Connected TV (CTV) is the most talked about channel today for successfully targeting and influencing consumers. It has evolved from a brand marketing channel to one that functions like paid search and social media, allowing marketers to launch self-managed campaigns focused on superior targeting, incremental reach, and trackable success. CTV brings performance marketing to television.
According to a new survey from MNTN, CTV is the only platform that shows consistent and notable growth in its percentage of dedicated advertising budget: nearly three-quarters (73.8%) of marketers and agencies say they have increased CTV advertising budgets from 2021 (13% of budget) to 2022 (16%), and plan to do so again in 2023 (19% of budget on average).
Yet the majority of survey respondents admit to being challenged by some aspect of CTV’s creative, targeting and measurement capabilities. I believe these perceived barriers are misconceptions — let’s call them myths — about CTV.
In order of respondents’ concerns below, I’m here to address – and eliminate – five of them:
Myth #1: We can’t track metrics properly with an integrated CTV reporting suite.
In fact, connected TV has the same digital roots as other performance platforms, such as search and social media. CTV reports go beyond impressions delivered to show key performance metrics such as return on ad spend (ROAS) and cost per acquisition. CTV can also track performance by creative, geography, audience and network to provide an overview of your campaigns.
This means that every business, whether it’s an outdoor travel brand that exceeded its ROAS target by more than 200%, or a national jeweler that increased its conversion rates by 64%, can measure the metrics that matter most to her.
Myth #2: It’s hard to know if your CTV creative approach is working and delivering ROI.
Not so. With comprehensive measurement, CTV lets you A/B test one ad creative against another to see which performs better. Be sure to keep refreshing your campaigns, as we see increased results for brands that keep their audience engaged with new creative.
And you can measure the true impact of your CTV campaigns against the results you would have produced anyway. This allows you to determine what specifically CTV contributed to your ROI and ensures that it deserves its place in your advertising strategy.
Myth #3: I struggle to leverage real-time data to get the best CTV ad placements and rates.
Of course, without automation it would be extremely difficult to leverage real-time data for media buying. But any CTV solution that can deliver true automated performance optimization — not human media buyers behind the scenes, or engines that optimize purely for reach — has the ability to make this near-instantaneous data collection actionable.
This ensures that advertisers get the best possible inventory at the best possible price with the most up-to-date information available. MNTN’s marketing software incorporates this technology, ensuring that each advertiser’s campaign spends its budget only to achieve its KPIs.
Myth #4: Small and medium businesses can’t afford or produce enough CTV ads to keep creative messages fresh and avoid ad fatigue.
Do not worry. Even if you’re starting from scratch and don’t own any TV or video creative, it’s not a huge hurdle like it used to be. If you’re trying to avoid paying creative agency rates but still need a high-quality end product, I recommend looking for non-agency video production solutions that prioritize efficiency, quality and speed.
That’s why we acquired the QuickFrame video production solution, now QuickFrame by MNTN. By working with a streamlined solution, you can invest that investment in additional creative assets for future refreshes. It’s a core tenet of our Creative-as-a-Subscription model, which helped a fintech company develop storytelling that produced 67 times the conversion rate of LinkedIn and 3.5 times the paid search conversion. Uploading a new creation is as easy as dragging and dropping.
Here’s an idea: Check with your social teams to see what they’re using on platforms like LinkedIn or Instagram. If you’re happy with these assets, reassign them to CTV. It’s a slight push and can help unlock a very effective advertising channel for those who mistakenly believe they don’t have the budget or the assets.
Myth #5: I can’t manage the deployment of creative resources, ensuring the right message reaches the right audience.
Connected TV lets you easily manage multiple creatives and audiences. You can create campaigns based on your different audiences and assign each its own creative to ensure you reach the right user with the right message every time. You can A/B test creatives across your different campaigns and use the best performers to inform your next refresh for each audience.
It was great to take the pulse of the industry with our survey, especially on something as emerging as CTV. And because it’s relatively new, doubts can creep in. But as you can see, connected TV has opened the door to more targeted advertising with a lot less hassle. And with new technology like MNTN Performance TV, advertisers have even more information and time to strategize for the best returns.