As a marketer, you likely already know that consumer habits are rapidly changing. Regarding how people consume media in 2023, consumers are:
- shifting from cable to CTV.
- streaming digital audio and podcasts rather than listening to the radio.
- spending more time on mobile than ever before.
All of these trends mean you have to make a choice — rely on traditional forms of media knowing there may be a smaller, less engaged audience or shift your media budget and test the waters of these new emerging channels.
Advertising During Economic Uncertainty
Around eight in 10 U.S. adults expect to struggle financially during 2023, which means it’s more important than ever to pay attention to these shifts in behaviors and platforms. However, your advertising not only needs to reach them, but speak to them directly. Every media dollar spent needs to be purposeful in where it is run and showcase the value of your product or service.
Now is the time to keep a close eye on your strategy to ensure you have the best tactics in place to effectively reach your audience. To help ensure your media dollars are being spent wisely, consider the following questions:
- What is your current impact on the market?
- What is your value proposition as consumers face a more difficult decision regarding where they spend their money?
- What is your value add in comparison to your competitors?
- Where are you losing consumers in the sales funnel?
- What stories or ad types successfully move the needle with consumers?
- Where can you shift ad spending to hone in on these successes?
- What will be most important to ensure success through the end of the year?
Economic uncertainty doesn’t mean that you can’t take risks. It simply means you need to know what you do well and then make data-driven, strategic decisions to invest in new opportunities where your audience spends time and will most likely interact with your brand.
Why Is Video Necessary for Strategic Advertising?
In these uncertain times, you must capitalize on your advertising efforts by targeting channels that are popular and resonate with your consumers. Fortunately, video is an attractive option. As the video landscape continues to grow and evolve, there are a few reasons why you should consider this engaging channel:
Video provides in-depth analysis
To maximize a tight budget, you must invest in strong analytics and performance-measurement tools. For TV video advertising, tools like Automatic Content Recognition (ACR) can change the game regarding your ad strategy. With ACR, you know exactly what type of content your audience is viewing, on which devices, and at what time they’re viewing it. This allows you to better target consumers and re-target them across devices, ultimately driving viewers down the funnel and increasing conversions.
Video includes numerous ad formats
As an advertiser, you now have more options than ever for where to run video ads. Rather than paying a premium for linear ad space, you can take advantage of the many different ways video can be used. There are numerous areas in this fragmented space where you can invest your resources and reach your target audience more effectively, including:
- In-Stream Pre-Roll
- Out-Stream Video
- Mobile In-App
- CTV connected to the internet, such as through Roku or Apple TV
- OTT content streamed to a laptop, phone, tablet, or CTV
- Social Video
Video is where consumers are
Appealing to price-conscious consumers is an integral part of strategic advertising. This is especially true in 2023, as 65% of consumers have turned to ad-supported streaming services to help offset subscription costs. Additionally, more than 50% of U.S. digital video viewers watch advertising-based video-on-demand (AVOD) content on platforms like YouTube, Facebook Watch, Peacock, and more.
Fortunately, 91% of consumers want to see more online video content from brands, so the popularitly of this channel doesn’t appear to be slowing down any time soon.
How to Navigate Consumer Spending Habits With Video Advertising
With the many benefits of video advertising in mind, there are several tactics to establish an effective video advertising strategy to ultimately increase the effectiveness of your digital advertising. The following are some of the best ways to get started:
1. Understand the content your audience consumes.
Consumers now have multiple streaming subscriptions and watch content on various devices such as CTVs, tablets, and mobile devices. Powerful data sets will give you access to the shows your audience is consuming, which apps they’re using, and what genres they prefer. All of which can help tailor your ads to meet their preferences. By gathering a more complete picture of your target audience, you can create more effective advertisements and ensure your efforts align with what consumers want.
2. Ensure you have an effective messaging strategy.
As consumers watch their spending more closely, they need to feel that their purchases provide real value. This is where your ad creative and messaging come in. In uncertain times, it’s even more difficult to cut through the noise, but fine-tuning your messaging to resonate with your audience is the key to getting your message across. For example, you might discover that a five-second bumper ad with a clear call-to-action or incentive to click is more effective for driving conversions than a 30-second non-skippable ad.
4. Use analytics to update campaigns in real time.
In addition to testing different ad formats, analyzing your campaign’s performance in real time is crucial for strategic advertising. With tools like ACR, you can track who viewed your ad and when, allowing you to make necessary adjustments. Did your ad reach your target audience with the right frequency? Were they retargeted across multiple devices? By attributing actions taken by your audience, you can gain a big-picture view of your campaign’s impact and effectiveness.
Now Is the Time to Adjust for Strategic Advertising
With consumers becoming more cautious with their spending in today’s unpredictable economic climate, utilizing video to convey messages effectively is crucial for your brand to stay ahead of the competition and capture the attention of your target audience. After all, video can help connect with your audience and drive revenue even during uncertain times.
For more help with improving your video advertising strategy, get in touch with our team at Digilant. Our knowledge and experience in helping advertisers improve their reach and conversion can enhance your advertising strategies and help you meet your specific goals.