Jeri Hudgins, BidMind Sales Director. Image credit: BidMind
- The CTV adoption growth rate has slowed, but CTV continues its upward trend
- With improved attribution metrics, marketers make more efficient use of their advertising budgets.
- Access to data highlights the strengths and weaknesses of campaigns, allowing for real-time optimization.
- CTV advertising is experiencing explosive growth in Latin America
What do you think about Connected TV (CTV) growth trends? What will continue to drive them?
Thanks to the pandemic, CTV audiences grew exponentially. The adoption growth rate has slowed, but CTV continues its upward trend. In fact, Nielsen’s ‘The Gauge’ shows the continued growth of CTV, with it surpassing broadcast and cable in July 2022. It is blowing up the old models of appointment television. With CTV, the viewers are truly in the driver’s seat, watching what and when they want. Streamers have responded with a mind-blowing amount of fresh, quality content on par with anything produced by broadcast, cable, or studios.
How is the role of CTV/OTT going to change in the attribution models?
CTV attribution is still evolving as the analytics improve. You have the benefit of the big screen (TV) combined with the targeting ability of digital. For instance, analytics showing input on the audience, brand awareness, and conversion rates outpace any measurement capability offered by linear (we set the parameters upfront: demographics, geographics, viewer interest, behavior), and we collect exposure data (IP address and authentication details) and are able to precisely target the market. With the probabilistic approach of linear, this is not possible. With these improved attribution metrics, marketers can make more informed buying decisions and make more efficient use of their advertising budgets.
How big a role does data play in CTV/OTT advertising?
Data plays a HUGE role. It gives marketers a much deeper understanding of viewer behavior, highlights the strengths and weaknesses of campaigns, allowing for real-time optimization. This optimization leads to more efficient buys and increases conversions. An example, as CTV has matured, we are able to utilize first and last touchpoint and/or multi-touchpoint following the customer along the conversion journey and are making progress on learning when the conversion takes place. It’s easy to see where drilling down on where that conversion takes place would be impactful.
What challenges do marketers face when they switch to CTV/OTT?
The landscape is ever-changing, and there is a large volume of data available. For instance, there are 56 touchpoints a consumer goes through on the path to conversion, and figuring out exactly where that conversion takes place must seem impossible. Understanding what is available and making a cohesive plan from all the moving pieces can be challenging.
What can you say about the CTV/OTT development in Latin America? Is it a must-have on the marketers’ plans in the region?
This market is experiencing explosive growth right now. It is definitely a must-have for any marketer with plans in the region. According to BidMind’s partners Pixalate, programmatic CTV ad spend grew 482% over 2021. While in 2022, the growth might not be as explosive, the general upwards trend will continue.
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