This week, we have seen how Currys Connected Media – the retail media arm of electronic giant Curry’s – has teamed up with independent Connected TV (CTV) operating system Titan OS to offer connected TV advertising as part of its offering to brands, but what is CTV and how does it work within the retail media environment?
Connected TV (CTV) – which, as the name implies, is any TV connected to the internet –is increasingly becoming an interesting ‘extra screen’ for retailers to add to their retail media networks. To do this, they have to work closely with CTV companies to create a symbiotic data-based relationship. Done properly, however, it yields astonishing results.
Connected TV offers brands the ability to use TV advertising much more precisely to target ‘known’ consumers based on the data of the TV streamer.
For many retailer media networks, which already have relationships with TV companies, this is an opportunity to combine their first party data with the data of the CTV or streaming player to offer a much more precisely targetted TV ad campaign.
It is worth noting that this doesn’t have to replace traditional non-personalised TV advertising – that continues to have a role to play in brand awareness and long term brand building – rather the CTV-RMN tie up offers another channel to target specific products and a more honed target audience.
So, what does CTV bring to RMNs and what does it offer brands and retailers? For starters, by being more precisely targetted at users, it extends reach. RMNs can use their rich customer data across purchase history and loyalty programmes to create targeted CTV ad campaigns, maximising the effectiveness of marketing efforts.
It also offers brands the ability to make the most of the clarity and focussed nature of TV advertising, but without the ‘wasteage’ of untargetted ads going out on linear TV.
Compared to online advertising, CTV offers a less cluttered and more premium viewing environment, potentially leading to higher ad recall and brand awareness.
CTV also brings into the marketing crosshairs the ‘chord cutters’ who have turned off traditional broadcast TV, as well as those that never watched traditional TV, but who are looking at apps and streaming services.
Together, these attributes see CTV retail media ads close the loop across platforms and screens – as well as potentially being another bridge between the on and offline worlds.
CTV ads can seamlessly link to a retailer’s website or mobile app, allowing viewers to easily make a purchase or research a product further. This creates a smooth customer journey, potentially leading to increased conversions online and off.
When combined with out of home (OOH) and in-store marketing inventory, brands can reach consumers at all points of their journey.
This plays into brand marketing’s use of storytelling to help humanise and personalise advertising. Video content for TV offers unrivalled story telling opportunities, which can then be used to create a story that translates over into more static digital adverts online and then into digital and non-digital OOH and in-store media. This closed loop approach offers brands the chance to be in front of consumers at every point of their lives.
And its popularity is growing. Research in 2023 shows that ad spend on CTV devices grew 21% YoY in 2023. This has been driven by all the factors mentioned, along with the growing desire among consumers for ad-supported digital entertainment. In fact, 28% of the UK population as an example say that they have used ad-supported online entertainment more during the cost-of-living crisis. This has fuelled an acceptance of ad-funded content streaming and opened up CTV and other video services to being a vital part of RMNs.
This analysis is part of the extensive RetailX Retail Media 2024 report.
Drawing on ConsumerX research, third party data and value-chain testimonials, the report explains the concept of retail media networks, their evolution, how to leverage them from any point within the value-chain and where they go next.
Stay informed
Our editor carefully curates a dedicated Retail Media newsletter on a bi-weekly basis, filled with up-to-date news, analysis and research, click here to subscribe to the FREE newsletter sent straight to your inbox.
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ANALYSIS Retail media tunes into connected TV
Paul Skeldon
This week, we have seen how Currys Connected Media – the retail media arm of electronic giant Curry’s – has teamed up with independent Connected TV (CTV) operating system Titan OS to offer connected TV advertising as part of its offering to brands, but what is CTV and how does it work within the retail media environment?
Connected TV (CTV) – which, as the name implies, is any TV connected to the internet –is increasingly becoming an interesting ‘extra screen’ for retailers to add to their retail media networks. To do this, they have to work closely with CTV companies to create a symbiotic data-based relationship. Done properly, however, it yields astonishing results.
Connected TV offers brands the ability to use TV advertising much more precisely to target ‘known’ consumers based on the data of the TV streamer.
For many retailer media networks, which already have relationships with TV companies, this is an opportunity to combine their first party data with the data of the CTV or streaming player to offer a much more precisely targetted TV ad campaign.
It is worth noting that this doesn’t have to replace traditional non-personalised TV advertising – that continues to have a role to play in brand awareness and long term brand building – rather the CTV-RMN tie up offers another channel to target specific products and a more honed target audience.
So, what does CTV bring to RMNs and what does it offer brands and retailers? For starters, by being more precisely targetted at users, it extends reach. RMNs can use their rich customer data across purchase history and loyalty programmes to create targeted CTV ad campaigns, maximising the effectiveness of marketing efforts.
It also offers brands the ability to make the most of the clarity and focussed nature of TV advertising, but without the ‘wasteage’ of untargetted ads going out on linear TV.
Compared to online advertising, CTV offers a less cluttered and more premium viewing environment, potentially leading to higher ad recall and brand awareness.
CTV also brings into the marketing crosshairs the ‘chord cutters’ who have turned off traditional broadcast TV, as well as those that never watched traditional TV, but who are looking at apps and streaming services.
Together, these attributes see CTV retail media ads close the loop across platforms and screens – as well as potentially being another bridge between the on and offline worlds.
CTV ads can seamlessly link to a retailer’s website or mobile app, allowing viewers to easily make a purchase or research a product further. This creates a smooth customer journey, potentially leading to increased conversions online and off.
When combined with out of home (OOH) and in-store marketing inventory, brands can reach consumers at all points of their journey.
This plays into brand marketing’s use of storytelling to help humanise and personalise advertising. Video content for TV offers unrivalled story telling opportunities, which can then be used to create a story that translates over into more static digital adverts online and then into digital and non-digital OOH and in-store media. This closed loop approach offers brands the chance to be in front of consumers at every point of their lives.
And its popularity is growing. Research in 2023 shows that ad spend on CTV devices grew 21% YoY in 2023. This has been driven by all the factors mentioned, along with the growing desire among consumers for ad-supported digital entertainment. In fact, 28% of the UK population as an example say that they have used ad-supported online entertainment more during the cost-of-living crisis. This has fuelled an acceptance of ad-funded content streaming and opened up CTV and other video services to being a vital part of RMNs.
This analysis is part of the extensive RetailX Retail Media 2024 report.
Drawing on ConsumerX research, third party data and value-chain testimonials, the report explains the concept of retail media networks, their evolution, how to leverage them from any point within the value-chain and where they go next.
Stay informed
Our editor carefully curates a dedicated Retail Media newsletter on a bi-weekly basis, filled with up-to-date news, analysis and research, click here to subscribe to the FREE newsletter sent straight to your inbox.
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