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Snapchat’s audience in the US is growing and the platform can be an effective way for marketers to reach consumers, especially millennials. According to research, more US senior ad buyers are planning to begin advertising on Snapchat than other social media sites.
Cowen and Company polled US senior ad buyers and asked them where they plan to begin advertising in 2016; respondents picked social media sites where they did not advertise in 2015.
Some 22% of senior ad buyers said they plan to advertise on Snapchat this year for the first time. Additionally, 12% of respondents said they plan to begin advertising on Instagram, and the same percentage of senior ad buyers said they plan to advertise on Pinterest.
Tumblr was another social media site that 10% of respondents said they plan to begin advertising on in 2016. Tinder, a social dating app, attracted 6% of senior ad buyers.
More than a third of respondents, however, said they do not intend to allocate new spend on any social media sites.
Paid advertising on social media properties is delivering a solid return on investment, according to marketers. In eMarketer's report, "Social Advertising Effectiveness Scorecard: Industry Execs Grade the Leading Platforms," executives gave paid social media advertising an average grade of B. However, when it came to rating social ad effectiveness for driving ROI, as well as social ad targeting, Snapchat scored low.
Nonetheless, newer social ad venues like Snapchat are intriguing marketers. A September 2015 survey from RBC Capital Markets and Advertising Age found that marketers are interested in several fast-growing social media services, especially Instagram.
Almost three-quarters of respondents said they were interested in allocating money to Instagram for advertising. Pinterest came in second, 41% of marketers said they considered spending ad dollars on that platform and Snapchat was not too far behind—36% of marketers said they were interested in allocating their ad budgets.
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