Connected TV advertising increased brands’ conversion rate by 113% from 2021 to 2022.
Brands and marketers alike have been scrambling to predict consumer behavior concerning the most recent midterm election, inflation at a record high and the unpredictable markets moving into 2023. With this uncertainty, no one could have predicted a record-breaking Black Friday. Adobe has recorded $9.12 billion in consumer spending online this year, a 2.3% jump from 2021.
At Keynes, we saw the same trends. On Black Friday, we averaged a 13.3% climb in conversion rates across all our brands and channels, and Cyber Monday outperformed that with a 71% increase over 2021. But astonishingly, Connected TV advertising saw a 20.8% increase in conversion rate for Black Friday and a 39% increase for Cyber Monday. This is coming from a marketing channel that’s primary goal is to introduce new consumers to a brand.
While planning for Black Friday and Cyber Monday, we recommended our partners bring forward their sales to run across all marketing channels the entire week leading up. In comparison between 2021 and 2022, we saw a 46% increase in conversion rate while Connected TV advertising alone saw a 118.2% increase.
These massively promising stats on consumer spending are only increasing year-over-year, and Connected TV advertising continues to outperform other channels that you might typically think of as low-funnel tactics (Paid Social, Online Video, Paid Search).
As spending looms large and conversion rates get a bump, Connected TV advertising has the proven ability to be the channel linking it all together.