It’s hard to believe there isn’t enough room for many social media outlets to thrive, considering how many people use them regularly. But the truth is that the field is becoming ever more competitive, especially with Wall Street watching every move the top players make to see if they have the legs to sustain long-term growth. And one company that has been in a bit of a downward spiral recently is Snapchat, in large part because of stiff competition with Facebook and Instagram.
In any cases, Snapchat has been an innovator, as it was the first to see a desire among users to have a social media experience that is temporary and has many of the same elements of a messaging service. But Facebook quickly responded with their own features along the same lines, putting Snapchat on the defensive once again. When going up directly against Facebook, the company always has its problems due to the simple fact that Facebook is the bully on the block, the company that with a firm footing that the upstart can’t quite undercut.
For those wary of the way this particular site might be abused, a Snapchat Spy app is an excellent tool to make sure your kids or you’re significant other isn’t misusing the unique features available to them. As Snapchat continues its battle against its rivals, it needs to acknowledge its weaknesses and fortify its strengths.
The Money Factor
In many ways, Snapchat has run up against many of the same problems that have bedeviled Twitter in the past. Both sites receive a lot of buzzes and seem to make the news a lot, and that kind of publicity is always valuable. But neither has been able to consistently turn that buzz into revenue. And investors are far more interested in seeing earnings reports that they are concerned with some fancy new feature being developed. Snapchat has to find ways to consistently keep Wall Street impressed.
Compete or Coexist
The question for Snapchat is whether or not they should try to outdo Facebook and Instagram or simply be happy occupying their own niche in the market. Should there be an effort made to court an older demographic and go up against Facebook’s longstanding advantage in that area? Or should they steer into the curve, continue to concentrate on engaging the teens that have long been their core audience, and try to prove to Wall Street that there is great worth in that?
Counterpunching the Bullies
What has to be frustrating for the Snapchat brain trust is how Facebook has been able to mimic their most popular features and smoothly integrate them into their existing features. What Snapchat has to continue to do is be inventive and come up with more new ideas like their popular “Stories” feature. In that way, they can position themselves as the true innovators among the big three.
It should be interesting to see how Snapchat develops in the near future. That time period will likely determine whether they’re fighting to stay relevant or occupying the same rarefied air as their entrenched rivals.