Tom Fishburne said that “The best marketing doesn’t feel like marketing”.
It is the storytelling by a marketer that transforms the consumer’s attention to an impactful everlasting trust and loyalty for the brand. And, CTV has evolved as a prolific medium for storytelling in this new normal.
As physical mobility has come to a halt, CTV consumption increased exponentially across the globe. Sophisticated marketers are utilizing this time to re-think media strategy, to capture massive digital engagement through CTV.
As per the data points of Pixalate, more than 200 million consumers across US opted for OTT video content in 2019. And, close to two third of these consumers are traced to CTV. Also, globally a 232% rise was noticed across the OTT and CTV landscape.
This surge in demand of this platform reflects that this quality consumer attention can be beneficial for a marketer to drive impactful CTAs. Another company Innovid in their study “The State of Connected TV Report 2020” pointed that brands with a clear call to action have experienced a higher engagement rate across CTV compared to other devices.
Image Source: The 2020 Industry Pulse Report by IAS
The current pandemic has hit the go to market strategy of many marketers and, as a safety net, most of them are taking a rain check on their advertising spend.
Verticals like travel, hotel and airlines trace a steady decline in business as we adjust to this pandemic with “Social Distancing”. Retail therapy, on the other hand, sees a massive uptick as consumers lean towards grocery products and revamping their personal spaces. Similarly, this new normal has also upraised an abrupt shift in consumer behavior online.
Since there are not many folks out on the streets or on the driveway to see the DOOHs, the halt in mobility, has sky-rocketed the consumption of digital content across all age users.
The SSP SpotX, mentioned in their recent eMarketer webinar that viewership of news, technology and entertainment have increased tremendously during this lockdown.
Image Source: eMarketer webinar
Because of the change in consumer behavior, CTV ad spend has also observed some dramatic changes across the advertiser categories -
Image Source: eMarketer webinar
Due to this increase in viewership, the CTV impressions have increased compared to the normal supply demand times and, this has reduced the CPMs across CTV/OTT inventory compared to the normal times.
With lesser number of players in the market and the reduction in CPM; sophisticated marketers are transforming this opportunity into a home run, through stronger messaging and storytelling. They’re resourcefully utilizing this changed consumer behavior to build a deeper level of trust and assurance with their consumers.
While being agile towards CTV, it is equally important to get an ad fraud verification vendor onboard too. This will help marketers to block the bad actors who malpractice fraud from bots, fraud on devices, fraud on apps, domain spoofing and geographic misrepresentation.
Yes! Times are hard, and we all are in this together. But this time can be leveraged by a marketer to build a stronger brand perception across consumers by impeccable storytelling through CTV.
How are you tackling your marketing strategy in this new normal? Are you adapting to the change with something different? Share your digital experience with us in this new normal on the comments below.