Why is having an OTT advertising strategy important? Having a strategy helps you map out where you are going. If you don’t do that, it will be impossible to get there. When done correctly, a good OTT strategy will help you navigate the last digital mile of the road that leads to your target audience.
OTT (over-the-top) advertising has become a popular option for agencies because it helps reach target audiences where they are increasingly consuming media: on streaming content devices and apps.
…the video streaming market is set to grow to $416.84 billion by 2030
Since 2019, streaming content has captured 37.3% of television viewers and, according to Bloomberg, the video streaming market is set to grow to $416.84 billion by 2030. Understanding how to run an effective OTT advertising campaign can help you reach
Here are 3 steps to create your OTT advertising strategy:
If you are considering OTT advertising in your promotional mix, follow these steps to develop a winning OTT advertising strategy.
1) Balance your OTT advertising strategy with high-quality ad placements.
Placing ads on streaming services like Netflix, Hulu can be complicated to do on your own, and not all OTT ad inventory is created equal.
When it comes to OTT ad inventory, the quality of the content being consumed by viewers can have a significant impact on engagement levels. Premium content, such as original programming, attracts a more engaged and loyal audience. This means that ads displayed during premium content are more likely to be seen and remembered by viewers.
In contrast, ads shown during lower-tier content may be less effective, as viewers are more likely to tune out or skip through ads–or even worse, the views may be fraudulent.
The takeaway here is to research and identify the highest quality content to include in your OTT advertising strategy. In addition, seek content that is relevant to the product or service you are promoting.
2) Create the right budget mix for your OTT advertising campaign.
The cost of OTT ad inventory can vary greatly depending on the quality of the content and the platform being used. Premium inventory is likely to cost more, but it may be worth the investment for advertisers looking to reach a highly engaged audience.
Cheaper inventory may be less effective, but it can be a good option for those working with a smaller budget.
To access to a mix of inventory outlined in your OTT advertising strategy, small agencies should consider using a managed media buying service and larger agencies might consider using the services of an ad network.
3) leverage digital-first experience to keep your campaign ahead of the competition.
Buying OTT ads requires a digital-first skill set. This is why it’s important to work with a team of experienced digital media buyers who understand the demand-side platforms (DSPs), targeting options, ad verification tools, and reporting platforms available in the OTT space.
Having an experienced digital ad placement team will make it easier to navigate the complex road of identifying and buying the right inventory. This will ensure that your advertising budget is spent effectively while reaching that last digital mile of the road that leads to your target audience.
It’s a wrap
If you need help formulating the best OTT advertising strategy possible, contact Ad Placement Partners and ask for me: Jeff King. As a digital strategy expert, I’d be happy to set up a complimentary video meeting or phone call to assist you. Of course, I’d also love for APP to become your go-to ad placement team. Either way, I’m here to help!