There’s a new game in town and it’s called Connected TV. Marketers worldwide are learning to play and trying out winning strategies. They sense there are gains to be made and ways to leverage partnerships. And the truth is, everyone is testing, measuring and guessing in order to grow audiences for their brands. How CTV is paying off for advertisers is mostly unknown at this point. But it is time for you to consider how the pros play the game.
Digiday, along with Innovid, has published a report that gives a play-by-play of how marketers approach this CTV advertising journey. “The State of CTV Advertising: Connected TV is redefining the omnichannel mix” is a survey of over 100 brand marketers and executives and how they prioritize CTV in their marketing strategy.
According to Innovid’s 2021 Global Omni-Channel Benchmarks Report, “global CTV impressions in 2020 increased 60% year over year and CTV accounted for 40% of all video impressions, up from 31% in 2019.” The study found “advanced creative drew a 309% lift in engagement and an average of 34 additional seconds earned. Interactive CTV ads averaged a video-completion rate of more than 85%”. This is exactly the game winning results marketers seek when asking how CTV is paying off for advertisers.
New rules for a new game
Because it’s early in the game, marketers have a hand in establishing the rules. Jessica Hogue of Innovid suggests these 3 steps regarding CTV data and targeting:
- Establish common currency and terminology
- Experiment with measurement strategies now
- Leverage the agility of CTV and tweak the formula
You’re not too late to the game. In fact, 24% of marketers surveyed began playing less than a year ago. Another 24% have not yet started. Zvika Netter, CEO and co-founder at Innovid, said it best, “Do you want to be ahead of the trend or behind the trend?”
To determine for yourself how CTV is paying off for advertisers I urge you to look through the report. It reveals aspects such as:
- The benefits of CTV adoption
- Popular omnichannel strategies
- Return on ad spend (spoiler: one-third don’t know)
- The most effective partnerships
- The KPIs of CTV
- Initial impact of CTV
- Measuring and analyzing performance (spoiler: 54% cite inconsistencies)
While the study does a great job of addressing these issues, it highlights the contradictions and the challenges that are only resolved through the experience of playing the game. Marketers are preparing for the blended future of CTV and linear TV. Brands are sorting out the right mix in the omnichannel strategy. Partners are connecting the dots to determine how CTV is paying off for advertisers. In the meantime, targeting the right audience is where it all begins. That’s where subscribers to AdMall have an advantage in any game where the stakes depend on business intelligence and insight.
Photo by Jonas Leupe on Unsplash