Last week, Snap, the company behind one of the most sticky social media apps for teenagers and GenZs, Snapchat, announced that it is making significant reductions to its headcount while giving strategic priority to community growth, revenue growth and augmented reality (AR).

With other popular social media platforms like TikTok and its short-form video dominance, Snap has had a challenge balancing more focused investments with continued innovation in a highly competitive social media category.

Like other social platforms, Snapchat has been pummelled by falling advertiser demand brought on by global events. It is also contending with privacy changes that make targeting and measuring mobile campaigns more challenging.

Moving forward, Snapchat’s strategic priorities will be community growth, revenue growth and augmented reality (AR). It is discontinuing investments in original shows, mini-games and apps, its selfie drone Pixy, and nixing standalone apps Zenly and Voisey.

As the digital advertising market continues to witness a drawdown in demand, revenue and business volumes, more rationalisation is expected. However, social media is still an important part of the digital advertising puzzle. Average monthly users across Facebook, Snapchat and Twitter prove this. Your digital marketing strategy should not be reactionary to cut off social media aggressively. Instead, a specific platform can be leveraged to connect with certain audiences. Everything begins and ends with your strategy.

Should you be thinking of how to make social media work better for your digital transformation strategy? Get in touch with us today – info@sbimedia.com.ng