Tag: Analytics

CTV

Incorporating OTT/CTV Advertising into your Digital Strategy

by advwpman, posted in Advertising, Blog

Taking first place by a landslide, OTT easily wins advertising trend of the year. However, actually defining OTT and incorporating this powerful new tool into your strategy is much harder to decide.

What is it?

The acronym OTT stands for “over-the-top” and refers to streaming media services that reach viewers directly over the internet instead of through traditional cable. Connected TV devices such as Roku, Amazon Fire Stick, or even your XBOX game console provide OTT streaming through well-known services such Netflix, Hulu, and Prime Video. 

For example, watching Netflix on a smartphone app or even in an app on your smart TV counts as OTT. Connected TV devices then are often the medium through which viewers reach OTT services.

Among Netflix and Hulu, there are numerous other streaming services, such as fuboTV and Sling TV, that already exist. However, companies like Disney, Comcast, and more are all introducing their own streaming platforms. With many of these existing and new OTT services, advertisers are presented yet another medium for reaching viewers. 

If you are wondering if advertisers have already begun advertising on OTT platforms, the answer is a resounding yes, and the number of advertisers is only growing. 

In the first quarter of 2019, Roku’s platform alone double the number of ad impressions served on their platform as compared to the prior year, and Roku announced that it predicts revenue for the year to be over $1 billion with about two-thirds of this revenue coming from ads, according to AdAge.

The Growth of Cutting the Cord

Every day, more and more advertisers are adding OTT to their marketing mix. This shift is occurring not only because OTT is a powerful advertising tool. It is also fueled by advertisers’ premium target audiences moving off cable.

This trend has effectively been labeled cord cutting as many viewers are “cutting the cord” with their cable provider in favor of the ease and experience of OTT services. According to eMarketer, the number of cord-cutters in the US, defined as “adults who have ever cancelled a pay TV service to continue without it,” will grow by 32.8% in 2019 to 33 million. At the same time, the number of subscriptions to OTT video services will rise to 170 million. This is qual to 51.7% of the US total population. 

Additionally, the audiences on streaming platforms and CTV devices reach Millenials and Gen Zers. These two groups tend to be harder-to-reach and more sought after demographics for advertisers.

According to Nielsen, “out of total day viewers watching content aired across five networks on live TV, 7% are between the ages of 25 and 34, while 19% of connected device viewers are in the same age bracket.” 

Both the audience quality and the popularity of these services are major factors drawing advertisers and brands to OTT advertising.

Traditional TV Advertising Versus OTT Advertising

Naturally then, advertisers have adopted OTT advertising as an integral part of their digital advertising strategy. The advanced analytics and captive audiences in OTT presents a fantastic opportunity for advertisers, and while OTT ads tend to be shorter than traditional TV ads, the ability to provide targeted dynamic ad insertion and advanced analytics such as geolocation, demographic data, and device information are attractive for businesses looking to advertise to specific viewers.

Often the biggest question advertising agencies get from business and brands is, “Should OTT replace my traditional TV budget?”

The simple answer is no. It is more about finding the right channel at the right time. Traditional TV advertising is still a powerful tool to reach your target consumer. However, OTT is a powerful addition to your digital advertising mix. When done well, it is a perfect compliment to a strong traditional TV strategy. In fact, 2 in 3 viewers consume content across both linear and digital platforms, according to Xander’s latest white paper.

To learn how “over-the-top” advertising can be incorporated into your advertising strategy, reach out to Adventure Ad Agency. If you want to learn more about the latest trends in Advertising and more useful information, check out more of our blog or contact us!

10 Things Every Marketing Plan Should Have

by adventureadagency, posted in Advertising, Blog, Marketing

The first step in developing any marketing strategy is to start with a plan. Developing a plan for your marketing strategy may seem overwhelming. Plans can range from super simple to extremely advanced and complex. However, all marketing plans, big or small, have a few things in common. We will go over ten necessary elements that all marketing plans must contain in order to be successful.

1. The Product

Possibly the most important aspect of your marketing plan is the product. What makes your product superior to others in your industry? Why would someone choose you over someone else? Find what makes your product unique and go with it. Emphasize what you can offer that others can’t.

2. The Research

Okay, so now you know why your product is the best, but whose going to buy it? You need to conduct market research to analyze buying trends in your industry. Collect, organize, and analyze data regarding the demographics of customers, your competition, current sales in your industry, suppliers, and market patterns. This valuable knowledge can help you successfully market to the right people in the right ways.

3. Define

Once you understand the market, you need to define the target audience. Instead of trying to please everybody, zone in on a specific group of people who will be more likely to purchase your product. Describe you ideal customer in detail. Be sure to get more specific than women in their 30s-60s. Really dig deep to decide who your ideal customer will be.

4. Goals

Don’t just keep your goals in your head. Writing them down can help you more clearly define them and set realistic, but ambitious goals. Write full sentences that state what you want to accomplish in your business overall and through your marketing strategy specifically. You can break up your goals into specific mission statements, and it may be helpful to make them quantifiable. For example, a mission statement could be to gain two new clients a month.

5. The Medium

Where is you marketing strategy going to take place? Will your company benefit most from social media or a more traditional approach? Think about which mediums appeal to your target audience and how your product will best be displayed.

6. The Promotion

Putting your product on social media or on television is not enough; you must also promote it. Promotion could be consistent branding on social media, events, giveaways, etc. There is no right or wrong way to promote your product. You just need to make sure you are consistent with your brand and reaching the right audience.

7. The Positioning

Where your product will be positioned in the market? You must decide if you are going to be top-of-the-line or if you want to seem more casual and appeal to the masses. Decide a position for your product and make all of your advertisements surround it.

8. The Schedule

Once you have all of your ideas mapped out, you need to place them on a schedule. Keep the schedule brief and organized, as it will likely need to be changed frequently. Having a schedule can help you keep yourself on track and better monitor how your strategies are doing.

9. The Budget

Of course, in running any business budget is important. See what strategies you can afford and which may be better saved for a later date.

10. The Analytics

How are you going to monitor your results? You need to ensure you can test and analyze to identify the strategies that are working. You can use tools such as surveys, database management tools, and number of engagements to measure your success.

Now you are ready to begin your marketing plan! Be sure to consistently compare your actual marketing strategy to your plan and make sure you are reaching your goals.