How to Leverage Media Convergence for a Greater ROI
Convergence is hands-down the most critical, disruptive trend in our industry today. It’s generating big budget shifts for agencies. For example, eMarketer predicts that by 2018, digital video ad spend will increase 65% to a total of $12.82B
But let’s take a step back and actually define convergence. We’re not just talking about how TV and video are starting to appear and act similarly. That’s the most visible aspect, certainly, and with the greatest current impact. But it’s just one small piece of the puzzle. What we’re really talking about is the tendency for different advertising inventory and tools to evolve toward performing similar functions. This goes across all media types, and all workflows.
So, how can you leverage media convergence to your advantage?
• Traditional TV is still the most effective media type in reaching KPIs, and should represent a sizable piece of your media mix. However, consider complementing this mass reach with a more localized one, such as a hyperlocal digital campaign focusing on search and social.
• 87% of viewers use a second screen while watching traditional TV. Complement your TV buys with a targeted digital campaign for a more seamless user experience, while also encouraging ad retention. This should not only apply to search and display, but also social – as many viewers are utilizing that second screen to view social reactions to what they’re watching.
• Consider social TV advertising. The combination of user-generated content with your creative automatically ensures more user engagement with the brand or product and boosts the likelihood of sales and brand loyalty. It also offers you a very cost-effective way to keep your creative fresh and interesting. Need incentive? TV viewers who also use Twitter have a 53% ad recall, whereas TV viewers only have a 40% ad recall. They also have a 30% purchase intent (versus 16%), and 18% brand favorability lift (versus 7%), and overall less likely to tune away or change channels during ad breaks.
• Data is absolutely essential in making your marketing efforts as effective as possible. Make sure your multi-channel attribution model is aligned properly with your analytics tools – and then pivot your media plan based on the results. Keep your plan as flexible as possible so you can shift budget accordingly – don’t just set it in stone and forget about it.
• When identifying sellers for your campaign, consider their reach and distribution options. Many national publications and TV and radio stations often have local affiliates, and can package their inventory offerings based on your goals and budget. These packages can also include digital offerings, again on a national and local level. (For example, you can hyperlocalize Triton a2x buys, which includes premium inventory across broadcasters and top-tier streaming radio publishers.) This type of bundling can be much more cost efficient without compromising results.
• Don’t forget that storytelling is still king. As these media types converge, consumers want to avoid a flood of advertisements, especially if they aren’t relevant to them or are repetitive. Rather than blasting them with the same creative multiple times across different channels, make sure your creative can be slightly changed – with minimal work involved – so that it leverages each channel’s strengths and tells a seamless story.