Adopting OTT in Marketing Strategy: How Can Businesses Benefit?

Using the already available analytical data to establish the budget for future Over the Top (OTT) advertising initiatives is smart marketing strategy for businesses to save money.

FREMONT, CA: OTT media service is still relatively young in terms of how digital strategists characterize its capabilities, despite its tremendous expansion. OTT refers to more than just streaming services platforms; it also refers to different ways that customers watch television.

Video sharing platforms are now providing downloadable content that can be rented for a few days or hours. In addition, many others platforms are announcing collaborations with streaming platforms to let people stream their programming online. Below are three ways one could reap the benefits of using OTT in the marketing strategy.

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An Expanded Audience Reach 

There is a huge issue with cable and satellite services. Traditional connected TV, like video rentals and Videocassette Recorders (VCRs), will be a thing of the past. Over 50 million cable and satellite subscribers are likely to have abandoned their boxes by next year. This is a significant increase over estimates from a few years ago.

Consumers are saving close to a hundred dollars every month. This allows them to be more choosy in terms of the content they actually pay for. Cable has a major problem: it offers bundles with hundreds of channels, yet most subscribers only watch five of them regularly. Subscribers must upgrade to a higher premium bundle for specialized programming such as sports, premium movie channels, and highly-rated cable networks. OTT developers took advantage of the opportunity to give clients what they wanted by being tone-deaf to their customers. Millions of people are cutting the cord, but there is also a segment of the population that still has cable and uses streaming services. One will need data on their watching patterns and watch-time behaviors. Businesses can tailor their marketing plan using this information.

Powerful Analytics

The foundation of future marketing development is analytical data. It is challenging to know how effective companies are at reaching their target audience if they do not have data from previous marketing campaigns. Almost every digital platform, whether a social media platform or a website, can collect data and insights. This is the data required to determine what is and is not working. It is also how a company calculates its Return on Investment (ROI).

Streaming online platforms are no different. The majority of users use apps to access content on their mobile devices and desktops. In addition, applications have capabilities that track the user's usage and demographic data. This means that the statistics businesses get from advertising on OTT platforms will be extremely precise.

Setting a Budget is Easier

Using the available analytical data to establish the budget for future OTT advertising initiatives is smart to save money. For example, businesses might discover that they only need a few ads to reach the target demographic. Alternatively, firms may discover that they have a larger audience for certain streaming material on a different platform.

It all boils down to what the data is telling. This is where digital marketing shines. Unlike traditional television or print media, where one is stuck with what they bought after the sale is made. Enterprises can make changes based on what the data is showing them with digital media. In most cases, users will not be charged if they stop watching an advertisement. The fees are calculated based on the number of clicks and views.

See Also: Top OTT Solution Companies