Boost Holiday Sales with CTV
It is well known that consumer shopping behavior and media consumption fluctuate seasonally. The most successful advertisers harness accurate insights to anticipate these changes and adjust their media buying strategies appropriately.
With the ability to gather valuable and actionable consumer data, connected TV (CTV) has revolutionized how you can boost holiday sales and channel seasonality. You can use behavioral data from CTV to determine which consumers might be in the market for a particular product. This data also allows a competitive advantage by leveraging inventory availability that may be in greater supply on linear TV during the peak holiday retail seasons.
The Rise of CTV
CTV usage has grown in conjunction with the popularity of streaming services. According to Statista, 25% of adults 55+ and 54% of adults 35 – 54 daily CTV users. As of 2022, 71% of US households have at least one CTV.
Moreover, consumers are spending more time on CTV devices. Nielsen reports that people are increasing their average weekly time streaming content by 18%, with an increase from 143.2 billion streamed minutes to 169.4 billion between 2021 and 2022.
The marketplace is beginning to observe even higher demand for CTV advertising. To adapt to the increasing adoption of CTV, advertisers are realigning their budgets to put a more significant focus on this format. 2022 ad spend on CTV saw a 20% increase year-over-year in 2021 and is projected to increase another 20% YOY in 2023.
Tapping into Major Holiday Shopping Seasons
Insider Intelligence reported a 4.8% annual increase in sales for the 2022 holiday season, reaching $1.27 billion and predicting that the number will be even higher in 2023, with holiday retail sales expected to reach $1.3 trillion.
Taking advantage CTV data from consumer streaming and browsing behavior allows marketers to capitalize on these holiday shopping trends. This data enables you make informed decisions to launch powerful seasonal campaigns, from ad placement and targeting to ad creatives. For example, retargeting campaigns during Pre-Cyber Week could keep the brand top of mind when people start shopping for the holidays.
Why Leverage CTV?
CTV data and insights are invaluable for an impactful advertising strategy to boost holiday sales. CTV has many benefits that complement a traditional TV campaign. Following are some of the methods that can help you utilize the power of CTV this holiday season.
Precise Targeting
While linear TV shows your ads to everyone watching a particular program, CTV allows you to segment the audience and only serve ads to a more selective group based on your targeting. CTV can deliver different types of ads targeting consumers based on interests, browsing behavior, time of day, device type, and primary language. The benefit is two-fold; it allows you the ability to maximize your ad dollars while also improving your ad efficiency.
CTV ads even allow you to refine your targeting and realign your focus on those most likely to convert. For instance, you can launch retargeting campaigns to reach people who have visited your website before. CTV also enables you to increase ad frequency and sequence multiple messages to reach higher-value prospects.
Expanding Reach
CTV ads come with lookalike modeling capabilities, which allow you to find people who share the same characteristics and traits as your target audience or best customers. This allows you to ramp up your holiday advertising efforts by broadening your reach to audiences not being exposed to existing efforts.
Re-Engaging Existing Customers
You can also use CTV ads to target and re-engage your existing customers for the holiday shopping season. It allows you to up-sell or cross-sell relevant products to people who have shopped on your site before. It can also deliver retention messages highly relevant to their past purchase behavior.
Ramp up Holiday Sales with CTV
The holiday months continue to be peak shopping season. CTV ads are the cornerstone of holiday advertising as they offer more precise targeting and the ability to expand reach. You can use streaming and browsing behavior from CTV devices to build compelling and relevant holiday campaigns. With the ability to collect accurate consumer insights, make sure you leverage CTV ads to capitalize on seasonal shopping behavior and to boost holiday sales.
