Anyone who deals with social media accounts will tell you the hardest part is measuring a return on investment. How can you tell the client that the money they spend on their social accounts will lead to sales? This is a problem I ran into when working on a campaign for a school competition I’ve been named a finalist in. My idea revolves heavily around the idea of On-Demand Geofilters for Coca-Cola at school events.
Snapchat currently only releases two statistics for your custom made filters, number of uses, and number of views. Even with the low cost $5/hr per 20,000 square feet how can you convince companies to spend this money?
The answer is CPM (cost per thousand impressions). CPM measures the cost it takes to get 1,000 impressions on an ad. With Snapchat you simply take the price you paid for the filter divided by the amount of views.
So if you only spent $30 on a filter for the day and got 9,000 impressions (views) you would have only spent $3.33 per 1000 views of the filter.
The main advantage of using a Snapchat filter for your business is to have users engage and promote your brand organically. At the current price it’s a steal for any company, make sure you start using CPM to help sell the idea to your clients.