The New TV
As with everything in this digital age, times are changing at a rapid pace. It wasn’t even 5 or 6 years ago that people would balk at the idea of the cable cutters becoming a concern for traditional TV. Fast forward to today and cable is the bane of most people’s existence with its high monthly costs and backward “bundles”. In fact, almost anyone with a pulse is getting additional forms of entertainment from other types of streaming services like Netflix, Sling TV, and Amazon, which just adds to, and highlights, the cost burden of cable. Thus, cable cutting continues to accelerate with the endless options of streaming, mostly under $20 a month vs. over $120+ a month for cable. So here we are, even as cable companies feverishly try to stay relevant, but it’s too late. In addition, the costs to advertise on traditional TV/Cable can suck up a large amount of a jeweler’s marketing budget, in particular in large cities. In contrast, digital marketing has continued to grow as it replaces some of its traditional media counterparts, even as many retailers still fail to see the opportunity in this change. Yet, hanging out in the back of the club is a kid everyone knows, but rarely dances with. He makes old school (television) cool again. I’m talking about the NEW TV… YouTube™.
You might be surprised to know that YouTube is the second-highest ranked website worldwide (Alexa)… second only to Google. YouTube is developing original content as well as the ability to watch full series and movies, not to mention the insane amount of user-provided content available. It outpaces Netflix as the preferred online video provider 48% to 29%, and millennials rank it as one of their top apps… yes, even over Instagram. It’s also not just the Millennials, as 75% of Gen X watches YouTube at least once a month. Here’s the thing; you can advertise on it. Most of us know that, but have you ever thought about it as part of your media buy? Try watching a longer video or show on YouTube. It feels very similar to traditional TV, with ads appearing at the beginning and at intervals in the video. Yet, unlike most traditional TV advertisements, they can also be interactive and link out to your website or other online channels. Ads can be videos or pop-ups. There are many options, but the point is that YouTube is a huge opportunity for retail jewelers to diversify their marketing presence, especially with how crowded other digital channels like Facebook, Instagram, and Paid Search have become. Now, more than ever, video is the hot commodity. Not just in the creation of advertising, but also as content to be consumed. The production of ad or video content no longer serves a single outlet, such as TV. Now, a single production can be shared on various platforms including Facebook, Instagram, your website and YouTube. The value of the production is multiplied because of all the ways it can be used and production costs can be justified again.
Some other important stats on YouTube™:
1) Looking to connect with male viewers? YouTube is made up of 55% Males vs. 38% on Facebook. (Pew Research)
2) 58% of adults in the US watch YouTube. Compare that to 26% on Instagram. (Pew Research)
3) YouTube reaches more 18 to 49-year-olds than any cable network.
4) 9 out of 10 six second bumper ads were found to drive a significant lift in ad recall.
5) YouTube mobile users are less likely to multi-task vs. traditional TV watchers, which increases visual attention by a whopping 83% vs. 45% on TV.
TV isn’t dead, it has simply re-invented itself. If you currently advertise on traditional TV or want to, YouTube can add another dimension to your media buy, or provide a solid alternative when traditional TV buys are cost prohibitive. As marketers continue to explore the digital landscape, it’s clear there’s a new TV out there and it’s YouTube.