As the holiday season approaches, digital marketers face new challenges and opportunities. The rise of Connected TV (CTV) is reshaping the digital marketing landscape, offering innovative ways to engage consumers. In this post, we’ll explore how CTV fits into digital marketing strategies for the holidays and share key insights from Matt Voda, CEO of OptiMine.
Navigating the Shortened Holiday Shopping Season
The holiday shopping season is getting shorter, putting extra pressure on brands to maximise their sales. With Thanksgiving arriving late this year, there are fewer shopping days between Cyber 5 (Thanksgiving to Cyber Monday) and the end of the year holidays. This shift means brands need to adapt quickly.
Key Points:
- Shorter Season: Fewer days to capture holiday sales mean brands must strategise early.
- Increased Pressure: With less time, brands are pushed to enhance their marketing tactics.
Trends Shaping This Holiday Season
Understanding consumer behaviour and market trends is crucial for holiday marketing success. Here are seven trends to watch:
- Reduced Shopping Days: With fewer days between major shopping events, efficient marketing becomes essential.
- Holiday Retail Sales Growth: Despite predictions of reduced consumer spending, EMARKETER forecasts a 4.8% increase in holiday retail sales this year.
- Fashion Dominates: Shoppers will likely spend the most on fashion items, while electronics may lag behind due to less urgency to upgrade.
- CTV Viewing: US consumers are expected to spend 2 hours and 15 minutes daily on CTV, making it a prime platform for holiday advertising.
- Second-Screen Usage: CTV ads can reach 206.3 million users who might use their phones to research or purchase products after seeing them on TV.
- Selective Spending: Consumers are being more selective, with over 60% indicating they can’t afford mistakes in their purchases.
- Choice Overload: 60% of U.S. consumers have abandoned purchases due to excessive choices or information.
Matt Voda’s Insights on CTV and Holiday Marketing
To understand how CTV fits into this evolving landscape, I spoke with Matt Voda, CEO of OptiMine. Voda’s expertise in cross-channel marketing offers valuable perspectives.
Greg Jarboe: How should brands adapt to the shorter holiday shopping season?
Matt Voda: Brands should leverage scenario planning to simulate different strategies for the shortened season. This might involve starting campaigns earlier, intensifying efforts quickly, or targeting last-minute shoppers.
Jarboe: What’s your prediction for retail sales this holiday season?
Voda: Retail sales have shown resilience recently, but predicting them remains challenging. Retailers who can quickly adjust their marketing strategies and measurement will have a competitive edge.
Jarboe: Which retail categories will perform best in 2024?
Voda: The top retailers will use advanced customer intelligence and marketing measurement to navigate challenges and maximise their impact on key consumer segments.
Jarboe: How does CTV fit into your digital marketing mix?
Voda: CTV provides better targeting options compared to traditional TV. It blends digital and TV strategies, offering a powerful tool for reaching audiences effectively.
Jarboe: Will you be targeting second-screen users in your campaigns?
Voda: Successful retailers understand the importance of media interplay and optimise their investment across channels. Measuring this interplay is essential for effective holiday marketing.
Jarboe: Can social video influence selective shoppers?
Voda: Yes, social video is highly effective, especially for acquiring new customers. It can significantly impact consumer decisions and drive sales.
Jarboe: How can brands avoid overwhelming consumers with information?
Voda: Creative content is crucial. Investing in human creative talent ensures that messages are clear, engaging, and effective in guiding consumer decisions.
Harnessing CTV for Holiday Success
To make the most of the holiday season, digital marketers should:
- Leverage CTV: Use CTV for targeted advertising and to reach consumers during their increased viewing times.
- Track Media Performance: Monitor how different channels interact and perform to optimise your media mix.
- Invest in Creative Talent: Craft compelling and clear messages that resonate with your audience and drive action.
- Streamline User Experience: Offer features like shoppable CTV ads to facilitate seamless purchases directly from the media.
The holiday season presents both challenges and opportunities. As Matt Voda aptly puts it, “It’s supposed to be hard. If it wasn’t hard, everyone would do it. The hard … is what makes it great.” Embracing the evolving landscape and leveraging tools like CTV can help brands succeed amidst the hustle and bustle of the holidays.
