The power of connected TV (CTV) dominated the conversation at Advertising Week New York 2023 last week. Throughout the event, panelists at AWNY from Roundel, MediaBrands, and Infillion discussed CTV and its transformative impact on TV advertising. These marketing leaders lauded CTV’s data and how it is fast becoming a game changer in local markets, in retail media, and with advanced creative options.
Here are eight illuminating CTV quotes from AWNY:
“CTV Is The Rising Star”
“Seventy-five percent of our Target guests either use the Target app, or are using Target.com as they're browsing in-store. And so as these consumer behaviors are evolving when it comes to browsing or purchasing a product, it becomes extremely important that retail media networks also continue to evolve in their offerings to meet the needs in more of an omni-channel manner. And I would say CTV is the rising star here and one of the many offerings that we have in place to be able to reach your consumers where they are spending time.”
— Ami Lathia, Director of Off Platform Ad Products, Roundel
“More Meaningful Experiences for Consumers”
“Consumers today are looking at advertising as a nuisance more than anything else, right? It's, and it's our own fault, right? We tried to out shout each other for so many years… what technology has done and technology has allowed us to do is create more meaningful experiences for consumers and more relevant experiences for consumers.”
— Suraj Ghandi, EVP, Performance Content, MediaBrands Content Studio
“Interactive Creative Performs”
“From a performance and creative perspective, when you leverage advanced creative formats (in CTV), interactive creative performs much better than standard creative or just repurposing a broadcast spot in that connected space. And we see about a 93% video completion rate, which is 10% higher than standard video, and for formats that enable interactivity on average across that 110 plus billion impressions per day that Innovid measures. We're seeing 192 seconds of additional time earned.”
— Dan Mouradian, VP-Global Client Solutions, Innovid
“Articulate The Expected Outcome Upfront”
“Understand your data. And I would say I think the most important thing is to articulate the expected outcome upfront. I think if everybody understands whether it's a test and learn environment, or hey, we've been doing this and now we're going to scale it. I think everybody has to understand what (CTV) success looks like at the end, because then you can optimize to meet that.”
— Lauri Baker, SVP-Strategic Partnerships, Infillion
“The Performance Is There”
“Dynamic creative also performs very well in the space. As a part of that shopper survey, as Ami (Lathia, Director of Off Platform Ad Products, Roundel) was mentioning, 79% of the respondents said that they watch streaming TV over linear and cable, and about 21% purchase products from streaming ads. So the performance is there.”
— Dan Mouradian, VP-Global Client Solutions, Innovid
“Measurement (Should) Influence the Next Impression”
“Measurement too often is looked at after a campaign. If I could have my wish, it would be to have measurement influence, not what happens next, but the next impression — not the next campaign, but literally the next impression. … You can do that in CTV in ways that you couldn't do and you can't do in linear television.”
— Dan Mouradian, VP-Global Client Solutions, Innovid
“Reduce the Barriers to Purchase”
“(Roundel) actually launched our shoppable creative format pretty recently to reduce the barriers to purchase using QR codes. So what really happens as part of this experience is you have a guest scan the QR code when they're watching the ad on TV. They can add that product to the cart immediately. And from then they can actually complete the purchase using order pickup fulfillment type. ... This works (because) you have the ability to actually now purchase items within categories like grocery that we not really shippable before second day for consumers who want that product in-store that very same day, versus having to wait for shipping."
— Ami Lathia, Director of Off Platform Ad Products, Roundel
“The QR Code Is Front and Center”
“I think with CTV what's really interesting is it takes a very lean-back, linear kind of sit-there, call somebody if you want to sign up today for something, 1-800 number — we still get those every morning right? — to an experience where the QR code is the front and center, where you have the ability to actually have a direct connection, a direct interaction with an advertiser with a brand and a consumer. That is the promise of CTV, and it makes television broadcasters more accountable as well. Ultimately, if you have a performance KPI that's more focused on something like digital KPIs that have been around, even viewership, you know, conversion, again to actual purchase, that ends up being far more valuable than a GRP or a TRP.”
— Suraj Ghandi, EVP, Performance Content, MediaBrands Content Studio
Learn more about how Innovid can help with your CTV advertising program.
