207% Rise in CTV Impressions – Innovid Report’21Reading Time: 4 minutes
Pandemic has brought a dramatic change in the advertising strategy of various brands. During the past year, brands noticed a massive impact of CTV and OTT on viewers, and they amended their advertising strategy. As a result, marketers have started spending more on CTV and OTT advertising.
And soon, Quarter 4 is approaching, and any brand that neglects to include it in their strategy will miss out on more extra leads, revenue, and profits. For any industry, whether it’s e-commerce, retail, FMCG, apparel, or hospitality, the last quarter of the year is the largest shopping season and provides an opportunity to interact, engage, and convert more customers. Q4 brings many festivals like Diwali, Black Friday, Halloween, Christmas, New Year’s Eve, and more. Furthermore, many advertisers focus on major sports events and championships like NCCA, NFL, IPL, and NBA.
The holiday season is a perfect time for placing hyper-targeted ads on the right streaming platform to make your brand’s Q4 more rewarding. E-commerce players launch various campaigns during the fourth quarter and offer great discounts on the bestsellers and various fresh products/services.
VDO.AI talks about how CTV constitutes the modern advertising strategy and why both B2B and B2C need CTV Advertising to elevate their brands.
Why CTV Advertising?
Undoubtedly, Connected TV(CTV) advertising is winning over traditional advertising. Users are watching shows on Hulu and Disney Hotstar that they can watch on TV regardless of the advertisements that come in between.
In marketing, reaching the customers at the right place and at the right time is significant. And amidst pandemic, traditional advertising methods like trade shows, hoardings, etc., aren’t the suitable medium to reach the audience. CTV Advertisement will deliver more conversions through engagement on streaming platforms as compared to traditional advertising. It is cost-effective compared to TV advertising, which means you can’t afford to ignore CTV as a part of your strategy. CTV enables you to place video advertisements on streaming platforms providing you real-time reporting and inventory options.
Below are some interesting findings that showcase the boom in CTV and OTT:
- “CTV total viewing time is increasing 81% Year-Over-Year.”- Neilson Report
- “TV viewing in India is on a significant uptick and increased by 31 percent.”- Brand Equity
- “There is 40 percent adoption for the leading eight OTT apps in India: Disney+Hotstar, Amazon’s Prime Video, Netflix, Zee5, MXPlayer, Sony LIV, VOOT, and Alt Balaji”. – Brand Equity
- “64% believe CTV will help improve audience targeting” – BizReport
- “Nearly 90% of viewers use a second digital device while watching TV.” – MarTech
- 82% of US TV households have at least one Internet-connected TV device, compared to 80% in 2020, 74% in 2019, 65% in 2016, and 30% in 2011.” – Digital Europe
Why does B2C require CTV and OTT Advertising?
B2C brands have already recognized the power of CTV and OTT and how they can sell their products/services more through CTV/OTT advertisements. Recent reports showed there had been an enormous hike in advertisers spending on CTV advertising.
We know that people tend to spend more during festival seasons. With millions of viewers on CTV and OTT, brands may attract greater attention from a wide range of gift searchers in the coming months, allowing them to optimize their sales throughout the holiday season. Instead of spending huge advertisement budgets on television ads, social media ads, and google ads, adopting CTV/OTT advertising will reach a similar audience at a more economical cost and deliver better ROI. Moreover, people find CTV ads less disruptive than usual television ads.
In addition, increased viewership on streaming platforms combined with CTV/OTT advertising will be a profitable combination to achieve higher sales.
Why does B2B require CTV and OTT streaming?
Well, B2B brands never aspired to waste their money on large budgets broadcasting ads. They seek zero money waste, and spending huge on TV advertisements was never a prudent move. And, CTV advertising is a total game-changer for all the B2B brands and advertisers by offering a distinctive advantage. During pandemic and post-pandemic, most B2B customers are working from home, so brands must reach customers where they are at the right moment to create leads and sales. CTV and OTT offer an extremely diverse audience enabling you to reach an audience of all gender, ages, and family positions, at lower CPM costs.
Let’s say you create a compelling ad conveying your brand message with a call to action, and it pops up on your customer’s device screen. What impact will it leave? It will differentiate you from your competitors and catch the attention of your customers. What More? CTV and OTT ads allow you to retarget the potential customers who visited your site and have shown interest in your service.
Chase the audience and meet them where they are present. Additionally, millions of shoppers will be spending time watching some shows on streaming platforms, and thus leaving CTV/OTT advertising off your plan list means losing out on revenue. This holiday season, chase wider audiences waiting for you on CTV/OTT with the help of VDO.AI’s Advanced Solutions. Connect with us to reach the right audience and drive profitable results with high targeting.