Over-the-top (OTT) and Connected TV (CTV) have established themselves amongst viewers' habits, and in doing so, have become more accessible for advertisers. Not only has the number of cord-cutters in the U.S. nearly tripled to a projected 50.4 million since 2014 but OTT/CTV ad spend has also seen significant growth.
CTV ad spending has grown to $8.11 billion (27% more than the previous year), with at least 40% of media buyers planning to increase spending on OTT and CTV in the United States. So, what are the benefits of OTT? The top reasons to advertise on streaming platforms are hyper-targeting and efficiency — the most significant benefits. However, a good OTT marketing strategy will experience many more.
Here's how you can fit OTT marketing into your existing plan.
Leverage TV Commercials on OTT
OTT commercials are effectively the same as TV commercials. The distinction between OTT and TV commercials is that OTT is shorter, more targeted, and delivered differently. While TV commercials air in 30-second or longer increments, OTT commercials are typically 15- seconds long. However, some OTT commercials are 30-seconds or up to 90-seconds, though that is less common. They use a shorter ad time to achieve better recall and recognition at a smaller production cost.
Likewise, OTT analytics allow for better targeting and delivery, as you can reference viewer data when deciding your strategy. It gives you additional use from your TV commercials because you can track and monitor who has been exposed to your message and use that insight to decide where to place your ads.
You can even make commercials for both simultaneously, increasing your reach by targeting a larger audience on TV while narrowing your delivery to more specific audiences on OTT.
Tailor Ads for Your Audience
It's important to note that OTT ads play to a captive audience, so they must be memorable and resonate with that audience. You must make ads based on their interests to create a more meaningful connection with them and encourage them to take your intended action.
You can do this by using what you know about your audience to design ads that will appeal to their sense of humor and other interests. For instance, if you learn that your target consumer is an avid sports fan for the local area, include references to cheering on local teams. On the other hand, you may want to consider adding comedy into your scripts if your audience responds better to these types of commercials.
You can tailor ads correctly by gaining more insight into your target consumer in these ways:
- Analyze all your data (i.e., Google Analytics, Facebook Insights, etc.).
- Check out your audience on social platforms (i.e., associated hashtags? Keywords? Comments, and likes?).
- Check out the competition (i.e., what's working for them? What isn't?).
Retarget Across Channels
OTT allows you to retarget across other channels to target audiences based on their demographics and behaviors. You must get to know your audience before getting started to match their habits and create content for them.
You can do this with OTT, in particular, by delivering an OTT commercial to a viewer. Following their exposure to your ad, you can retarget them on their smartphone, tablet, or laptop with a link to take action. This way, they have direct access to your offer after seeing your commercial message.
Even better, you can use analytics for retargeting based on their online behaviors and browsing history. This extra targeting step is essential because at least 97% of visitors leave without buying anything and never return to a website, not always because they don't like your offer. More often than not, consumers forget about it until you remind them with a solid retargeting strategy.
Your One-Stop Shop For TV and OTT Optimization
By now, TV and OTT are dominating the advertising industry, connecting brands with consumers more meaningfully than most other marketing channels. The key to success in both is integrating them into one connected strategy that aligns with your brand's goals and guidelines.
After all, consistency is essential to success when communicating with consumers today, so commercials in both settings should comply. As many as 90% of consumers expect consistency across all channels.
Working with a media partner can be more beneficial for results than managing OTT and TV on your own. A partner can help you stay consistent while securing airtime for TV ads and arranging ads for OTT services. What's more, you can tap into our decades of experience and expertise when crafting your messages and developing your strategies — ensuring that your commercials are aligned with the right people to encourage more action.