on Snapchat.

When viewing a brand’s profile, users can click on their Mini to seamlessly open a native shopping experience. Mini stores load ultra-fast while still allowing users to simultaneously chat with friends.

Minis allow for branded storefronts, product catalogs, checkout, and more — without needing to leave the app.

For merchants, Minis provide a frictionless way to turn Snapchat’s highly engaged audience into customers. Mini stores present a major ecommerce opportunity as in-app shopping accelerates.

Generating Revenue With a Snapchat Takeover

Snapchat takeovers involve having an influencer “take over” your Snapchat account for a day. Takeovers allow influencers to engage directly with your audience.

The influencer might promote your products, offer exclusive deals, or give a behind-the-scenes look into your brand.

Takeovers create an authentic way to connect with customers while leveraging the influencer’s follower base. Big brands like McDonald’s have orchestrated takeovers to drive engagement and purchases.

When orchestrating a Snapchat takeover, look for influencers who:

  • Have an existing connection to your brand
  • Produce content that aligns with your tone and values
  • Actively engage their audience
  • Will promote any special offers or products in an organic way

Takeovers require relinquishing creative control, so make sure you vet potential partners thoroughly first. Used successfully, they can increase followers, brand affinity, and sales.

Building a Snapchat Community

Having an active, engaged Snapchat community is key for earning money long-term. Here are some tips for building a loyal following:

  • Post daily stories — Provide a steady stream of content to retain followers. Mix promotional and non-promotional snaps.
  • Go behind the scenes — Give followers insider access to your team, office, events, etc. The raw authenticity appeals to Snapchatters.
  • Engage with followers — Reply to messages and comments to foster relationships. Ask questions to spark dialogue.
  • Use polls and emoji sliders — Interactive elements keep followers engaged. Offer giveaways for participating.
  • Encourage user-generated content — Repost customer Snaps wearing your products or using your brand.
  • Promote on other channels — Drive followers to your Snapchat from your Instagram, TikTok, YouTube, etc.

Growing an invested Snapchat community gives you a core audience to engage with on an ongoing basis.

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Measuring Your Snapchat ROI

It’s crucial to track performance when monetizing Snapchat. Key metrics to monitor include:

  • Impressions: Number of total views your Snaps receive
  • Reach: Total number of unique accounts that viewed your Snaps
  • Engagement rate: Impressions divided by reach to gauge average interest per follower
  • Screenshots: How many followers screenshot your content to share
  • Swipe ups: Tap-through rate to any links included in your Snaps
  • Conversions: Sign-ups, purchases, or other desired actions from your links
  • Follower growth: How quickly your follower count increases
  • Sales revenue: Total revenue or ROI driven by your Snapchat initiatives

Snapchat’s analytics tools and third-party tracking let you dig into the data to optimize your monetization efforts.

Maximizing Your Earning Potential on Snapchat

Follow these best practices to maximize the money you generate via Snapchat:

  • Diversify your monetization strategies — Combine Snap Ads, influencer campaigns, affiliate programs, etc. to open multiple revenue streams.
  • Refresh content regularly — Post new Snaps daily and iterate on what performs best. More quality content equals more money making opportunities.
  • Leverage Snapchat’s variety of ad formats — Sponsor AR lenses, run Commercials, launch Collection Ads, and test other ad types.
  • Set specific KPIs — Establish revenue goals and key metrics to track. The data will guide your efforts.
  • Provide added value for your audience — Don’t make every Snap promotional. Offer a mix of fun entertainment and money-making content.
  • Collaborate with non-competing brands — Co-marketing campaigns can expose you to new demographics and followers.
  • Invest in your knowledge — Stay up to date on Snapchat’s latest ad products, creator tools, and monetization features.

With the right strategies, persistence, and ingenuity, Snapchat can drive significant income while engaging your target audience.

Frequently Asked Questions

How do you receive money from Snapchat?

You can receive money from Snapchat through their advertising platform, influencer sponsorships, affiliate commissions, and selling products directly through shoppable AR lenses or Snapchat Minis.

How much is 1 Snapchat Crystal?

Snapchat doesn’t actually have a digital currency called “Crystals”. This is likely referring to Snapchat Spectacles, their video-recording sunglasses.

Who makes the most money on Snapchat?

Top Snapchat earners include celebrities like Kylie Jenner, DJ Khaled, and Ryan Reynolds who earn big sponsorships. Top Snapchat influencers can also earn thousands from brand promotions and affiliate commissions.

How do you sell pictures on Snapchat?

You can’t directly sell photos on Snapchat like other platforms. Instead, promote your photography page or online portfolio via your Snapchat profile and encourage followers to visit your site to purchase full images.

Does Snapchat pay you?

Snapchat itself does not directly pay creators. However, you can earn money on Snapchat through their advertising platform, influencer sponsorships, selling products through Minis, and other monetization strategies outlined in this guide.

How much money can I get from Snapchat?

How much you earn on Snapchat depends on your follower count, content quality, sponsorships, and monetization strategies. Most Snapchatters won’t earn a full-time income, but popular influencers can earn thousands per month from brand sponsorships alone.

Conclusion

Snapchat presents immense money-making potential thanks to its engaged, youthful user base and variety of revenue channels.

From Snap Ads to shoppable lenses, branded content to affiliate links, there are countless ways to monetize your Snapchat presence.

By consistently providing value through addicting content, leveraging Snapchat’s unique features, and fostering relationships with followers, you can build a profitable channel on one of today’s fastest-growing social platforms.

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Mezhar Alee
Mezhar Alee
Mezhar Alee is a prolific author who provides commentary and analysis on business, finance, politics, sports, and current events on his website Opportuneist. With over a decade of experience in journalism and blogging, Mezhar aims to deliver well-researched insights and thought-provoking perspectives on important local and global issues in society.

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