by adminHealthcare Advertising: Why You Should Invest in OTT Advertising
A new type of media is now taking over the world. Yes, we are talking about over-the-top (OTT) media streaming. The new platform has proved to have great potentials for ad targeting and marketing campaigns. Although this is a new business, still it offers some great results when compared to traditional media. And as usual, this is a new term for all businesses including healthcare organisations and frankly, they are quite sceptical to act on the opportunities created by these OTT platforms. However, it is better to act fast to get maximum results.
What is OTT advertising?
Over-the-top (OTT) and connected TV (CTV) opens new horizons for advertising your brand. Although both the terms can be used interchangeably, there are still some differences. For example, OTT refers to the content that is delivered via the internet rather than conventional terms like broadcasting or cable TV. The OTT platforms are omnipresent in today’s world. Whether be it desktop, mobile or your Smart TVs, you can stream your favourite content right from the comfort of your homes.
Coming to CTV, these are the enablers that allow users to watch OTT content on their large-screen TVs. These include devices like Apple TV, Amazon Fire TV Stick, Smart TVs, connected gaming consoles, and more. That said, the content is OTT platforms provide different models. Some offer an ad-free experience (like Netflix) with their subscriptions, while others rely on advertising as a revenue stream. Because it will be the next big thing, advertising on it will help your brand to be more beneficial as compared to a traditional medium.
Why OTT Advertising is Important?
In today’s world, especially, during the COVID-19 pandemic, people have understood the value of OTT platforms. This has opened great opportunities for OTT advertisement, especially, for healthcare providers. The OTT industry has about 85 per cent of subscribers who are aged 30-44. However, 62 per cent of people that uses these platforms are aged 55-64, while 47 per cent are above age 65. So, your target audience is already there on these platforms and are willing to watch your advertisements more when compared to traditional media. Why? Because with OTT platforms, one cannot skip the commercials, but still they are willing to watch it. This is primarily because people tend to sit and view the programme from start to end including the commercials. So, the ability to target and measure is untapped till now.
How do OTT and CTV platforms provide accurate targeting capabilities?
Believe it or not, but OTT or CTV platforms provide better targeting capabilities as compared to traditional media. In the latter case, you can only assume that your potential viewers will see the ads based on the day, location or programme type. However, with OTT advertising, you have apt data to accurately target your potential customers. With OTT advertising, you can do target your audience with ease as the source of it comes from IP-based device mapping or household categorisation (a term used for the number of devices present in a household). You can deliver precise marketing campaigns to those customers who have visited your website. Furthermore, one can target by other parameters like age, gender, location, time of day, and more, making it one of the best tools for advertising.
But, how can you track the progress?
Everyone wants to know one thing when they spend money on advertising: will it work or not? Thankfully, with OTT or CTV advertising, one can detail a report of the entire customer journey. You can easily track the progress using different methods like IP-based device mapping, video completion rates, conversion of IP-based devices to CTV impressions, and more. With this data, you can easily fine-tune your advertisements and make them more worthwhile.
We all know that healthcare advertising is more competitive than ever. We also know that traditional media advertising like television are not generating the needed ROI or insights that you would expect. However, the steady adoption of the new OTT platforms has opened a new frontier for healthcare marketing. And, naturally, those who adopt this earlier will be more beneficial when compared to their competitors. So, if you are looking to explore this new-age advertising, Healthcare MarTech is there to help you. We will help you to get started with over-the-top advertising.