Back to school isn’t just for August. Halloween isn’t just for autumn. Christmas in July might have been the start, but PSLs are popping up in the dog days of summer — and consumers love it.
For retailers and marketers, this shift in the holiday timeline marks a critical change, especially as they look to capture attention as early as they can. The shift is mirroring consumers’ shopping habits, who are jumping on sales and the best deals earlier than in previous years — you can thank Amazon Prime Day, Target Circle Week, etc., for that.
For brands that are looking to leverage connected TV (CTV) for their campaigns, they must do so quickly. As inventory was already getting gobbled up during the holiday season to begin with, now the presidential election is also taking up a lot of CTV spend and inventory.
So today, let’s look at how brands and retailers should be thinking about the “new” holiday season and what it means to be proactive with their CTV campaigns and the second screen.
While Amazon.com has historically hosted Prime Day in July, the retailer has also launched an additional Prime Day in October over the last two years, much to the delight of consumers. As promotional days continue to begin well before the holiday season, retailers must now plan for major promotional tentpoles earlier and spread their marketing budgets over a longer shopping season.
While inflation is going down, many prices aren’t, combined with a dismal job market and flat wage group, meaning consumers will remain cost-conscious in their holiday spending. They will leverage early sales and deals in an effort to spare their wallets and spread out spend over months, not weeks. As such, retailers need to consider starting campaigns earlier in an effort to capture attention and dollars. And CTV has a big role in these campaigns.
CTV viewers will reach 233.9 million in the U.S. this year. This is a captive audience for advertisers, who can use this as the time to introduce viewers to brands and products. And 65 percent of CTV viewers have used a second screen to look up product information that has been advertised in a show.
For retailers, leveraging the second screen with TV campaigns can drive consumer action and purchases. Showing relevant ads is a start, as consumers want their ads to feel more personalized. CTV allows advertisers to have more control over which audiences are being served which ads and when. Secondly, utilize QR codes, which makes it easier for viewers to use their devices to easily learn more about products. The ability to scan a code allows viewers to go straight to a retailer’s website rather than conducting a search on another platform, like Amazon or Google.
Lastly, it’s important to leverage cross-device campaigns. Some consumers will use their secondary device to research products they’ve seen in a TV ad, even after they're done watching their content. But for others, they might forget. By incorporating cross-device campaigns into marketing strategies, advertisers are planting the seeds even further. This ensures their ads are being served to the user multiple times and across different devices in the hopes that it will drive conversions on these second screens.
While the holiday season is starting earlier, there will always be last-minute shoppers. They might not enjoy shopping or simply don’t know what to buy. Whatever the reason, anticipate both the early shopper and the later ones.
For last-minute shoppers, it’s important to reach them later and with convenience in mind. Make it easy for them to start and finish their shopping in one trip. These shoppers tend to prefer online shopping, which can be great for retailers leveraging CTV and digital ads. The campaigns should highlight how they can get all (or most) of their shopping done with your brand — while also catering to their needs. Offer extended store hours on the days before a holiday, free in-store pickup for online orders, or overnight delivery to catch their eye (and their wallet). The easier you can make their experience, the more inclined they’ll be to spend with you.
CTV advertising isn’t the new, shiny thing in marketing. It’s popular because it’s effective, and it’s where consumers are. To be successful, retailers must build a strong strategy, design compelling creative assets, launch with all the boxes checked, and measure performance with relevant key performance indicators. Then they need to optimize and scale their CTV spend towards what's working to drive business outcomes.
As more people cut the cord and shift their viewing habits towards streaming apps, CTV advertising has become a must-have in the digital advertising space. Marketers have been striving to incorporate CTV into their campaigns, and for those who haven’t you must jump on it now — or be left behind. CTV campaigns can be a retailer’s best friend during the holiday season if utilized properly.
Emily Robinson is the Vice President of Marketing at tvScientific, the first and only CTV advertising platform purpose built for performance marketers.