Over 25% of Americans and 28% of Generation Z Americans have “cut the cord” and now get their TV from streaming services only. Oh, the times, they are a-changing (the channel). The days of the old “boob tube” are ending and today’s TV watchers are demanding more flexibility when it comes to what content they watch when they watch it, and on what device they are able to watch it on. Keep reading to find out more about ott services!
While cable and satellite companies are losing millions of customers, OTT services are gaining momentum in the advertising industry. Don’t let your company’s advertising strategy fall behind the times. Word to the wise, consider incorporating OTT advertising to maximize exposure and build brand awareness among this growing demographic of cord-cutters.
What is OTT advertising and how does it work? Read on to learn all about OTT services, how they are changing the advertising game, and how you too can cash in on these new and improved advertising campaigns.
What Is OTT Advertising?
Before OTT advertising, TV commercials were shown to audiences strictly based on the time slot and media programing of their target market. This “blanket approach” of advertising to consumers by interrupting their favorite television programing with in-your-face adverts built an entire generation of media giants.
There was a time, not too long ago, when watching TV meant watching commercials every 5 – 10 minutes and most people didn’t mind. Everyone was watching TV over broadcast networks all around the country and we all understood that our favorite TV shows were paid for with advertising.
Then came the cable companies with their promise of a larger selection of channels and a higher quality signal for an affordable monthly subscription price. Over the years cable subscription prices have risen so high that many consumers are looking for alternatives services to provide them with their daily TV fix.
That’s where OTT or Over The Top services come in. OTT refers to companies that are answering consumer demand for cheaper more convenient television media. OTT services are on-demand online streaming services that offer the same content for a fraction of the cost of cable or satellite TV.
OTT Advertising Tips
The market size of Over-The-Top streaming services in 2019 was worth an impressive $81.6 billion. This figure is set to hit $156.9 billion by 2024. This upward trend reflects a 14% a year growth rate, enough to get even the most stubborn of traditional marketing departments.
You may be thinking, how does OTT advertising work and how do I leverage this newest addition to the advertising arena? That is exactly what we hope to explain with this guide, highlighting 15 OTT advertising tips.
1. Know the Players
These days there are hundreds of OTT platforms online and more entering the market every day. Obviously, not all these streaming services are well-known and many have such a small market share that advertising doesn’t reach enough viewers to have a significant impact on sales. Here are the top 10 players in OTT to research OTT advertising options with:
- IBM Watson Media
- JW Player Live
- Vimeo OTT
- Amazon Prime
Each service above varies in its advertising options and pricing. Take the time to check and compare offers before committing large chunks of your advertising budget. When in doubt ask the OTT experts to guide you to the most effective platform for your business.
The big players are not the only players in town, so to speak. There is much to be said for the lesser-known players in OTT such as value deals that you might not find with the platforms with large subscriber bases. Check out this article detailing 10 examples of OTT ad strategies for more inspiration.
2. Understand the Benefits of OTT
The benefits of OTT advertising is extensive and has several advantages over broadcasting scheduled TV adverts. The major advantage of OTT is the ability to target specific customers with specific content. Because OTT services are built on dynamic websites they are able to show unique content according to individual subscribers.
Just imagine running an advertising campaign that changes the advert to appeal to each individual viewer. That is OTT advertising at its best.
3. Run Several Test Campaigns
No matter the media you run your advertising campaigns on, there is always a risk of a zero return on investment or worse a loss. It is difficult to predict how advertising will fare with consumers making running small test campaigns a good way to test the waters.
Put aside a sizable portion of your marketing budget and allow for some time for running these test ads. The age-old adage of “only fools rush in,” applies just as much to advertising as it does to love.
4. Be Quick to Show Value
Depending on the platform and campaign options you chose, most OTT advertising platforms will give the user the option to “skip ad” after a few seconds. If you haven’t caught their attention and piqued their interest by that point they will hit the skip button to get back to their chosen programming.
5. Don’t Slack on Market Research
The biggest mistake businesses make is to believe they understand their target market based on their own beliefs of what the consumer wants and needs. Oftentimes these are two very different things.
Take the time to conduct extensive market research so you can effectively target the needs and desires of your customers or clients in your advertising.
6. Leverage Behavioral Targeting
Targeted advertising is by far the most effective. After all, what good comes from showing a lipstick advertisement to middle-aged men, right? Through behavior marketing your advertising campaign is less likely to be wasted on consumers outside your target demographic.
If you browse the web at all you have no doubt been asked to “accept cookies.” Internet cookies are how websites get to know you in order to provide you with relevant content, services, and products that interest you. By collecting user data and browser history websites can automatically change your experience to better serve the consumer’s needs.
7. Look for Niche-Specific OTT Platforms
As we mentioned before there are hundreds of OTT platforms out there and it is very possible that there is one or more streaming service(s) that stream content specifically to your target market.
For example, if you sell yoga equipment an “all yoga” programming site would be an ideal platform for you to advertise your products on. In addition to getting highly focused marketing leads, these niche programming sites often have great value for you as they may offer better advertising deals in order to grow their business.
8. Strong Call to Action
Rewind back to the old days when TV was limited to “what is on the television tonight”? Now imagine crawling up to the living room TV set and pushing the screen to immediately buy that laundry detergent that will make your clothes smell lemony fresh. Nothing happened, you say?
That is the true power of internet-based streaming services. They are interactive and connected to the rest of cyberspace, including you and your business. This call to action (CTA) allows for immediate response purchases.
As a matter of fact, the average consumer puts up $5,400 a year in impulsive purchases. After the happy cord-cutter is finished taking care of business on your website he touches his screen again and returns to his TV programing of choice, right where he left off.
9. Pay Close Attention to Analytics
It is amazing how much more advertising online gives in the way of consumer response to your ad. Streaming Analytics tracks detailed data on who viewed your advertisement including sex, age, and location.
That’s not all. OTT video advertisement analytics on some platforms track:
- type of device
- buffer rate
- completion percentages
- average video bitrate
- brand reach metrics
If you have never worked with OTT platforms than you may feel a little overwhelmed with all the bells and whistles. Not to worry, we are here to help. Our SEO experts are standing by to assist you in your campaign strategy and answer any questions you may have about the process.
10. Change It Up
It pays to advertise, they say, but they should also say some advertising pays better than others. Play around with different ad approaches and demographics. a marketing approach that you previously thought wouldn’t work might end up being a private little goldmine.
Advert length is only one of many factors you could vary to see what works best. Run ads of different lengths and track the results. At what length do you start losing customers’ attention?
11. Don’t Be Afraid to Be Different
Ads are everywhere and most of us are not easily impressed. If your message is like all the rest it isn’t likely viewers will be mentally engaged. In other words, a forgettable advertisement will always be just that – forgotten.
Social media has brought out the creative side of millions around the world. You might even say we are witness to humanity’s greatest leap in collective creativity.
12. Target Different Groups Differently
With OTT advertisements you have the ability to target highly selective groups of consumers. Use this to your advantage and create separate campaigns for different groups within your target market.
This approach will always yield better results. The more specific the target the more intimate the ad will feel to them. Speak to the viewer’s individuality and they respond with loyalty to your brand simply because they relate well with the message.
13. Target Local Areas
It is true that with online marketing you can reach every corner of the world, but do you want to send the same message to every area? People respond well to localized advertising because they feel being closer commands a certain amount of trust. Targeting local areas is also a good way to hone in on that sweet spot – a local marketing strategy that can be repeated in other regions with repeated success.
14. Follow-Up Click and Drops
A certain percentage of the clicks on your ad will end up checking out your website but not make a purchase. These leads are still valuable. Just like mall walking window shoppers they are interested but maybe not ready to buy.
With many OTT platforms, it is possible to run a separate follow-up ad specifically designed to convince customers with cold feet to follow through and purchase your product or service. As they say in sales if they haven’t said no yet why stop asking?
15. Keep Yourself Informed
OTT advertising is a fluid of ever-changing possibilities. The good news is constant change means constant improvement and more powerful functionality for advertisers.
The bad news is it is easy to miss opportunities to make your advertising more effective simply because you are not aware of new developments and trends. Here at Go Florida SEO we are constantly monitoring the very heartbeat of OTT marketing strategies and can help you to stay up to date and running every more effective advertising campaigns.
OTT Services Are the Future of Advertising
Traditional TV broadcasting and cable advertising are still very much alive, but OTT services are offering incredible value to viewers that will continue to strengthen and increase support for online streaming services into the future. Now is the time to open a new folder to include OTT advertising for your business or risk falling behind the times.
Interested in learning how we can help you reach more customers with your OTT advertising for less? Take a look at our value-packed services and get started right away!