Is Connected TV Right For Your Business ?
Is Connected TV (CTV) right for your business?
When discussing CTV with our partners, many of them are skeptical.
“We didn’t really see any results.”
“How do we know it’s working?”
“Is it bringing in leads?”.
That’s why we're breaking down what CTV is, how CTV works, and why you should include CTV in your marketing mix, step-by-step.
According to Amazon, “CTV advertising is a form of digital advertising that appears within streaming content.”
For example, it includes ads shown alongside content shown on HBO, Hulu, Peacock, etc.
Since platforms can also be accessed on Smartphones, desktop computers, and tablets, CTV ads can appear on multiple devices.
In many instances CTV can have the appearance of traditional TV commercials, but have the added tracking value from being a digital advertising asset.
CTV combines the familiarity of TV commercials with the measurement capabilities of digital advertising to empower your team to approach advertising strategically.
How CTV Works
The digital nature of Smart TVs, Rokus, gaming consoles, and mobile devices enable CTV management platforms to collect user data. This data can include:
- What content is consumed
- What ads users see
- How users engage with ads
This data enables advertisers using CTV to better identify ideal customers and target them with strategic ad placement.
For example, if you run a prospecting campaign on Paramount Plus with the goal to reach as many new customers as possible, you may discover that your ads experienced the highest engagement during YellowStone.
Your ad agency can now prioritize YellowStone over other content on Paramount Plus to reach more people that are also likely to engage with your ads.
Why You Should Include CTV in Your Marketing Mix
CTV has moved consumption from the big box in your living room, to an entire catalog of devices that allow consumers to view premium content.
These devices enable viewers to interact with ads and empower advertisers to measure consumer behavior.
The data, strategy, and content CTV provides compared to other forms of advertising is why you should include CTV into your marketing mix.
Your Customers Are Using CTV
According to Statista, the number of households in America that use CTV devices is expected to rise to over 110 million by 2024.
The huge growth of the CTV viewer base in the last couple of years has much to do with big shifts in consumer habits caused by COVID, because people were suddenly stuck at home in front of their TVs.
As a result, weekly time spent using CTV devices nearly doubled during lockdowns, and has refused to go down to pre-pandemic levels.
With over 500 million unique users combined watching more than 200 billion streams each year, according to Conviva, and more people cutting their cable cords, a significant portion of your target customers may be missing your traditional commercials entirely.
Reach Your Target Audience
As a business that can’t afford advertising that doesn’t work, your ads need to get in front of the right people.
Like Paid Social and Pay Per Click Advertising, CTV enables you to identify and reach potential customers who display buying signals that match your target customers.
With CTV you can target customers by their specific locations (ex. 20 miles around Cleveland Ohio) by demographic, (exclude shoppers 18-24), and by psychographics (interested in home improvement).
These capabilities ensure you reach people interested in your business while reducing your ad spend on people outside of your target market.
Measure the Customer Journey
Not only can you target your ideal customers, but you can measure their path along the customer journey.
Unlike more traditional forms of advertising, CTV’s digital attribution capabilities enable you to follow a person’s journey from first impression to satisfied customer.
With the advanced metrics of many CTV platforms you can see which creative resonates the most with customers, attracts the most traffic to your business, and drives the most conversions–be they form fills, phone calls, or purchases.
CTV enables you to make informed decisions about which campaigns are working, which ones aren’t, and adjust your investment accordingly.
How Mean Joe Does CTV
Curious if CTV is right for your business?
Based on your industry, location, and budget, Mean Joe Advertising can provide an array of advertising proposals.
This gives you and your business the flexibility to choose which plan is best for your investment.
Ready to get started?