How Can You Make Money Using Snapchat In 2024?

Making money using Snapchat is possible, and money-central.com is here to guide you. By understanding the platform’s unique features and audience demographics, you can leverage Snapchat for financial gain, whether through content creation, advertising, or strategic partnerships. Discover different ways to earn on Snapchat and learn how to turn your snaps into cash. Unlock your earning potential now by developing a solid financial plan, growing your income, and setting up profitable ventures.

1. Why Does Snapchat Matter For Businesses To Generate Revenue?

Snapchat is vital for businesses looking to generate revenue because it has a large, engaged user base, particularly Gen Z and younger millennials, who make up 75% of its users. The platform’s advertising features allow brands to enhance visibility, drive traffic, and increase conversions.

Engaged Audience: Snapchat users open the app approximately 40 times a day, with popular activities including shopping and socializing.
Preferred Shopping Platform: Gen Z prefers Snapchat for sharing purchases and shopping moments, making them 40% more likely to buy products advertised on the platform compared to others.
Advertising Features: Brands can use dynamic ads, localized sponsored lenses, and Snapchat Stories to reach their target audiences, coupled with various calls to action (CTAs) to achieve specific goals.

2. What Is Understanding Snapchat As A Monetization Platform?

Understanding Snapchat as a monetization platform is essential because it provides avenues for businesses, creators, and publishers to generate income through content, sponsored content, and ads. Snapchat’s popularity for earning money stems from its highly engaged audience seeking authentic and entertaining content.

Success Stories: Manscaped, for example, increased revenue by 162% using Snap Ads.
Audience Engagement: Snapchat boasts a highly engaged audience that appreciates authentic, interesting, and fun content.
Monetization Methods: Snapchat offers multiple avenues for earning income through content creation, sponsored content, and ads.

3. What Are The Key Demographics Of Snapchat Users?

The key demographics of Snapchat users are predominantly young, with a significant portion falling between the ages of 13 and 24. According to Statista in January 2024:

Men aged 13-24 comprise 29.2% of users.
Women aged 13-24 comprise 27.5% of users.

This data indicates that Gen Z (those born from 1997 to 2012) constitutes the app’s largest user base, followed by millennials. Tailoring advertising and monetization efforts toward these demographics can significantly increase success. Understanding these demographics helps businesses to better target their efforts, potentially leading to higher engagement and returns.

Graph of Snapchat users worldwide as of January 2024, by age and gender.

4. What Are The 10 Proven Ways To Make Money On Snapchat?

Here are 10 effective ways to make money on Snapchat:

4.1. How To Participate In The New Monetization Program?

Participating in the new Monetization Program is beneficial for established creators aiming to earn rewards for longer, engaging videos. This program replaces the original Spotlight Rewards program and focuses on placing ads in creator Stories and Spotlight videos longer than one minute.

To qualify, creators must meet these criteria:

Have at least 50,000 followers.
Post more than 25 times per month on Saved Stories or Spotlight.
Post 10 out of the past 28 days to Public Stories or Spotlight.
Achieve at least one of the following in the past 28 days: 10 million Snap views, one million Spotlight views, or 12,000 hours of view time.

Public figures can also apply to become Snap Stars, who provide entertaining content on Snapchat.

4.2. How To Get Rewarded On Stories?

Getting rewarded on Stories involves Snapchat distributing ad revenue generated by creators who consistently post engaging content to their Stories. This initiative rewards active users, allowing them to earn money based on their content’s performance.

To qualify, your account must meet the following criteria:

More than 50,000 subscribers to your public profile
More than 25 million views or 12,000 hours of view time on your public profile over the past 28 days
Have posted to your public story for 10 days with at least 20 snaps each day over the past 28 days

4.3. How To Promote Products And Services?

Promoting your products and services on Snapchat can directly boost your income by showcasing them in action and highlighting their benefits. This method is one of the simplest and most cost-effective ways to monetize the platform.

Showcase Products: Display your products in engaging content to highlight their unique qualities.
Emphasize Benefits: Clearly communicate the advantages of using your products.
Create Engaging Content: Develop content that distinguishes your products from competitors.

4.4. How To Partner With Influencers?

Partnering with influencers helps extend your reach and build trust with a new audience, as influencers can promote your products to their followers. Although Snapchat might not offer as much support as other social media platforms, collaborations can still be effective.

A still from a Snapchat partnership between Amazon Echo and Joshua Peck with Amazon Echo unit.

Shopify Collabs is an excellent platform to connect with influencers, manage partnerships, track affiliate performance, and grow sales.

4.5. How To Create An Affiliate Program?

Creating an affiliate program motivates partners to promote your products by rewarding them with a percentage of each sale made through their affiliate link. This strategy can significantly increase sales and brand awareness.

Incentivize Partners: Offer a revenue share for every sale they generate.
Provide Support: Share content ideas and marketing assets to facilitate promotion.
Simplify Promotion: Make it easy for partners to promote your business.

4.6. How To Host A Snapchat Takeover?

Hosting a Snapchat takeover involves partnering with an influencer or well-known business to create and post content on your Snapchat account for a limited time. This can generate buzz and attract new followers.

Partner Strategically: Collaborate with relevant accounts to maximize impact.
Promote Offers: Offer exclusive discounts or promotions during the takeover.
Engage Followers: Encourage interaction to boost your account’s visibility.

4.7. How To Capture Local Users With Geofilters?

Capturing local users with geofilters is an effective way to attract a local audience to your brick-and-mortar store or to expand your reach within a specific area. Snapchat’s geofilters allow you to target location-specific ads to users in particular towns or cities.

To use geofilters effectively:

Enable Location Services: Ensure location services are turned on for the Snapchat app.
Access Settings: Go to settings within Snapchat and choose the Manage option.
Toggle Filters On: Enable Snapchat Filters to activate geofilters.

Geofilters enable you to offer discounts to shoppers in specific locations, such as Atlanta, or drive traffic to your physical store in New York.

Side by side Snapchat posts from clothing brand Everlane with smiling models

4.8. How To Run Descriptive Ads?

Running descriptive ads is crucial because Snapchat users prefer knowing exactly what they’re getting before leaving the app. Providing detailed information encourages them to click through.

Describe the Offer: Clearly state what users will gain by clicking the ad.
Offer Incentives: Include discounts to encourage immediate action.
Set Expectations: Ensure users know where they will be redirected.

4.9. How To Leverage UGC (User-Generated Content)?

Leveraging user-generated content (UGC) on Snapchat involves incorporating customer-created reviews, videos, and photos into your ads to foster trust and create an intimate vibe. According to research, 86% of consumers trust UGC over influencer marketing, and those who interact with UGC convert at a rate 102% higher than average.

Incorporate Reviews: Share positive customer feedback to build credibility.
Feature Customer Videos: Showcase real experiences with your products.
Use Authentic Photos: Display customer-submitted photos in your ads.

A Snapchat post by Moitie that shows a smiling model holding up a set of eyelashes

4.10. How To Monetize Through Snapchat Discover?

Monetizing through Snapchat Discover involves utilizing the platform to get your content in front of new viewers and earn revenue through ads and affiliate links.

Here’s how to monetize through Snapchat Discover:

Run Story Ads: Use branded titles in Story ads within the Discover page.
Share Ad Revenue: Earn money through ads placed within your Discover content.
Integrate Affiliate Links: Include affiliate links in your Snaps, ensuring transparency with viewers.

5. What Are The Best Practices For Making Money On Snapchat?

To maximize your earning potential on Snapchat, consider these best practices:

5.1. How To Understand Your Audience?

Understanding your audience is crucial for advertising success on any platform, especially Snapchat. By researching your potential customers and their preferences, you can tailor your content to resonate more effectively.

Research Competitors: Analyze what your competitors are doing on the platform.
Use Analytics: Use data from your website, e-commerce metrics, and social media apps to understand customer needs.
Identify Preferences: Determine what type of content your audience is most likely to engage with.

5.2. How To Create A Sense Of Urgency?

Creating a sense of urgency can significantly boost engagement and drive action. Incorporating countdown timers or limited-time offers activates the fear of missing out (FOMO), encouraging shoppers to act quickly.

A Snapchat post by Matas showing two makeup items and a 25% discount.

5.3. How To Make Sure Ads Work With The Sound Off?

Ensuring your ads work with the sound off is essential because many users watch mobile videos on mute. Adding subtitles or auto-captions makes your ads accessible and understandable to a broader audience.

Add Subtitles: Include subtitles in your videos so viewers can follow along without sound.
Use Auto-Captions: Utilize auto-captioning tools to automatically generate captions for your ads.
Visually Engaging: Create ads that are visually appealing and convey the message without relying on audio.

5.4. How To Get To The Point?

Getting to the point quickly is crucial on Snapchat, as you have limited time to capture users’ attention. You need to explain what your ad is about, who you are, and why someone should take action in just a few seconds.

According to marketingessentialslab.com, you have just three seconds to get the attention of Snapchat users.

Be Concise: Make your message clear and straightforward.
Highlight Key Information: Focus on the most important details immediately.
Use Strong Visuals: Attract attention with engaging visuals.

5.5. How To Showcase Your Product Straight Away?

Showcasing your product immediately in your Snap ads ensures that users know what you’re advertising. Consumers crave clear communication from brands, so be direct and offer a discount if available.

A Snapchat video still showing three makeup items against a pale pink background.

5.6. How To Keep A Close Eye On Your Budget?

Keeping a close eye on your budget is essential for understanding where your money is going and ensuring you get the best return on investment (ROI). Snapchat requires a minimum ad spend of $5 a day but recommends spending $20 to $50 per day when starting out.

Set a Budget: Determine your target budget from the outset.
Monitor Spending: Track where your money is going.
Analyze ROI: Evaluate which ads are providing the best return.

5.7. How To Test, Tweak, And Try Again?

Testing, tweaking, and trying different ad formats is crucial for finding what works best on Snapchat. A young audience is discerning, so experiment with your campaigns to align with the results you’re getting.

Experiment: Try different ad formats and content styles.
Monitor Performance: Track how your ads are performing.
Adjust Campaigns: Tweak upcoming campaigns based on the results you’re getting.

6. What Are The Pros And Cons Of Using Snapchat For Business?

Before diving into Snapchat for business, it’s essential to understand its advantages and disadvantages.

6.1. What Are The Pros Of Snapchat For Business?

Driving Traffic: Add links to your website in Snapchat Stories to direct users to product pages or landing pages.
Resonating with Users: Snapchat content is often more personal and authentic, allowing you to connect on a deeper level.
Direct Communication: Respond to Stories and ads to encourage direct conversations with your followers.
Reaching a Young Audience: Snapchat’s user base is predominantly young, with a combined spending power of $5 trillion.
Low Barrier to Entry: It’s easy to create an account, set up payment methods, and ensure your pixel is firing quickly.
Ease of Use: Snapchat’s built-in ads manager has a simple, intuitive interface.

6.2. What Are The Cons Of Snapchat For Business?

Smaller Audience: Snapchat has a sizable user base, but it is smaller than platforms like Facebook and Instagram.
Time Restraints: Videos can be only 10 seconds long and disappear after 24 hours.
Difficult Resharing: There’s no re-share button on Snapchat, making it hard to share customer-created content.
Parsing Analytics: Snapchat’s analytics are less comprehensive than those of other platforms, making it harder to track ad and content performance.

7. How To Measure Success On Snapchat?

Measuring success on Snapchat involves tracking earnings and analyzing engagement metrics to understand what strategies are most effective.

7.1. What Tools Can I Use For Tracking My Earnings?

There are a couple of ways to track your earnings within Snapchat:

Snapchat Crystals Hub: Track earnings directly from Snapchat by earning Crystals for “payment-eligible activities.” View and cash out your Crystals within your Crystal Hub.
Snapchat Ads Manager: View your Snapchat ad performance within Snapchat Ad Manager to see all your ad performance.

7.2. How To Analyze Engagement Metrics?

Analyzing engagement metrics on Snapchat involves visiting the Insights tab within your public creator profile. Here you can view the following metrics:

Public Story Metrics: Snap views, viewers, average view time, total view time, screenshots, clicks, replies, and Crystals.
Engaged Story Audience Metrics: Age group, top locations, and top interests.
Spotlight Metrics: Views, viewers, total view time, favorites, subscribers, and shares.
Lens Metrics: Reach, views, shares, plays, and Snap Camera play time.

Key metrics to monitor include story views, average view time, and clicks.

8. How To Make Money On Snapchat FAQ

8.1. How Much Can You Realistically Earn On Snapchat?

The amount of money you can make on Snapchat varies based on your follower count and engagement metrics. Influencers with thousands of followers can make anywhere between $500 and $10,000 per post.

8.2. What Types Of Content Work Best For Making Money On Snapchat?

Several types of content can help you make money on Snapchat. These include:

Content that promotes products and services
Content that includes affiliate links
Influencer and brand partnerships
Engaging, authentic videos
One-minute-plus Spotlight videos (for established creators with 50,000+ followers)
Snapchat ads

8.3. How Do Snapchat Ads Work For Monetization?

Snapchat ads allow businesses to monetize by promoting products, services, or content to a young and engaged audience. Advertisers can use ad formats like Collection Ads and Story Ads. Effective campaigns drive traffic, conversions, and brand awareness, turning views into revenue opportunities.

8.4. Can You Use Affiliate Marketing On Snapchat?

Yes, you can use affiliate marketing on Snapchat by sharing affiliate links in ads or organic content, like Stories. Share engaging visuals and a compelling call to action, ensuring compliance with Snapchat’s advertising policies and any affiliate network guidelines.

By understanding these strategies and best practices, you can start leveraging Snapchat to generate income and achieve your financial goals. For more comprehensive advice and tools to manage your finances, visit money-central.com, where you can access expert advice, financial tools, and resources to improve your financial well-being. Check out our budgeting guides, investment tips, and debt management strategies to take control of your financial future. Don’t wait – start your journey to financial success with us today, with our address at 44 West Fourth Street, New York, NY 10012, United States, and phone number +1 (212) 998-0000.