Buying an advertising spot on television has changed drastically over the last few years. Advertisers no longer need to go all in on commercials that appear at a certain time during a certain television program. Digital advertising has opened the door to so many more possibilities, allowing advertisers to market their products to specific audiences on different devices at different times of the day. The power to do this lies in converged TV.
Why Converged TV is Important
Converged TV is the combination of traditional television programming and the aforementioned digital advertising methods. It’s very important because roughly 35% of the U.S. population has chosen to cut the cord, meaning a decision to advertise solely on traditional television could lead to less than desirable results since you may be missing out on a third or more of your target audience.
A converged TV strategy combines the time-and-place model with an over-the-top (OTT) component that allows you to choose the viewer and place your ads in front of them regardless of where and how they are consuming content. If you don’t allocate at least some of your budget to this strategy, you could lose a significant amount of brand awareness.
Converged TV offers plenty of value to marketers over traditional television advertising.
- It can increase the effectiveness of campaigns and improve overall return on investment because of the targeting capabilities.
- It allows accurate, timely performance measurement to inform future advertising decisions.
- It expands the variety of ads that can be served to viewers, including interactive and shoppable ads that directly encourage engagement.
The Economics of a Converged TV Advertising Strategy
Converged TV advertising may cost more, depending on how advanced the ads are, how frequently they’re served, and the amount of data used. The effectiveness is built into the price though. Refine your strategy and you could potentially see significant gains because your carefully designed campaign is going directly to your brand’s specific target audience.
As digital advertising continues to develop, it’s important for advertisers to stay informed about how they can best target viewers. Investing in data collection is increasingly valuable because any information you can learn about your customers will help drive engagement in the future and allow you to make more informed decisions about your marketing strategy.
Considerations
It may be wise to invest in a team of marketers or partner with a marketing agency that is well-versed in different areas of content creation and digital strategy. This will give you an advantage over your competitors who are likely chasing the same audience as you.
Lastly, it’s important to remember that at least some of your audience has probably abandoned traditional TV or doesn’t use it as their primary way of consuming content. Choosing a converged TV advertising strategy will go a long way in closing the gap left by those who cut the cord.
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