Snapchat Killing Facebook? Not in Your Social Media Strategy

Try typing “Snapchat killing Facebook” into a search engine and you’ll be flooded with results about how the live chat app that self-destructs messages - in a way far less glamorous but apparently much more fun than Mission Impossible - is overtaking internet giant, king of the social sphere, Facebook.

But, is it?

According to figures from ComScore, not really. Facebook is still ruling the social network scene when it comes to number of users, time spent on the app and pretty much every other aspect.

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Millennials and especially people over 34 use Facebook far more than any other app, but if you are a broker looking to stand the passage of time and tap into a new generation of wealth (those in generations Y and Z), you need to start looking outside of Facebook and a definite contender is Snapchat.

If your current social strategy is not on self-destruct and thumbs-up gear, learning how to use both Snapchat and Facebook as part of your Marketing strategy should be at the top of your to-do list.

How to use Facebook to promote your business:

With a reported 1.59 billion monthly active users, Facebook is the most likely network to contain the largest number of your connections and where you can get the widest reach. Here’s what you should do:

1. Set up a page. A Facebook page is an excellent free marketing tool. It allows you to develop your brand through posts, links, photos and video and show a more personable side.

2. Set up a group. Creating a Facebook group can be an extraordinary tool to communicate with your audience in an exclusive and direct way, share scheduled events, promotions, news about your business, documents and more.

3. There are multiple ways in which you can advertise your business on Facebook. One way is by using classic ads or 'Marketplace Ads', which are the ads that appear on the side columns of the site. Another option for placing ads on Facebook is through promoted posts, which allow page owners to have their posts reach a certain number of users for a flat fee, increasing that specific post’s reach.

4. Sponsor stories. We all know word of mouth is the best form of advertising. Well, sponsored ads or stories capitalize on the power of word of mouth to get users to take an action, such as ‘like’ your business page or claim an offer, by showing on a user’s feed that his/her friends took that same action. This is only the only form of Facebook ads that is available on mobile devices.

5. Host contests. A great marketing tactic to increase brand awareness and win you fans is running contests, sweepstakes and promotions on Facebook. In order to implement contests as part of your Facebook strategy, you need to use third party apps such as Shortstack or Pagemodo.

How to use Snapchat to promote your business:

With more than 100 million daily users (71% between 18 and 34 years old), Snapchat is one of the fastest-growing social networks around and should become an integral part of your brokerage’s marketing strategy. Here’s how:

1. VIP access pass. If you are taking part of live events, such as tradeshows or other special events for example, using Snapchat to allow users direct access to your event remotely. Is a phenomenal real-time social media marketing tool.

2. Exclusive content. Share special content that users wouldn’t find in other channels. The urgency created by Snapchat by the fact that stories are only available for 24 hours is a great crowd drawer.

3. Behind the scenes. Create a story about your company (a day in the life of one of your departments, a company outing, etc) and provide users a behind-the-scenes look at you r company’s culture.

4. Create a serious impact on product or new service launches with a video or pictures of what’s coming. Because the images are only on screen for a few seconds, the buzz generated around a future release can be immense.

5. Send incentives. Bonuses, coupons, rewards and even sweepstakes are a classic marketing tool in the FX industry. Offer these giveaways via Snapchat to drive real traffic to your business.