Historic inflation, supply chain disruption, war in Ukraine, and other macroeconomic factors have analysts predicting slowed growth in H2 2022 for the global ad market. Consumers are reducing spending on both essential and discretionary items from groceries to home improvement to travel and entertainment.
As businesses navigate these factors, and the resulting deceleration of consumer spending, the knee-jerk response is often to mitigate expenses and pull back on marketing efforts, especially those ‘upper funnel’ activities, like CTV.
While cutting costs in response to revenue pressures is natural, trimming too much off the top may trade any near-term ROI for longer term peril. Investment in awareness and reach measures ensures you’re ushering new customers and prospects into the consumer journey, engaging and nurturing those leads often before they’ve even identified the need.
In fact, according to Nielsen in their 2022 global annual marketing report, driving brand awareness has never been more important – it ranks as the top marketing objective for next year. And in support of that objective, marketers and brands trust in the power of CTV. 51% of global marketers are planning to increase their over-the-top/CTV spending in the coming year. Comparatively, those expected ad spending increases are much less in traditional channels, like linear TV at 20%.
Like Linear TV, CTV works to reach audiences en masse, build brand awareness, and drive sales lift. But the relative cost efficiencies realized through digital TV allows advertisers feeling the pinch to sustain crucial, growth-driving efforts. Additionally, CTV is essential to filling the (large) gaps in a fragmented media landscape. With 46% of adults watching TV on a connected device each day, it’s simply too vast of an audience to ignore.
Much like our marketing brethren, we believe in CTV, especially amid times of economic uncertainty. If you’re interested in learning how CTV can add value to your media mix and complement your traditional mass reach channels, contact us at www.Brkthru.com. At Brkthru, we always make $1 work like $10.