In this odd new normal, adapting advertising techniques to meet your clients where they are, both physically and online, is becoming increasingly important.
For businesses that rely on foot traffic, the last two years have been a rollercoaster, and Covid-19's ever-shifting forms have made seeing a true end to it an uncertainty. According to McKinsey, endemicity (meaning we're stuck with it) is the most likely scenario, with society learning to make future decisions that allow us to coexist with the virus. This strategy will have significant business implications. To be more particular, advertising techniques will need to be adjusted to meet clients where they are today.
As our society adapts to new standards, such as remote and hybrid workplaces, brands are expected to meet customers in their backyards. Out-of-home (OOH) advertising, fortunately, is particularly prepared to satisfy this demand, as location-specific placements may now reach the exact consumers you want to engage, wherever they are. This makes it an important part of any marketing strategy, both now and in the future.
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1. Make the marketplace more competitive.
Competition never hurts anyone, and as the customer, you’ll score by making vendors compete for your advertising dollars. The OOH landscape is massive, but the largest player only controls about 15% of inventory. The other 85% belongs to more than 1,100 smaller media owners, which results in increased rivalry and better pricing. So, when you put out a campaign RFP, give all media owners an equal opportunity to compete on pricing and offer you a deal that will boost your ROI.
2. Demand transparency.
Pricing can be a touchy subject in this highly competitive environment. To avoid hidden costs being passed on to you, demand complete pricing transparency. Whether you're purchasing through a third-party partner or platform or dealing with an agency, make sure the prices you're receiving aren't usually from the same vendor or vendor group. Most third-party partners act in their clients' best interests; just make sure the one you're working with and do.
3. Use data wisely.
OOH, advertising has progressed to the point where certain attributes can now be targeted based on data. To match a target audience with a target market, all you need is high-quality, up-to-date data. You can feel confidence growing into new markets since you have access to a wide range of behavioral and demographic data. You can also identify, engage, and convert high-value audiences that were previously only found in major cities.
4. Measure to minimize waste.
Measuring the effectiveness and outcome of OOH advertising campaigns used to be difficult, but that has changed. Marketers can now track how well their campaigns are performing in real time, whether the goal is to create awareness, promote recall, or drive conversions in stores or online. Advertisers may test, change, and even swap out creatives mid-campaign depending on performance indicators, ensuring that you don't waste a single second running an ad that isn't performing. That's an excellent technique to get the most out of marketing spending.
5. Increase your ROI value.
Even while OOH is one of the most cost-effective advertising tactics, that doesn't mean you shouldn't receive more value for your money. Make your planning, buying, and creative production decisions based on current real-time data. Find the best platforms for reaching out to your customers, test each choice before implementing it, and monitor overall performance.