Firstly, Who is on Snapchat? Are you on Snapchat? If you are, you can add my private account @krocklive - It's basically just photos of my dog Rosie and me DJing.
What is Snapchat? Google defines it as: Snapchat is an image messaging application software product created by Evan Spiegel, Bobby Murphy, and Reggie Brown when they were students at Stanford University.
It's a peer-to-peer message service that allows people to send an image (that can have text added as an overlay) and specify how long the image is able to be viewed before it closes. Snapchat has added several features over the years including a "My Story" feature that allows people to post images or video that is available to anyone that subscribes/is friends with them.
Many celebrities have jumped onto Snapchat because of the ability to share "in-the-moment" video and images of their lives, often highly orchestrated, they can add a real sense of connection for fans feeling like that was sent specifically for them. Brands are also making the dive and investing huge amounts of time and energy to having dedicated person/s on the account at events, sharing updates on the business and generally just having fun on there. Currently the audience is primarily younger demographics hitting large on the 14-30 age groups, people that have used social media platforms for basically their whole lives are extremely comfortable sharing content in this way.
Should your business/brand be on Snapchat?
My first questions are a) can you afford to manage this or have someone dedicated to the platform at least during specific events and are you connected to enough events to be engaging? b) are you trying to target a youth market and can you afford to miss out on this audience?
If the answers are yes, you should certainly be considering a Snapchat account. Then consider which other platforms and strategies you are going to implement to really make this work. Promoting cross-channel on Instagram, Twitter and Facebook as well as a real push on email when you first launch is a great strategy. Find other businesses with active Snapchat accounts and develop partnerships promoting one another, maybe you partner for an event (it doesn't have to be big - 10 people at a "meet up" could be ideal) and have everyone share accounts.