Beyond Awareness: How Connected TV (CTV) is Evolving into a Performance Marketing Powerhouse

There can be little doubt that Connected TV (CTV) is a dominant force for top-of-funnel marketing. In terms of reach and the granular targeting of audiences when they’re most engaged, it’s arguably unrivalled.

But increasingly, the industry is also asking whether CTV can also power performance marketing. At Panoply, we’re especially energised by the innovations our media partners are rolling-out to help brands drive more measurable outcomes further down the funnel.

CTV’s scale is already undeniable. eMarketer forecasts that more than two thirds of the U.S. population uses connected TVs. In Canada, it’s a similar number. In May this year, Americans spent more time watching TV via streaming than through cable or broadcast networks - the first month that’s happened.

So yes, CTV is capturing attention. But can it also deliver action?

The short answer: absolutely - and the best is yet to come.

Platforms like Roku, YouTube and Amazon Fire TV now offer “click to cart” units and QR-enabled creative that allows viewers to take direct action from their TV screen. Amazon also has the ability to link ad exposures on its TV platform with subsequent purchases on its marketplace, while others can even measure spikes in website traffic directly attributable to CTV campaigns.

Like many, I’m someone who consumes their fair share of CTV content. I’ll often stream YouTube directly from my television. Recently, I made a purchase directly from an ad served to me on CTV. And it was easy - a quick scan of a QR code, and a few taps later on my phone and I’d made the purchase - all from the comfort of my sofa. That seamless link between engagement and conversion is where the true potential of CTV lies.

There’s no doubt CTV's strength lies in precision targeting. It offers rich segmentation - and this is a dream for strategists. But when you combine CTV’s preciseness and scale with the ability to drive an attributable action - that’s where the real power lies.

Think about trying to replicate that same experience via linear television. Not only do you lose that granular targeting, you also lose the ability to attribute outcomes further down the funnel. Meanwhile, advancements in measurement on CTV continue to accelerate and will eventually hit a level of sophistication virtually unimaginable today.

At Panoply, we’re committed to helping brands harness this evolution. If you’re ready to explore how CTV can deliver for your brand, let’s talk.