Evan Rutchik, the Fonder of LocalFactor, an omnichannel programmatic services company, has witnessed the dramatic changes in digital advertising firsthand. Connected TV (CTV) advertising has quickly become a staple in any forward-thinking marketer’s strategy.
The shift towards CTV is supported by data. Cord-cutting continues to accelerate, leading to CTV’s projected dominance of viewing time. Recognizing this, advertisers are set to invest a massive $26.7 billion into CTV ad spending by 2024. To effectively navigate this competitive landscape, brands need a well-defined strategy. Here are five tactics that will shape the future of CTV success:
1. Diversify Your Inventory to Maximize Reach
Savvy brands understand the reach offered by premium platforms like Netflix, Disney+, and Prime Video, which now include ad-supported tiers. However, the FAST (Free Ad-Supported TV) model shouldn’t be overlooked. Platforms like Pluto TV and Tubi boast significant viewership, especially among cord-cutters.
Rutchik emphasizes that marketers shouldn’t solely chase the biggest names in the industry. Niche platforms often have highly engaged, loyal communities and can deliver impressive ROI.
2. Think Omnichannel, Not Single-Channel
CTV offers incredible reach but gains even more power when strategically integrated with other channels to create a seamless brand experience:
- Social Media: Retarget viewers with targeted ads for deeper engagement.
- Search Engine Marketing (SEM): Refine your paid search terms based on insights derived from CTV campaigns.
- Mobile: Reach engaged audiences with timely, context-aware mobile ads while they’re on the go.
- Digital Out-of-Home (DOOH): Amplify your CTV messaging with high-impact billboards and displays.
Omnichannel success depends on consistent messaging. Evan advises that audiences encounter a unified brand story across all touchpoints.
3. Embrace Unified Audience Data
The era of siloed audience targeting is coming to a close. To maximize the effectiveness of CTV campaigns – and broader marketing efforts – brands need a partner with a platform-agnostic approach to audience data. Solutions like LocalFactor’s Geo-Graph™ ensure scalable audience targeting, regardless of the advertising platform.
Rutchik notes that In-house audience data unification can be time-consuming and error-prone. Seek partners with a proven track record and pre-built connectors to optimize audience insights across platforms.
4. Prioritize Creative Innovation
Break free from the static mold of traditional broadcast advertising. CTV provides opportunities to engage viewers with personalized, interactive content:
- Dynamic Creative Optimization (DCO): Tailor ads to specific audiences in real-time for maximum impact.
- Interactive Features: Drive engagement and conversions with clickable offers, shoppable ads, and more.
- Social to CTV: Seamlessly repurpose social media content into impactful CTV ads for cost-effective campaign expansion.
Rutchik points out that CTV has outgrown static video ads. Investing in engaging, personalized formats elevates the brand experience and leads to superior campaign outcomes.
5. Experimentation is the Key to Success
The CTV landscape evolves at a rapid pace. Brands that commit to innovation and use real-world results to refine their strategy will stay ahead of the curve. A/B testing should be a fundamental component of any CTV campaign.
- Start Simple: Isolate single variables to pinpoint performance drivers.
- Iterate and Optimize: Use data-driven insights to enhance CTV campaigns continuously.
Evan concludes that inaction can lead to missed opportunities. Embrace an experimentation mindset to fully capitalize on this dynamic channel.
CTV represents the future of advertising. By implementing these essential strategies, brands can position themselves at the forefront of this exciting revolution. Companies like LocalFactor offer a complete suite of programmatic services, cutting-edge data solutions, and innovative creative capabilities. Partnering with a leader in the field can fast-track your CTV success in 2024 and beyond.
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