In the lead-up to the ICC Men’s Cricket World Cup 2023, brands are poised to elevate their marketing mix with Connected TV (CTV) strategies.
CTV refers to any TV set that is connected to the Internet and allows viewers to stream videos and music, and browse the Web. India will host the tournament from October 5 – November 19.
Advertisers are embracing tailor-made messaging and data-driven precision to target households, aiming for enhanced return on investment (RoI).
According to industry experts, the emphasis on CTV has witnessed a remarkable uptick of upto 25 percent in terms of spends from brands, in comparison to World Cup 2019.
Noticeable shift towards CTV strategy
In preparation for the upcoming World Cup, there’s a noticeable shift towards CTV in the digital strategy of brands.
“This season presents a strategic opportunity due to its alignment with Diwali, running from October to mid-November, and making it an attractive period for brands to invest in,” said Niti Kumar, COO, Starcom India.
“While brands may not substantially boost their budgets, they are reallocating funds from other channels to accommodate CTV, expecting a 15-20 percent increase in spending compared to previous quarters,” she said.
According to Kumar, two distinct categories of brands emerge as adopters of CTV; those targeting premium audiences and those seeking cost-effective alternatives to traditional television advertising.
Banking, auto sectors showing keen interest
Notably, banking and auto sectors are showing keen interest in CTV, with numerous auto launches planned in the period. The ability to engage viewers directly and provide interactive features on CTV is a significant draw.
As of 2022, the number of households in India that owned CTV sets amounted to 25 million. This figure is estimated to almost double by 2025. According to Statista estimates, the viewership of CTV was found to have increased by over 30 percent between 2021 and 2022.
What will be different this World Cup in terms of trends? There are two ways we can look at this.
‘CTV strategies can be way more innovative’
Shradha Agarwal, Co-Founder & CEO, Grapes, said: “TV has been typically used in the upper funnel of marketing, largely driving awareness. CTV has the advantage of having a good potential in the lower funnel and actually driving the audience’s purchase decisions through the interactive format. While currently less than 4 percent, out of the 700 million digital audience, use CTV in India, the World Cup could very well leverage this small but engaged user base.”
Connected TV obviously offers highly precise audience targeting, so brands specifically targeting the cricket-viewing audience base have this amazing platform that they can leverage for both the middle and lower funnel marketing.
“And they can be way more innovative in terms of how they integrate their products and services as compared to any other medium,” she added.
Hotstar lifting paywall for mobile, tablet viewers helps
Talking of integration, ad tech experts are putting together customised targeting tools for their clients.
What is helping is Hotstar lifting its paywall for mobile and tablet viewers for the Asia Cup and ICC World Cup. Naturally, brands now have the option to reach a wider audience.
Siddharth Dabhade, global commercial board member and managing director, MiQ, expects marketers and advertisers to experiment and innovate with creative formats to engage consumers across platforms.
Moment marketing expected to be a trend
“Some other trends that we expect to play out are moment marketing and cricket sync. Using real-time data signals, advertisers can trigger their ad campaigns at the right time to leverage the power of moment marketing. For example, a bank can activate its ad, during replay, for about 6 percent interest on a financial product when Virat Kohli hits a six. There are options for personalisation using data analytics, localised campaign opportunities and many more,” Dabhade added.
A 2022 Finecast report foresaw 2023 as the pivotal year for a surge in linear TV users shifting towards CTV. This shift, driven by changing lifestyle preferences, has not gone unnoticed by brands, which are actively capitalising on this opportunity.
According to the report, TV advertising is poised for substantial growth over the next five years, with India projected to become the third-largest market by 2024. Within this timeframe, CTV advertising is expected to experience rapid growth in India, boasting a remarkable 47 percent Compound Annual Growth Rate (CAGR).