Did you know?
– The average person spends around 25–30 minutes on Snapchat every day
– Snapchat’s original name was Picaboo.
Snapchat is not only limited to sharing selfies, messaging, videos, photos, filters, or stories. Snapchat is a powerful tool for marketing your brand. Yes, you heard it right but before you start marketing on Snapchat you need to know about the platform so, let’s begin with a snap.
This can only be achieved through a firm with extensive knowledge, experience and innovative strategies. To determine the strengths of the company potential, weaknesses, opportunities and threats, it is necessary to conduct a SWOT analysis by Snapchat.
Snapchat At A Glance – Snapchat SWOT Analysis
Company: Snap Inc.
Founders: Evan Spiegel | Bobby Murphy | Reggie Brown
Year of establishment: 16 September 2011
CEO: Evan Thomas Spiegel
Headquarters: Santa Monica, California, United States
Employees (Dec 2020): 3,863
Ticker Symbol: SNAP
Annual Revenue (Dec 2020): US$2.5 billion
Profit net income (Dec 2020): US$770 million
Products & Services: Snapchat |Spectacles | Bitmoji
Company Website: www.snapchat.com
Snapchat SWOT Analysis – SWOT Analysis Of Snapchat
SWOT Analysis Of Snapchat analyzes the brand based on its strengths weak points, weaknesses, opportunities, and threats. With Snapchat SWOT Analysis it is clear that the advantages and disadvantages are internal factors, while threats and opportunities are external elements. Here we are going to talk about Snapchat SWOT Analysis. Below Is The Detailed SWOT Analysis Of Snapchat.
Snapchat Strengths – Snapchat SWOT Analysis
1. Users: Snapchat currently has approximately 166 million users, with a an increase of 36 percent per year. The number is expected to increase by a third over the next three years.
2. Unusual software :Quite in contrast to its peers, Snapchat features a feature of self-deleting messages. Although initially, the application was criticized due to this feature, due to a variety of security issues it has become one of the biggest positive benefits.
3. A robust mobile phone interface: Research indicates that the mobile interface of Snapchat is more user-friendly and durable when compared to other apps. This draws more customers.
4. more privacy: Snapchat provides more security for its users by using self-deletion and for its intended group of users that is millennia-old, this comes as a major benefit. The brief life-span of messages also guarantees that they won’t be used in a later time.
5. More customer engagement: Snap chat employs more visual aids than many of its competition. Visual stimuli are more powerful than text messages and have been proven to be more effective in attracting customers.
Snapchat Weaknesses – Snapchat SWOT Analysis
1. Stocks that are undervalued: Snapchat issued an IPO in 2012 that was a disaster because the stock prices were incredibly undervalued, destroying the image of positivity that the brand had built up until that point.
2. Diversity: Snapchat tried to diversify into various areas , many of which did not work and caused the company lose a significant amount of money. A good example is of Snapchat spectacles, which was a massive failure.
3. The number of active users on a daily basis is decreasing: The activity patterns of the typical snapchat user have changed dramatically and the daily active users has drastically decreased.
4. Dependence upon advertising to generate revenues: Almost 96 % of the earnings of Snapchat is generated by advertisements, and this was followed successfully by Google which had many other businesses that were different from Snapchat.
5. A disproportionate contrast of Facebook: Customers began to compare Snapchat to other websites like Facebook as well as instant message services such as WhatsApp which has a lot more to provide with regards to features. This is the reason why Snapchat is not as a the most preferred chat platforms.
Snapchat Opportunities – Snapchat SWOT Analysis
1. The increased use of smartphones: Smartphones are simple and user-friendly along with Snapchat as it allows users quickly snap photos and easily share them…
2. The norms of remote working and telecommuting: Modern companies working in the field of information technological sector encourage the concept of working at home from their workplaces. This increases their dependence on instant messaging software to facilitate formal interactions.
3. Increased scalability: As the use of smartphones as well as other technologies rise, apps have become more widespread and borders are no longer existent. This presents an possibility for companies to ramp up operations to other nations.
4. Growing demand for privacy as threats such as data theft increase and the need for privacy is becoming more important in instant message services. Snapchat comes with a number of features that guarantee more privacy.
Snapchat Threats – Snapchat SWOT Analysis
1. Competition: Snapchat has threats from new and experienced competitors, including the Twitter, Facebook, WhatsApp, Viber, Tango, and Talk for free.
2. Technological advancements: Technology related to instant messaging is constantly evolving each time, and managing it can be a major problem.
3. Restrictions: Countries like Dubai, Qatar, UAE, Korea and Libya have put a restriction on VoIP that could hinder their potential growth.
4. Dependence on Dependence on IT Infrastructure: The satisfaction of the user of instant messaging is contingent upon the speed and bandwidth available within that region. They are region-dependent which results in a number of issues for service.
Snapchat SWOT Analysis Template
This is the SWOT report that Snapchat has done. Please let us know if you have additional suggestions to add.
Let us know What do you think? Did you find the article interesting?
Write about your experiences and thoughts in the comments below.