Writing a better ending next time strikes impact your TV spend

Before we get started let me say this. As the writers’ guild, SAG and studio heads settle their differences (to a degree) in Hollywood, like anyone with any common sense, I’m thrilled. Writers, actors and anyone who contributes creatively to the golden age of TV we’re all watching, deserve recognition and protections. Especially as shrunken streaming pay rates threaten the industry and AI lurks on the threshold of the writers’ room door. I applaud the return to decency at the negotiation table, but let’s still keep one cautious eye on the horizon as marketers and media agencies. Strikes, pandemics and other unforeseen blockages in the pipeline of content from studios, streamers and networks all have very real impacts on not just the content landscape but also the size, type and number of aperture opportunities for brands to engage with consumers. So as we celebrate the safeguarding of scripted TV (for the moment), might it not also be time as marketers to better prepare for this kind of turbulence in the future? Before we get too complacent with next year’s spend, isn’t it a good idea to reassess the once-dominant role TV has played in the marketing mix and see if we can’t fill our funnel strategies with a more varied flow of opportunities. Here’s how I’m thinking about it as we look ahead to 2024 with all kinds of clients.

Don’t think lightning won’t strike again

Usually we think of two impacts from a writers’ or SAG strike. Will we run out of TV as advertisers and consumers (a major concern during pandemic disruption). And second: the lack of scripted shows will naturally mean networks switch to reruns (devaluing ad spots), or unscripted reality TV and sports which brings all kinds of brand association complications and re-pricing challenges. But there are other hidden impacts too that marketers should weigh for every time networks go off script. And if you don’t believe that lighting strikes twice or many more times, here’s the proof. In the better part of the past century since the early days of Hollywood and TV, there have been six other major disruptions including 1945 (85 days), 1960 (45 days over residuals and health and pension benefits), 1973 (140 days over residuals payment structures), 1981(153 days over residuals and creative rights) and then again in 1985 over the same issues, and 2007-2008 100 days which brought about major changes to digital media residuals and distribution rights). I don’t need to mention 2020 and the mess we’ve just been through. In short, this happens and it happens again. And it’s time to reassess the dominance of TV in your funnel marketing plan. Nobody’s saying kill the TV spend, but let’s broaden our viewpoint.

Hidden costs of too much TV

TV is a costly business. Production of a traditional national TV ad can range anywhere from $100,000 to $8 million, with an average national placement starting at $350,000. But it can bring additional costs to your brand too in terms of limitations and challenges. Things like high competition, less effective audience targeting, limitations for viewer interaction and engagement, and a focus on awareness generation versus consumer persuasion and conversion. TV ads are also problematic for long-term engagement of audiences due to their transitory nature and offer more limited returns given the change in consumer viewing behaviors and explosion of CTV and OTT models. Like we tell the kids, too much TV can be bad for you (in your ad spend breakdown).

Transitioning to full funnel media buys

Nobody is saying give up on TV. Well placed, high-engagement creative can deliver enormous awareness for product launches, special offers and brand awareness but times are also changing. For decades TV-led media buys were the expectation of both brand and buyer, but while the medium still delivers impressive reach, especially in local and specialty programming, families aren’t gathering around tent pole event TV moments in the same way they did for decades. And they’re not gathering at all, in many instances. The average consumer spends eight hours and five minutes every day consuming digital media and interacting with their chosen platforms, apps, social channels, digital ads, content, newsletters, emails and more. To reach, engage and persuade consumers in today’s evolving world, full-funnel marketing is becoming not just strategically smart but essential to understanding constantly shifting consumer behavior, targeting messaging and content to them in meaningful ways to build awareness, and to drive consideration and convert them to purchasers. Do this successfully and you’ll add data driven insights to platform selection, personalization of messaging as behavior changes, and the flexibility to change strategy, add analytics, adapt messaging and deliver greater ROI even in a turbulent consumer landscape.

Assembling the tools for full funnel media and marketing

As you design and build a full-funnel approach, consider the following essential elements to create diverse reach, real-time message delivery, tracking and ultimately, ROI:

· ? Content marketing: well written blog posts, infographics, video storytelling and social media posts all help to capture consumer attention and develop a broad base of awareness, but also real-time data metrics as consumers interact, and the ability to develop relationships with your customers.

· ? Social Media Ads: use audience segmentation data to target ads by geography, demographics and lifestyle interests to deliver more personally engaging messaging that can help with lead nurturing.

· ? Influencer marketing: taps into the authenticity and trust influencers create with their audiences and your customers and helps you build brand awareness? and consideration across already-engaged communities of consumers.

· ? SEO: a key driver of consideration, optimized websites and content designed to rank higher in consumer search results, capture the attention of consumers already looking for your brand, products or services, making them far more likely to convert from consideration to actual purchase.

· ? Email marketing: targeted email campaigns nurture leads with highly-personalized contents, promotions and product recommendations directly to consumers. It’s cost-effective, efficient and offers completely measurable ROI.

The final word

While we’re all eminently familiar with the explosion of social media channels and the possibilities that digital media offers marketers, when you take the step to embrace a full-funnel media strategy, it’s important to remember one critical thing. In a vast landscape with thousands of moving parts across digital properties and media venues, nothing will be successful without a clear strategy, full implementation team and ongoing management by your chosen media strategy agency or partner. A seasoned and capable team will give you the ability to understand and effectively address the needs and behaviors of consumers at each stage of the funnel from awareness through consideration, conversion and beyond. And more important still – they’ll give you a diversified plan regardless of who’s striking or not - and a completely new view of marketing opportunities beyond TV.