Reminiscent of when video killed the radio star, streamed media is dealing a fatal blow to cable television. According to data compiled by Zippia, it’s estimated that almost 5 million Americans will “cut the cord” in 2022, while revenues for streaming services have risen by at least 340% since 2015. The COVID-19 pandemic only helped to increase these numbers as homebound viewers sought out more instant options.
This mass exodus may leave many business owners who included television advertising as one of their marketing tools wondering where their money would be best spent. Good news. The cutting-edge solution to reach cord-cutters is called OTT – or over-the-top television advertising.
What is OTT?
The term over-the-top refers to streaming services bypassing traditional TV providers. They aren’t tied to schedules, traditional broadcast criteria, and geographic areas. Streaming services include the high-profile ones we’re all familiar with such as Netflix and Hulu. We don’t see ads on most of the big providers because fees eliminate them. However, there are new services on the market all the time that rely on OTT advertising for revenue.
Separate from the service is the device from which people stream and view content. These include laptops and phones, as well as connected television (CTV) devices like smart TVs, streaming boxes, and gaming consoles.
OTT advertising allows businesses to create a targeted audience, based on streaming service, location, user data, and other household information. The video ad campaign is then pushed or aired according to those parameters. Reports of streaming and ad exposure are typically provided to the advertiser for further review and tweaking of the campaign based on that data.
How OTT Advertising Works for You
Video is an integral part of today’s marketing strategy, with more than 86% of businesses employing it – from live Instagram reels to professionally orchestrated OTT placement. If you have already been using TV advertising to promote your practice, then the shift to OTT will be a natural progression to reach new patients in your area.
With the ability to target at a household level, dental professionals can reach new patients in a newly built housing development in the neighborhood. Based on user data, pediatric dentists can target parents who are consuming family-friendly content. Your advertising dollars go further when you’re able to target a niche audience.
When creating a video ad, think short and memorable. Some streaming audiences may ‘skip’ your message so make sure you grab their attention. Marketing firms like RAMP can work with advertisers to provide the creative content for a 30-second ad that’s customized to your office.
And at approximately 5 cents per view, OTT advertising is a fraction of what cable or broadcast TV costs.
Embracing the Future
Streaming platforms and new technology are not limited to the younger generation. The OTT devotees are diverse, savvy, and growing in number with each cable cord that’s severed.
In addition to reaching the OTT audience, you can leverage the value of that video in all your marketing channels: social media, website embeds, waiting room videos, and more.
RAMP can help you determine your audience and create a multi-faceted campaign that works specifically for your practice. Give us a call today for a free consultation.