Snapchat is continually changing and improving its offerings to the public and to advertisers. Along with Snapchat’s recent “memories” introduction, and the newly announced bitmoji partnership, there is also some buzz around Snapchat’s object recognition patent.
With memories and bitmoji, Snapchat aims to make more emotional connections for its audience, but with the patent, Snapchat will tap even further into the capital market. Business Insider reports that this new patent could give advertisers the ability to serve customized sponsored filters, ads and even coupons, based on a recent snap users have taken (including its content as well as location). If the patent passes, what could that mean for your brand?
1. Customized Ad on Steroids
With the new object recognition ability, the geofilter will act as a customized ad on steroids, serving you a specific product. The filter you see will not only relate to your location, but also to a recent picture you have taken. For example, if you snap a picture of a burger, you will be served with a filter offering you a coupon at your nearest burger joint. As a result, engagement with these filters will end up focusing less on organic engagement with a brand. However, the success rate will move towards making purchases as a result of the filter, and perhaps even directly on Snapchat.
2. Improved KPIs
If the patent passes, Snapchat will become even more interactive and break down a lot of barriers that the platform currently has, including performance metrics and audience engagement measurement. If Snapchat would like to begin sending ads based on your snaps’ objects and your interests, they will also need to develop metrics to help brands measure performance. KPIs will be more developed than ever before.
3. Increased Competitive Space
Your brand will need to move FAST. Social media is constantly on the move. Business Insider reports that the patent shows how companies can bid against objects. Each company, aiming to promote the same product or service, will need to compete in real time for the ad spot. This will require thoughtfulness in company product and deeper audience analysis. There will be no limit to how much the next company will be willing to pay.
What can you, as the brand take away from this? Keep your eyes open, because Snapchat is the network to watch, and just may be creating the future of social advertising.
Which of Snapchat's newest updates are you most excited to try? Leave your thoughts for the Likeable Media team below!