We love TV here at The Bank. I don’t mean cozying up with the family in front of trash TV on Saturday night; I mean the effect that TV advertising can have on brand performance. But maybe that’s the point, with no other media can advertising be part of the event. Or, if you’re John Lewis – main event. TV advertising conjures fond memories of brands – as quality family time does. Put simply, we can all recall a TV ad past and present. You can’t say the same for any other advertising channels.
Thinking about the evolution of TV in the last two decades, its become substantially more fragmented. There’s now a multitude of channels vying for your attention. Add in consumption changes like video on demand and you’d think it was to television’s detriment. It’s quite the opposite.
While there may be hundreds of channels across the listings, most still hold a huge viewership. Even the smallest channels obtain hundreds of thousands of viewers – and that’s those watching live. This type of audience can be hard to achieve via most other mediums. Due to the volume, it offers a low cost per viewer.
As TV channels are more fragmented, they tend to target demographic niches. This ranges from age, gender and family life cycle skews. It allows you to target TV advertising at certain types of consumer much more easily than you could have 30 years ago, with far less channels. Yes the volumes are lower, but there’s a lot less wastage if you’re targeting a product with a fairly specific target market.
Technology developments like on demand video from ITV, Channel 4, Five and Sky give increased opportunities for brands. They are highly economical mediums, providing a level of intelligence on who is watching your ads. TV advertising is increasingly built like an online model where you are charged when you get the views on your ads. This allows marketers to create threaded campaigns which can dominate programme consumption, no matter the whether its being watched on smart TVs or other screens.
The main drawback of TV advertising is cost. Upfront it can be quite an expensive investment for a business, particularly if its never done it before. Secondly, you’ll need creative which is much more challenging – and expensive – to create. If these barriers are holding you back from advertising on television, you should shift your thinking.
We’ve already mentioned cost of TV.. Yes the bill won’t be cheap, you should prepare for an absolute minimum of five figures to launch a successful TV ad campaign. Often it can cost a lot more, depending on your needs. That being said you will be reaching hundreds of thousands, if not millions of individuals with your investment. Per opportunity to see, you’ll be paying pennies per prospective customer and in many ways, no other media can come close.
As for creative, yes producing a TV advertisement can be expensive, but there are a number of techniques to make this more cost effective. Animation for example, can dramatically lower cost and time to produce. Producing banks of assets can also offer substantial cost reduction; by maximising film crew, animator, voice artist or audio recording time during their sessions. So think about the shared need of online, social feeds, your own website and video platforms like YouTube.
The Bank are experts in TV advertising and help businesses maximise their investment creatively by identifying all channel assets and creating a suite of brand assets that can last the initial campaign, and create a series of complimentary content to act as continuation pieces across channels. So, still think TV is out of your reach? Think again and grasp this brilliant media with both hands.