Snapchat has had some difficulty keeping user’s attention through ads. Reports now show that users spend less than 3-seconds watching ads via the mobile app.
For every problem, there is a solution. Goal-based bidding is now the focus of Snapchat’s ads. The concept is to gather information in order to target who has a higher potential for watch ads based on a machine learning algorithm.
Advertisers can now set goals for their brand while bidding for more concise targets.
A spokesman from Snapchat reported:
“Around 20 percent of advertisers are already using goal-based bidding and it has helped them achieve up to 40 percent efficiencies in cost-per-swipe and increased ad view time,”
With 60 percent of users in the 14-24 age demographic, having that information to more effectively reach users is crucial.
Snapchat has also seen an increase in users thanks to new features including mass messages and filters.
Goal-based bidding relies on information in order to target potential buyers. With the information handy, advertisers can then bid on selected individuals. Those individuals would most likely interact with the brand’s sponsored content.
The spokesman also added:
“Advertisers decide how much they value a swipe, and Snapchat automatically optimizes bidding and delivery to a subset of the advertiser’s target audience that has the propensity to swipe.”