With mounting consumer expectations and an industry that is being re-imagined towards privacy protecting experiences, brands are re-thinking addressability. Online interactions are providing fertile ground for full funnel communications and IAB Canada members are leaning in and delivering the tools and environments to meet the emerging needs.
With significant investments in machine learning models, improved signals, and optimized ad formats, IAB Canada member and Elite Corporate Sponsor, Snap has shared with us, recent product enhancements that demonstrate their dedication to delivering performance across the whole marketing funnel.
Innovations in Direct Response
- Snap has improved the accessibility of its Lead Gen Suite to accommodate every business of every size to attract leads. Enhancements include integration with Zapier (a platform automation technology) and improved signals for optimized lead generation and reporting. These improvements have resulted in impressive year-over-year gains, with a 69% reduction in cost-per-lead (CPL), a 62% increase in lead form submission rate, and a 21% increase in click-through-rate (CTR).
- New bidding capabilities specifically designed for mobile gaming were introduced, improving optimization for app install, app purchase, and app re-engage purchase. Snap shared that these improvements have led to significant lifts in return on ad spend (ROAS) for gaming app clients like Roblox.
- Snap has made improvements to the eCommerce experience by testing Value Optimization, a feature that allows marketers to bid on the basket value of purchases. Test results show positive outcomes with a 38% increase in average purchase size and a 4.4x increase in ROAS. Landing Page View optimization also improved CPM efficiency and drove 3.8x increase in conversion.
Innovations in Demand Generation
- Snap introduced new ad formats for enhanced reach and targeting capabilities. AR-powered First Lense Unlimited helps marketers make a strong first impression by literally taking over the first impression of the day, resulting in a 25%-45% increase in incremental impressions.
- AR experience has always been Snapchat’s strong suit. Advertisers can leverage AR Extensions to create compelling brand experiences that are proven to generate 1.6x Ad Awareness lift.
- Snapchat’s machine learning and artificial intelligence capabilities are enabling advertisers to create more engaging and personalized content. Tools like ML Scribble World Lens and GenAI Copy Generator simplify the creative process for advertisers.
All these investments appear to be paying off. Their Q2 2024 earnings report clearly demonstrates that these moves have been instrumental in expanding their direct response capabilities and attracting advertisers.
One thing is clear, Snap is showing how continued investment in ad products, performance and innovation is paving the way to capitalize on shifting consumer media consumption habits. Their full suite of solutions for demand generation and capture offers a valuable tool for marketers to effectively reach addressable audiences and deliver exceptional brand experiences. Learn more about Snap innovations here.