The COVID-19 pandemic has changed a lot of things about our daily and social lives.
The shift in staying away from large social gatherings and remaining socially distant has forced many people, and industries, to adjust. One of the most glaring examples is how consumers have changed the mediums through which they view TV. While some forms of media have excelled in this new environment, the traditional TV industry has not been one of them.
It’s not that people don’t watch television anymore, it’s just that the manner in how they consume it has shifted. Cable, satellite, and telecom TV providers have already lost plenty of clients and are poised to lose even more subscribers in the upcoming years.
So what does all this mean for your marketing strategy?
It means you should be prepared to shift your strategy and adapt to today’s (and tomorrow’s) platforms that will not only be more beneficial than your traditional television platforms, but better targeted to the audiences that you need to reach.
However, before we discuss how to build an effective marketing campaign for your business. Let’s delve into the analytics of cord-cutting.
According to Emarketer.com, by the end of the year, the historic shift in cable cord-cutting will result in:
- 31.2 million U.S. households will have “cut their cable TV cord” in aggregate.
- 6.6 million households will cancel their pay-TV subscriptions.
- By 2024, more than one-third of U.S. households will have cut the pay-TV cord.
The Streaming Shift Trend
In 2019, Forbes reported that more Americans were already paying more for streaming services than cable. Among the rising trends in their report was data that showed that 69 percent of consumers pay for an internet streaming service video, while only 65 percent of consumers pay for enhanced traditional TV subscriptions.
These numbers highlight a significant increase from the 10 percent of consumers who subscribed to streaming services in 2009.
Developing a Winning Strategy
Now that we have gotten the gist of how streaming platforms have become the future of how people consume television, it’s vital to consider what marketing and content strategies will work best to help your business excel in this changing environment.
While ads on traditional TV and cable networks are prevalent today, streaming services have also begun to support digital ads. From Hulu to YouTube and everywhere in between, companies are now using these platforms to showcase their goods and services.
So how can your business begin to take advantage of this new streaming frontier? Consider these tips brought to you by the digital marketing experts at Cobalt Digital Marketing:
- Create original, exclusive content that consumers won’t find anywhere else.
- Be versatile enough to sell a wide range of products to your customers. It’s easier to retain old customers than acquire new ones, so with that in mind, cross-selling your business products or information is important.
- Appeal to different segments of your customer base. If the data shows that specific customer demographics are drawn to and purchase particular products more frequently, then you can begin to create content and ads that appeal to that segment. You can then create other content to reach your other target groups.
- Stay true to your vision statement. In a world full of copycats, nothing works quite as well as originality and being transparent.
- Outhustle your competition. If your competition isn’t making content campaigns for streaming services, now is the chance to get a leg up on them before they do. Create brand awareness, visits to your website, social media, and pay-per-click ads on your dynamic inventory by embracing the streaming medium before they do.
Aligning yourself with a digital marketing agency that knows how to build skip-stopping video streaming content can be a wise investment for your company. Working closely with the right digital marketing team to formulate a complete and quality strategy that will allow your business to take full advantage of these new streaming mediums is the way to go.
Are you ready to take advantage of streaming platforms by enhancing your digital ad opportunities? The experts at Cobalt Digital Marketing have developed the Cobalt Formula™ to maximize your customer demographics and give you a great return on your marketing investment.