Over the past 18 months, most advertisers have changed their strategies considerably. Of course, there’s been good reason for this: Our world has gone through a season of unprecedented change and disruption, and advertisers have been wise in adapting their strategies accordingly.
But now, as we enter fall 2021, it’s important to acknowledge that our world is changing once again. It’s cliché to toss out phrases like “the new normal” or “the great re-opening,” but the point is, consumers are getting pretty fed up with sitting at home and interacting with one another only via screens. Consumer behavior is changing, which means that it’s time for advertisers to take stock of their strategy and ensure they’re doing what makes the most sense given today’s market once again.
Reevaluating Your Media Mix
As you reconsider your own media mix, there are a few guidelines we’d like to suggest. Of course, if you have specific questions about any of these points, the enCOMPASS team is here to chat with you at any time.
Rethink CTV
It’s our opinion that many advertisers have been over-leveraged on connected TV, or CTV. (Quick reminder: CTV refers to devices that are hooked up to your TV, allowing you to stream digital content; think Roku, Amazon Fire TV, Apple TV, etc.)
It’s easy to understand why advertisers would go all-in on CTV. After all, during the lockdown, many consumers had little to do but sit at home and stream content. It would seem like an obvious place to invest advertising dollars.
Take a closer look at the data, however, and you’ll see that, from an advertising perspective, CTV just isn’t all it's cracked up to be. Yes, CTV has shown extraordinary growth, but most of that growth has come via channels that do not accept advertising, such as Disney+ and Netflix. As such, it’s not a meaningful growth metric for advertisers.
But more to the point, consumers aren’t as eager as they were this time last year to just sit at home and stream content. Just take a look at the viewership numbers from the Summer Olympics, which fell well below expectations in almost every way. It seems as though, with fall weather approaching, more individuals and families are turning off the TV in favor of personal gatherings, quality time in the great outdoors, etc.
The bottom line for advertisers who have invested heavily in CTV: It’s once again time to pivot.
Shift Your Media Spend
At enCOMPASS, we believe that programmatic online video, with a strategic mix to mobile devices, represents a far more effective investment than CTV. Simply put, this is a way for advertisers to stay in front of their consumers with carefully targeted content, even as consumer rhythms and behaviors change and adapt.
Also, email, text marketing, digital radio, and the tried-and-true channels of SEM and display that some marketers abandoned through COVID are foundational and need to be reconsidered if they were cut from the media mix.
Follow the Data
Something else that advertisers should keep in mind is that the ultimate point of your media mix is to propel your business forward. So, as you think about where and how to spend your advertising dollars, it’s important to gather data from as many sources as you can, verifying that your media mix is indeed serving your business needs.
We would especially recommend focusing on Cost Per Completed Views (CPCV) and Cost Per Action (CPA), metrics that can help you get a sense of how your media mix is actually connecting with your target audience. Simply put, the more you measure, the more successful your media strategy is going to be.
Remain Flexible
Another critical tip for advertisers is to remember what we all learned in 2020: Life comes at you fast, things can change overnight, and it’s important to be ready to pivot.
Pivoting doesn’t mean abandoning your advertising efforts altogether, nor even eliminating certain channels. It does mean keeping an eye on the data, noting the channels that are offering the clearest results, and being ready to change-up your media spend as needed.
In the months and years to come, the brands that don’t pivot will be the ones that fall behind.
Focus on the Consumer
A final suggestion: Remember that your advertising should always be focused on the consumer, not on your brand. Following the collective traumas we’ve endured over the past 18 months, this is more important now than ever. Make sure your ads forge an emotional connection with your audience, demonstrating a real understanding of their goals and their pain points.
There are a lot of opportunities right now for advertisers to adapt their strategies, and potentially to become more effective than ever before. This will require a willingness to reflect and to evolve. With any questions about how to do that, feel free to contact our team at any time.
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