Is Connected TV Advertising Right for Your Business?
Connected TV is now at the heart and center of what is defined as TV advertising. It has seen quite a surge in popularity over the years. And for good reason. More than 164 million U.S. users are accessing content through connected TV, with it expecting to rise to a whopping 204 million by 2022. The allure of getting your ads on the big screen without a huge price tag is only one of many reasons for its expanding demand.
Is Connected TV Advertising Right for Your Business?
A General Rundown of CTV
For those unaware of what CTV advertising actually is, it can be defined as ads that can be placed on any TV or device that is connected to the internet. These devices may include Smart TVs, standard televisions, and even gaming consoles (such as PlayStation). It is a form of PMP or private marketplace deal, and it is being bought and sold programmatically. Gone are the days where only one of three major networks was streaming a commercial. Connected video content can be streamed beyond what is normally available through cable. Basically, the playing field is much bigger now. Some of the big players in this new entertainment include YouTube, Roku, and Hulu. These only make up about half of the CTV revenue.
Three Different Types of CTV Ads
The three different types of CTV ads include in-stream video ads, interactive ads, and home screen placement ads. The in-stream video ads are those unskippable ads that play for about 30 seconds. With it being only 30 seconds long, it’s a quick and effective way to get your message out. Interactive ads are going to urge viewers to interact and click on something to acquire more information. Clicking on the coupon or product will navigate the clicker to a landing page for an offer. Home screen placement ads are the simplest ad. It’s stagnant and it may have a “learn more” button. This button attracts the viewer’s attention before the entertainment begins.
What Makes it Superior
Businesses have much more control when it comes to connected TV ads. You can get more precise in targeting your audience, see who is viewing the ads, and create platforms tailored to the viewer’s journey. It works similarly to Google and Facebook. Consuming connected TV requires a login and some general information. Whether that’s zip code or interests, the opportunity to create more tailored ads has never been more accessible. You can even choose what time of day you want your content shown.
The sole fact that people are using CTV on demand will inherently mean they’re more engaged with what they’re watching. You can track who’s actually seeing the digital ads and how it was interacted with. This can allow for tweaks and modifications in the content if need be. The content can be tested and changed throughout the process without emptying your pockets. Playing with different formats can be super beneficial. When your goals are defined clearly, your perfect audience will come.
How to Get Started
When you first start with connected TV advertising, you’ll want to clearly define what your target audience looks like. Knowing their purchasing habits and history will ensure you’ll be showing up exactly where you need to be. In doing this, you can even start a conversation with them directly, bringing you closer to a sale. With your audience defined, specific ad sets can be created for particular streaming platforms. And finally, you can monitor your metrics. In doing this, you can prepare for future ads and campaigns. This will all bring you closer to the most qualified customer willing and ready to do business with you.
So, Is It Right for You?
There’s no doubt that it’s an exciting time for connected TV advertising. The number of Smart TVs and over-the-top devices exceeded 1 billion back in 2019. Now more than 50% of the U.S. population has a TV-connected device in their home. With the affordability, the versatility, the freedom, and the control to make it however you please, it’s tough to deny its allure and potential. It would only seem wise to hop on the bandwagon if you’re serious about expanding your audience and, ultimately, upgrading your business.
Additional Reading: 3 ways top brands are using connected TV to increase reach and drive results
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