Matt White, VP EMEA at Quantcast
I remember being shown an initial ‘smart’ TV back when I worked at Channel 4, around 15 years ago. There was a huge buzz about the possibility of streaming content at your leisure as well as debate over when this would become the norm for television. Even though it was effectively just a computer with apps on at the time, its significance was already clear to see.
According to research, we’re now at the point where more than half of viewers watch more CTV than linear, and 72% prefer CTV. Personally, most of what I watch is streamed content, with the exceptions of live sport and the news. My kids rarely watch live TV, with the likes of Disney+ and Netflix at their fingertips.
With that context in mind, is now the time for marketing teams in financial services organisations to engage with CTV in order to increase engagement with current clients and prospective customers?
Invest or get left behind
While it’s clear that CTV is going to be a key player in the future of marketing in the UK, there remains significant room for growth. CTV has not yet dominated the mainstream, and a lot of activity still revolves around digital. As CTV grows and becomes more prominent, we will see more marketing teams with CTV-buying units. Additionally, over the next 5-10 years we could see the term “CTV” become redundant as it takes over from linear TV completely, in the same way people don’t talk about broadband any more – they’re just “online.”
Following this takeover, marketers will begin to see CTV for the unique advertising opportunity it is, combining the reach of TV with the precision of digital. Reaching millions of people while not being confined to specific dates or times, CTV provides a mass audience that will be transformative for the financial services industry.
As an example, if a banking business wanted to increase brand awareness among 18-24 year-old males, they would have likely paid for advertising space during half time of a sporting event. However, how engaged is this audience and what proportion of those watching hit that target market? CTV allows organisations to be much more targeted, speaking directly to not just 18-24 year-old males but those within that demographic who have subscriptions to financial newspapers and regularly research their wealth management options online. This tailored approach provides a much higher likelihood of reaching the brand’s goals.
While reducing the overall reach of the campaign, this ensures that a much larger percentage of viewers are likely to engage with the ad and the brand as a result. CTV also enables marketers to run multiple campaigns at one time, using an adjusted creative for each specific target audience. The targeted campaign can be viewed simultaneously by different audiences, thereby maximising the chances of engagement. This is a much more personalised and accurate approach than the traditional approach of linear TV, relying on stereotypical viewing habits.
Get Real-time
This ability to tailor campaigns for specific audiences is enabled by real-time, first party data. Financial services organisations have had to rely on third party cookies for their insights until now, which can mean the data is weeks or months old.
Additionally, a benefit of interactive CTV advertising over linear TV is the in-depth measurement it enables. While a linear TV campaign can be used to highlight increased traffic or sales in the time it is being shown, CTV tailored ads provide financial professionals a clear, distinguishable link from the creative to point of purchase. This allows marketers to link ad spend to sales, which is all important for proving ROI.
CTV also allows the creative to be amended as the campaign progresses, in order to incite the most ideal response. Through the real-time measurement, financial services marketing teams can see whether the message is working for their target demographics, and adjust accordingly. This may mean increasing the push on a creative which is performing well, or making changes to one that is not meeting the goals. This works to optimise marketing spend and ensure the maximum results are achieved.
It is clear that now is the time for the financial services industry to get on board with CTV. The benefits are undeniable, particularly in a time when being able to prove and justify the worth of your ad spend is key. For those who continue to ignore CTV, the consequences of getting left behind will be astronomical. The path for the future of marketing in the industry is clear and CTV is paving the way.
