Most CMOs still rely on agencies for TV buying strategy (report)
The report also found that only 58% of top marketers are comfortable developing and executing TV plays themselves.
A recent report conducted by The CMO Club and Catalina found that marketers rely on agencies for "expertise and execution" when it comes to media buying for television.
Although CMOs are comfortable navigating TV, 80% turn to their media buying agency or consultant to gain insights or guidance on effective strategies. 42% admit that their agency team is primarily responsible for developing their brand's TV strategy.
The CMO Club claims to be a community for senior marketing executives to come together, share ideas, be inspired, and solve their toughest challenges in an exclusive, yet relaxed environment.
Catalina is a firm that claims to specialize in shopper intelligence and targeted in-store, TV, radio, and digital media that personalizes the shopper journey
With the joint report, the two companies aim to offer guidance to marketers on how to embrace today's TV evolution with confidence and clarity. The report was based on responses to a quantitative survey of more than "100 top marketers across a wide range of B2B and B2C organizations."
Marketers were asked where they are on the spectrum of video streaming mastery and investment, how they are adjusting expenditures, and how they are building internal muscle and agency relationships as they move into data-driven "total video" buys.
Among other key findings, the report also states that 44% of CMOs are looking to hire an outside partner or agency next year to increase the reach and effectiveness of their TV budgets.
It also cites some statistics that highlight how NextGen TV will overtake both linear and cable TV in the future.
Enricko Lukman
The move to streaming has opened up new opportunities for advertisers and seen a surge in ad spend.
According to eMarketer, CTV ad spending is expected to grow by nearly 32% in 2022 to over US$19 billion, benefiting a variety of players in ad land. However, the shift is also making it increasingly difficult for CMOs to navigate on their own, namely when it come the ad buying process itself.
Further, video landscapes around the world – which include traditional linear and broadcast TV, smart TV, CTV, addressable TV, game consoles, connected devices, cable, and other variables – are evolving fast, and presenting new challenges and opportunities to marketers.
Linear TV is still getting a fair amount of ad spend, with one third of the marketers surveyed spending more than 25% of their budgets on it. 25% plan to cut their linear budgets over the next 12 months. 52% will increase their CTV budgets and 34% will increase their addressable TV budgets.
In addition to finding new agency partners, marketers are also looking for new targeting strategies. Demographic targeting is still the lead (78%), but behavioral targeting (64%), which ranges from pet owners, auto enthusiasts, and social followers of a brand, is not far behind.
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Leighton Cosseboom
