3 Tips For CTV Advertisers facing pressure to cut budgets
As pressure mounts for agencies and brand marketing departments to do more with less, the need for fresh thinking is becoming apparent.
When it comes to Connected TV advertising, the largest and most expensive screen inside the home is under the most pressure, which is understandable but perhaps not for the right reasons.
Whether you're new to CTV advertising or a veteran, here are three simple tips that will help you 'do more with less' as you navigate looming budget cuts.
As we mention in our CTV predictions for 2023, 63% of marketers are planning their strategies in a way that will give them the freedom they need to continually revise and re-forecast their media spend throughout the year. By doing so, the powers that be in your budgeting department should feel greater confidence in your strategy, allowing you to be more proactive vs reactive when it comes to pullbacks and incremental budgeting adjustments.
CREATIVE COST SAVINGS
While for some it may fall under a different budget or purview, ad creatives can be very expensive. What makes things worse is that a multi-million dollar creative often has an extremely short shelf-life, meaning it needs to be continually replaced.
At Origin, we maintain that this traditional approach to creative production is outdated and unnecessary - which is why we approach creative production differently. With a business model that allows agencies and brands to bypass the upfront retainers and fees typically associated with creative production, the savings they make are considerable. You can read more about it in this article.
DEMAND MORE ACCOUNTABILITY
Accountability is everything and the future of all advertising, let alone CTV advertising, should hang on agencies and brands demanding deeper reporting that gives them better insight into where their money is going and what they're getting out of it.
In addition to this, what it is that you are measuring when it comes to success is just as important. As we discuss here, by separating your KPI's from your campaign objectives you will be able to focus on what really matters without the 'noise' of what should be taken for granted on CTV (you can read our article about KPI's vs Objectives here).
Read our full article about the standards that every CTV advertiser should require for measure, tracking and attribution here.
2023 is shaping up to be a tricky year that will require agility, creativity and accountability to navigate successfully. It's why we're here.
We hope this helps!
Origin is a creative technology company whose pioneering TV advertising solutions have reshaped the way brands captivate and activate consumers inside and outside the home.
Fusing first to market ad formats with proprietary technology and direct media partnerships that span the streaming ecosystem, Origin's solutions are embraced by brands, agencies and platforms who are seeking to elevate the efficiency and impact of their Connected TV investments.
Founded by media veterans Fred Godfrey and Stephen Strong, Origin is driven by a relentless belief that the time has come to question tradition and enrage the status quo. Learn more at www.originmedia.tv.