It is no secret that COVID-19 had a major impact on the advertising industry and the way that people are consuming media. This has prompted advertisers to get creative with how they spend their restricted advertising budgets on media that will reach their core audience while being mindful of the current state.
In a recent report by IAB, “Average CTV spend for the year is expected to reach $16MM per advertiser (+8% y/y). More than half of buyers are shifting dollars from Broadcast (53%) and Cable TV (52%) advertising towards CTV.” Major brands are re-allocating budget from other channels into streaming TV based on the increase in viewership. Media costs are becoming more efficient with increased demand as well.
Media consumption has increased across various streaming platforms since stay at home orders were in place due to COVID-19. TV streaming consumption has increased by over 50% and audio streaming has increased to close to 40%. Social media use has increased by 40% which creates a great opportunity for brands to heavy up on paid social advertising.
It is crucial for brands to stay in tune with their target audience and consider how the global pandemic may be impacting their lifestyle to help inform their media strategy.
Here’s what Pivotal Media recommends to optimize your media strategy during this time.
Behavioral and Geo-Targeted Campaigns
With the varying restrictions across the United States, advertisers should consider behavioral and geo-targeted campaigns to reach their audience where they have the ability to ease back to their normal routines while following the safety precautions. Behavioral and audience targeting gives advertisers the ability to hone in on their target and apply customer data to help eliminate waste.
Programmatic media buying makes it possible to geo-target your audio and video campaigns.
Test New Platforms
Testing new platforms may seem like a daunting idea but now is a great time to reach new audiences to bring awareness of your products and services. More professionals are working from home now than ever and are consuming media earlier in the day and for longer periods of time.
Media Flighting
The usual "always-on" approach may not be a viable and sustainable solution due to budget restrictions. We recommend flighting your campaigns around key selling periods and measuring the performance impact to identify which campaigns were the most effective.
Interested in learning more about how Pivotal Media and can help navigate your brand's media strategy?
Email us at info@gopivotalmedia.com
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