OTT might be one of the newer tools for advertisers, but studies prove that it's not going away any time soon. It’s expected to be worth $120 billion by next year, and the global market will double in size by 2023!
More than 51 million Americans use OTT each day and they spend an average of 100 minutes per day consuming the content on these platforms - including ads! Here are some advantages of OTT advertising that will strengthen your current campaign.
Efficient, Laser-Focused Targeting to Reaches Your Audience
OTT platforms host a wide variety of programs that users can access whenever they want at the press of a button. In most cases, they aren't just mindlessly flipping throughout the OTT provider's catalog. They're ready to binge their favorite shows or watch the latest movies with their full attention.
Because of this, and OTT's ability to hyper target, you'll be able to reach your target audience without any wasted impressions. What's your target's age range, geographic location, family size, and income? What sort of interests and hobbies do they enjoy? This is data you can easily discover using analytics tools and customer research through surveys to get an idea of your ideal customer profile enabling you to hone in on your primary target.
Since OTT is a form of digital advertising, you'll have access to measuring and tracking tools to see your reach and frequency with your audience. You can pivot the content quickly and keep your audience engaged. Remember that your customers' needs are ever-evolving, so you should be evaluating the performance of your OTT ads on a regular basis.
Higher Engagement Rates on OTT and Beyond
Part of why OTT advertisers see such high engagement rates is due to the power of personalization. Ads on television air to the masses as a broad reach vehicle so audiences from all ages, income levels, and interests are watching.
In contrast, you have more targeting ability on OTT platforms to run ads in the shows your specific audience wants to see. Remember that the ads themselves also have to be unique. Fifty-two percent of customers expect marketing from their favorite brands to be personalized.
Through your analytics, you can base your ads around your audience's interests. Clearly communicate what your products or services are and how they can improve your customers' lives. All of that should be delivered in an enthusiastic tone that aligns with your brand's persona.
Finally, include a CTA at the end that encourages your audience to visit your store, social media pages, or website. Include callbacks to the ad on social media posts. Research shows that omnichannel marketing strategies have 287% higher purchase rates compared to single-channel strategies.
Incredible Ad Spend Savings
Because of OTT's enhanced reach and targeting abilities, your message can be catered to those more likely to use your product or service. Poor data quality negatively impacts 26% of marketing campaigns, and 35% contribute that to inaccurate targeting. Thirty percent of businesses also reported that they had lost actual customers due to mismatched targeting.
OTT ads are extremely cost efficient per impression. This makes them more appealing to small businesses with limited ad budgets looking to grow their audience quickly.
Another perk of OTT marketing is that these ads can't be skipped which means higher completion rates and more of your ad budget being well-spent.
Ready to Experience Even More Advantages of OTT Advertising?
Ultimately if a household is cord cutting, they’re more than likely streaming their favorite channels using a bundle provider for their program viewing in addition to their binge watching. Great messaging combined with the enhanced targeting of OTT will undoubtedly position your brand for success. Still, it can be hard to navigate the ins and outs of OTT without the help of a media partner. Media experts can help with producing or purchasing ads, finding the best platforms, and reworking your campaigns for maximum effectiveness.