How advertisers and publishers can leverage digital platforms to thrive in the post-pandemic world
With driving factors like low-cost internet, affordable smartphones and smart TVs, advertisers can revolutionize the way brands engage with consumers across multiple devices and retain them with personalized solutions.
By Amitt Sharma
Entertainment – especially the way we watch television – has evolved rapidly over the past decade with the advent of new age technologies like OTT (over-the-top) and CTV (connected TV ). A recent report from KPMG and EROS revealed that 80% of TV viewers, especially millennials, now meet their entertainment needs from OTT platforms, even as 38% prepare to ditch linear TVs. Another study by PWC has forecasted the Indian OTT video market to grow at a CAGR of 21.8% and reach Rs 11,976 crore in 2023.
Similarly, CTV consumption grew by 31% in India and 81% globally, indicating significant traction among content consumers. Powered by emerging digital media, this unprecedented change has opened up a brave new world for advertisers and publishers.
Additionally, as the COVID-19 outbreak and ensuing lockdowns have brought television and film production and custom events to a screeching halt, it has understandably become imperative for marketers to digitize their advertising strategies and to connect with their audience with targeted reach. The American Marketing Association pointed out that 62.3% of brand owners believe marketing and communications have become much more critical during the pandemic. Leveraging digital media was the only way to connect with customers.
Building a strong digital presence, backed by supportive and around-the-clock account management teams, is more important than ever for brands to stay relevant and thrive in the new normal. This is where OTT and CTV advertising comes into play.
Accurate audience targeting
OTT platforms – streaming companies like Netflix and Amazon Prime Video – have a vast repository of entertainment content without any release schedules or geographic limitations. These mediums allow people with an Internet connection to watch TV shows, movies, and more, anytime, anywhere. These platforms are accessible across multiple devices, and advertisers need to create responsive ads that run seamlessly on big screen TVs, smart TVs, laptops, tabs, and smartphones. Using this approach, advertisers can tap into a smaller but more targeted audience, unlike traditional advertising mediums that cater to a full viewer base.
Meaningful customer engagement
OTT advertising allows advertisers to retarget their audience through several other mediums including websites, apps, streaming platforms, etc. They can create and shape their own ecosystem and bring their audience there, ensuring more engagement across different channels. This can be achieved by turning ads into AI-powered personalized conversations at scale using CRM tools.
For example, a leading FnB brand – FoodPanda, – successfully launched a campaign in the OTT space, which ran successfully on several top performing OTT platforms in Thailand and saw more impressions and CTRs. deep, with a viewing rate of 93%. OTT and CTV technology allows advertisers to precisely target customers, analyze their behavior and hold their attention, all within an affordable budget. Marketing teams can also create highly personalized advertisements taking into account parameters such as location, interests, demographics, etc., thus fostering deeper and more meaningful customer engagement.
To unleash the full potential of OTT, advertisers need to keep a few relevant strategies in mind.
For example, they should take advantage of shorter bumper ads to engage customers while keeping them engaged until the end. Therefore, they should create short and interesting ads – no longer than 15 seconds to grab customers’ attention.
Likewise, advertisers need to create ads that are relevant to their audience. They must do extensive research to understand their needs and interests in order to design personalized advertisements. This approach will help them establish and build customer trust and increase the chances of converting viewers into customers.
By following these practices, advertisers can create relevant, informative, and entertaining advertising content that customers want to explore. As digital platforms expand their reach, brands will need to be more nimble and innovative in their approach.
In 2021 alone, India saw a 45% increase in internet penetration, leading to a 75% increase in OTT audience during lockdown. As the world moves towards immersive viewing experiences, CTV is another digital space that is growing in popularity. In a recent survey, nearly 70% of respondents said they spent 1-4 hours on CTV. Of these, 91% watch movies, 64% stream music, 47% play games and 64% read the news. We can therefore imagine how the OTT and CTV platforms have proven to be revolutionary mediums for advertisers, opening up uncharted avenues to innovate and capitalize on their efforts.
Native Advertising is also an important part of digital marketing, allowing advertisers to subtly integrate advertising content into the larger environment without affecting the viewer’s experience. For example, Netflix and Spotify collaborated on a native ad campaign around “Stranger Things,” an American sci-fi horror drama series. Spotify members were assigned a personalized playlist based on their listening habits and a particular character from the show as a backdrop. This is a prime example of an elite level of adapting design and aesthetics through native advertising.
In the same way, 3D impact creations are also a great tool that advertisers should rely on to up their game. Samsung used this method to showcase its new Galaxy Tab A tablet, displaying it in multiple environments and enhancing the overall viewer experience. Several brands are leveraging this technique to increase user engagement, increase purchase intent, and dramatically increase conversion rates. Annual revenues from ads and 3D images are expected to triple, as Statista points out.
With drivers like low-cost internet, affordable smartphones and smart TVs, and growing internet penetration, advertisers can revolutionize the way brands engage with consumers across multiple devices and retain them with solutions. personalized like never before. From 20% in 2019 to 29.4% in 2021, the share of digital ads in the Indian ad pie will increase to 32.7% by the end of 2022. Without a doubt, the future of advertising is digital and brands must adapt to these transformations to survive and thrive in this changing landscape.
The author is founder and CEO of VDO.AI. The opinions expressed are personal.
follow us on TwitterInstagram, LinkedIn, Facebook
Financial Express is now on Telegram. Click here to join our channel and stay up to date with the latest Biz news and updates.