Snap Inc. is offering free advertising credit to those who advertise on competing social networks. The company behind Snapchat recently posted a better-than-expected financial report which included higher revenues and reduced losses in comparison to the estimates, and it appears the company is keen on continuing its momentum into 2018. As part of this, Snap is looking at ways to lure new advertisers to Snapchat, and its latest attempt includes offering credit towards advertising.
The new campaign, going by the name of Snap Accelerate, offers potential advertisers "several hundred dollars," and is specifically aimed at those who advertise on other social networks via vertical ads, such as those on Instagram and Facebook. Nonetheless, a relatively small amount of credit is unlikely to convince any major advertisers, so it appears the aim of this campaign is smaller businesses that could consider the credit offering worthwhile. Also, in an attempt to further convince advertisers, the application form also mentions that Snapchat gives businesses access to a wide audience of unique users, with up to 40 percent of all Snapchat users not being found on any other platforms. In order to participate in the campaign, individuals must provide their full name and work email, alongside proof of purchase showing that they bought ads on a competing platform within the previous three months. Furthermore, the Snapchat accounts that will advertise must also have a Snapchat Business ID, and are also required to upload the ad they'd like to run on the social network. Once all of these requirements are submitted, Snap Inc. will then review all applications before any advertising credit is awarded. The new incentive program is relatively new, with Snap confirming that the offer commenced this week, so it'll remain to be seen how popular it is. Nonetheless, if the company can attract a high number of new customers to the platform, it should eventually be able to hike prices too and could translate into even better financial quarters.
The new advertising incentives come shortly after Snap Inc. confirmed that there would be no sequel to its Spectacles this year, due to lackluster sales of the original product. Instead, the focus for the company appears to be gradually pushing out the new Snapchat redesign, which has so far failed to receive many favorable reviews. Nonetheless, Snap appears convinced by the design, which is aimed at simplifying the experience for older users in the hope of increasing engagement.