As a business owner and marketers, it’s essential to stay ahead of the latest trends and technologies that can help you maximize your marketing ROI. Connected TV (CTV) advertising has quickly become a major trend in 2020 and beyond — and with 2023 here, now is the time to start planning for how connected TV can be used to reach new audiences in this year and for years to come. Not only has CTV rapidly gained in popularity over recent years, but its ability to target viewers more precisely than traditional television ads sets it apart from other forms of digital advertising. In this blog post, we will discuss why businesses should be utilizing CTV advertising as part of their digital strategies by 2023, along with some tips on how you can get started now.

Connected TV (CTV) advertising refers to the practice of delivering targeted and personalized advertisements to viewers who are watching TV programming on internet-connected devices, such as smart TVs, streaming devices (e.g. Roku, Amazon Fire TV), and gaming consoles. In fact, in a Marketing Brew Article, advertising spend in 3rd quarter of 2022 grow by 40% due to the increased reach to cord cutters of traditional cable television.  In 2023 advertising on Connected TV is expected to grow even more, and there are several reasons why businesses should consider using CTV advertising:

Increased Viewership

Connected TV (CTV) is becoming increasingly popular as more and more people are cutting the cord and switching to streaming services. In fact, there are projections that by 2023, the number of Connected TV viewers will have skyrocketed to over 200 million in the US alone (that’s half the country)! This explosive growth is a testament to how Connected TV really delivers-, allowing viewers to access content on any device with an internet connection. Even better, CTV users don’t need additional subscriptions or hardware setups to enjoy their favorite shows, movies and more. All they need is a device, an internet connection and a Connected TV enabled service and they’re good to go!

Better Targeting

One of the major benefits of CTV advertising is the ability to target specific demographics, such as age, gender, income, and location. This allows businesses to reach specific audiences with tailored messages, leading to more effective advertising campaigns. For example, if you had two different products or services that appealed to two different demographics, you could reach both of those specific audiences separately.  Additionally, by using data such as browsing history and purchase behavior, businesses can create highly personalized and relevant ads that are more likely to resonate with their target audiences.

Connected TV (CTV) advertising has been a major game-changer for businesses that are looking to reach customers with the right message in a cost-effective way. With CTV, advertisers can target specific demographics and audiences based on key factors such as age, gender, income and location, allowing them to tailor advertisements much more precisely than with traditional advertising methods. This targeted approach leads to more effective campaigns as it ensures that businesses are only paying to show their adverts to the people most likely to take notice—resulting in higher conversions and stronger ROI. In this way, CTV advertising can be hugely beneficial for any business looking to get their message out there.

Better Measurement

CTV advertising allows for better measurement and performance tracking than traditional TV advertising. With CTV, businesses can track metrics such as impression, click-through rate, and conversion rate to better understand the effectiveness of their campaigns. This allows businesses to make more informed decisions about their advertising strategies and optimize their campaigns for maximum effectiveness.

Connected TV (CTV) advertising has blown its traditional counterpart out of the water when it comes to measuring ad campaign performance. Marketers get far more information about the success (or lack thereof) of their campaigns than with typical TV ads, such as impression, click-through rates, and conversion rates for individual viewers. This means businesses have much finer control over their CTV spend, enabling them to make adjustments on the fly based on real-time data – something that wouldn’t be possible with other methods.

Cross-Device Tracking

CTV advertising allows business to track customers across devices and platforms, thus providing a more holistic view of their customer behavior and preferences. This helps businesses to target and retarget their customers more effectively, improving the overall ROI of the campaign.

Greater Engagement

Connected TV (CTV) advertising offers a way for businesses to grab the attention of their audience in an entirely new way. Instead of just viewing an ad, viewers can take part in interactive activities like polls and quizzes that can keep them interested in learning more about the product or service being offered. This creates a level of engagement between the viewer and the business that wasn’t possible with traditional ads – it allows people to be involved with what they are seeing, as opposed to being passive observers who simply watch and move on. CTV advertising has become a great tool for businesses who want to connect with potential customers in a meaningful, memorable way.

More Cost-Effective

Connected TV (CTV) advertising is becoming a more and more popular medium among marketers who are looking for a way to reach their target audiences without breaking the bank. CTV advertising is definitely the more cost effective option compared to traditional TV spots, which its users are quick to recognize—this means that advertisers can purchase inventory programmatically, which in turn allows them to pinpoint specific demographics at a lower cost. And, with the advantage of a greater return on investment, it’s no surprise that CTV has come out ahead as being one of the most efficient ways for effective advertising.

Conclusion

CTV advertising offers a way for businesses to reach and engage with a large and growing audience in a targeted, measurable, and cost-effective way.

In summary, CTV advertising is a powerful tool for businesses in 2023, with the increasing number of cord-cutters, CTV provides businesses with the opportunity to reach a wider and diverse audience than traditional TV advertising. The ability to target specific demographics and measure performance allows for more effective advertising campaigns, while the interactive nature of CTV advertising provides a more engaging experience for the viewer. Furthermore, CTV advertising is less expensive than traditional TV advertising and offers a higher return on investment. Additionally, with the ability to track customers across devices and platforms, CTV can give businesses a more holistic view of their customer behavior and preferences, helping them target and retarget their customers more effectively.

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