With COVID-19, the OOH industry is facing one of its biggest threats in its lifetime, with media owners seeing a huge percentage of sold campaigns either being renegotiated for peanuts or pulled completely. With real data, though, the negative effects could have been reduced with content automatically allocated to the best possible location with less wasted playbacks.
The biggest media owners have relied on historical statistics and surveys for the past two decades, and while the combined value of this insight is real, it is not enough. To truly understand your audience, you need more insight than just general, mass demographics. This is not to say that big statement assets like Time Square and Piccadilly Circus have no value, but that most DOOH media assets fail at their main objective: to target a specific group of receivers with a specific message and measure actual audience reach.
Here’s how your DOOH media assets can increase their value with smart DOOH advertising enabled by Advertima’s AI and 3D computer vision technology:
Better targeting capabilities
The more targeted you can be, the more targeted your advertisers can be. Advertisers currently pay knowing that their ad will often be shown with little or no reach most of the time (unless they want to reach absolutely everybody), with the agreed amount paid normally based on the expected reach to the target market.
It is not enough to break big data and general assumptions into time slots of anywhere between 1 and 4 hour and loop the content based on the average expected reach. The insight remains based on averages, any changes on a daily basis are ignored, and it becomes utterly difficult to measure the value of a campaign, especially if there are any changes to peoples’ behavior. COVID-19 has taught us this all too well.
Introducing a smart DOOH advertising – one that reaches the intended audience through computer vision that interprets human behavior in the real world and triggers targeted, dynamic content in real-time – you reduce the number of times an ad is “wasted” on the wrong audience, thus increasing the value of each playback.
With budgets under constant scrutiny it’s critical to show the advertising business what DOOH actually delivers. Not only does measurable performance metrics, like real audience reach and reactions, provide advertising agencies and brands with reassuring insight into their spending, but it proves the actual value of DOOH media as a way to reach their actual target audience with another layer of data that traditional DOOH cannot. I have seen first-hand how this leads to advertisers not only understanding and defending their spending, but often also increase the repurchase bookings. Without real insight at the end of a campaign, I believe many advertisers will take their money elsewhere in the near future. With a smart DOOH advertising, you’ll be able to measure the real reach of each campaign playback, and the missed opportunities to refine and better inform your commercial strategy.
Optimize use of media assets
You only have 24 hours (often less) of possible screen time every day, and if you optimize your targeting efforts, you can capitalize on this newly found available inventory. Media owners are limited by the number of their media assets and the time available to show content on them. With digital assets the use has obviously improved from the analogue world, but there is much, much more that DOOH is capable of with smart targeting. By targeting more accurately, and measuring each campaign’s performance correctly, smart DOOH advertising enables media owners to offer their customers a better and more competitive product, as well as the capability to free up inventory space to maximize their revenue streams.
With the rise of online marketing, as well as more current and unexpected events like the COVID-19 crisis, it has become clear that the DOOH industry has to adapt to the new expectation of insight and measurability against its competing marketing methods. Let the data and your existing inventory work for you to become more targeted, more measurable, and more optimized.