Snap Finance loses marketing chief amid YTD spend declines (Score 32)
Sales lead: Be prepared to reach out as soon as this company hires a new CMO..png)
- Snap Finance (SF) lost its CMO of almost three years, Colin McCracken, in September 2023.
- McCracken is now the CMO of Mercury Financial.
- We will be sure to update you as soon as a replacement is announced.
Target demographic: Millennials
Once it hires a new CMO. the company will likely:
- Return to 2021 spending levels
- Diversify digital ad placement
- Seek agency partners
Digital and social insights (digital ad spend, effectiveness, impressions, and performance)
- YTD spend: SF spent nearly $1.3m on digital display ads YTD, just 28% of the $4.6m spent in this channel during the same time period of 2022.
- YTD data: 181.3m impressions via Facebook (96%) and Instagram (4%).
- 2021-2022 spend: Full-year spend skyrocketed from $18.9k in 2021 to $5.9m in 2022.
- Ad location: It placed 100% of these ads directly onto facebook.com and instagram.com.
Agency analysis:
- Opportunity: Start working on your pitches now so that you are ready once it names a new marketing chief.
- SF does not currently work with any agencies to the best of my knowledge.
Insight Sources: Digital spend insights estimated by Pathmatics.
