Dave Marquard, Head of Product at Premion
Analysts are optimistic about improving advertising growth for the second half of the year, with data showing that the economy is moving in the right direction, according to recent Axios reporting. Our own 2023 CTV/OTT Advertiser Study validates this notion — with CTV being the bright spot. We found that investment and optimism for CTV/OTT advertising remain high, and 65% (2 in 3) of advertisers using CTV/OTT will increase their spending, with an average increase of 23%. That's a jump from last year of 53% (more than half), which was already high.
Simultaneously, advertisers are continuing to prioritize spend efficacy and outcomes and are more focused than ever on allocating more of their ad budgets to performance advertising—to drive sales conversion. In our study, advertisers told us that brand lift (42%), reach and frequency (41%), sales lift (37%), and linear reach extension measurement (35%) are the top KPIs for CTV/OTT advertising.
Marketers can now measure CTV campaign effectiveness in more precise ways, looking beyond video completion rates as a key success metric and tying CTV viewership directly to critical business outcomes. For instance, an advertiser can match CTV ad exposure with sales data to determine the impact on new sales from a streaming TV campaign. Today, CTV advertisers can delve deeply into measuring outcomes — from website visits to connecting CTV viewership with sales through attribution — truly understanding the ROI of each impression in their campaign.
Driving Sales Conversion for Advertisers
Here are some ways that CTV advertisers are driving proof-of-performance and achieving their sales conversion goals:
After the pandemic, the demand for new home furnishings skyrocketed. A leading regional furniture store sought to boost brand awareness and sales across multiple markets. They shifted more ad dollars to CTV advertising, targeting key furniture buyer audiences, aiming to achieve measurable brand lift, drive website and in-store sales, and ensure a positive return on ad spending.
We proved to the furniture retailer that the Premion campaign delivered positive results for every important client success metric throughout the customer journey, from branding and engagement to final sales. Specifically, our campaign drove 37K people to engage with the website within 7 days of viewing the ad. Among them, 2.2K (6%) added merchandise to their carts, validating that these targeted viewers were qualified, in-market home furnishing shoppers ready to take immediate action. By using the client's sales data, we directly attributed 6.2K online and in-store sales to campaign exposure within 30 days of ad viewing, generating $5M in sales revenue with an average spend of $809.
A large foundation repair company with multiple brands nationwide wanted to target homeowners across the country. They previously relied on traditional broadcast TV advertising but sought to supplement their campaigns by reaching untapped streaming TV audiences. We demonstrated the power of CTV advertising with our sales conversion attribution solution, tracking website visits and lead generation. The campaign generated customer interest and engagement in their specialized services, resulting in nearly 5K pre-qualified leads to the call center.
All told, the Premion campaign drove 33,725 people to the website within 7 days of ad viewing. Among them, 9,344 (28%) visited multiple website pages, showing strong interest in Foundation Repair, Crawl Space Repair, Crawl Space Encapsulation, Basement Waterproofing, and Concrete Lifting services. Leveraging our Sales Conversion Attribution solution, we directly attributed 4,789 call center leads to the campaign within 30 days of ad viewing, providing the client with a complete view of consideration and conversions. The next month, we optimized campaign performance by making zip code targeting modifications, lowering household income (HHI) targeting qualification to $50K in strategic markets, and tested new creative.
Sales Conversion Attribution, the latest evolution in our industry-leading suite of outcome-based solutions, prioritizes advertisers' business goals to drive campaign performance and optimize ROI.
To learn more about our Sales Conversion Attribution solution, let’s have a conversation.