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Out-of-home (OOH) advertising is an incredibly significant form of marketing that cannot be ignored in today’s world. While digital marketing has gained prominence, other types of offline marketing are still crucial for reaching audiences effectively. OOH advertising is an excellent way to put messaging in front of people when they are out in public, capturing their attention as they go about their day. It includes a wide range of advertising formats, such as billboards, posters, bus stop shelters, advertising on public transport and vehicles, among others. It’s high time that businesses recognize the importance of OOH advertising and leverage it to gain a competitive edge in the Out-of-home (OOH) advertising is an incredibly significant form of marketing that cannot be ignored in today’s world. While digital marketing has gained prominence, other types of offline marketing are still crucial for reaching audiences effectively. OOH advertising is an excellent way to put messaging in front of people when they are out in public, capturing their attention as they go about their day. It includes a wide range of advertising formats, such as billboards, posters, bus stop shelters, advertising on public transport and vehicles, among others. It’s high time that businesses recognize the importance of OOH advertising and leverage it to gain a competitive edge in the market.
OOH advertising is a vital component of the modern marketing landscape, and its importance is only set to increase in the years ahead. This article presents crucial insights and considerations that businesses must keep in mind when it comes to OOH advertising beyond 2024.
The OOH Advertising Landscape Today
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According to recent reports, the global market for outdoor advertising was valued at nearly $47 billion in 2022. It is expected to expand and reach more than $61 billion by 2028. When it comes to digital out-of-home advertising, this specific category was valued at over $21 billion in 2022, and it is predicted to soar to more than $44 billion by 2028. This substantial growth shows that OOH advertising is a crucial aspect to consider for any business that aims to use the most effective advertising channels for their brand.
The development of digital Out-of-Home (OOH) advertising has been a significant factor in driving growth in the sector. Digital screens have become an essential element of OOH advertising campaigns, allowing for optimization and personalization. Real-time purchasing of ad inventory and increased insights into ad location have also contributed to the growth of OOH advertising. In fact, OOH is expected to be the fastest-growing medium in 2023, with digital OOH being a key driver of this growth.
What Is Driving OOH Advertising Growth?
Did you know that the Out-Of-Home (OOH) advertising industry is growing at a rapid pace? There are several factors that are fueling this growth and these factors are worth knowing. Keep reading to find out what’s driving the growth of OOH advertising and how it impacts the advertising industry as a whole.
Technological advancements
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The advent of new technologies has completely transformed OOH advertising, driving remarkable growth. The proliferation of digital OOH advertising and the ability to collect valuable data have led to a significant shift in the advertising landscape.
Data-driven insights
The latest technology empowers marketers to track their OOH advertising campaigns more effectively. With advanced measurement and analytics tools, they can derive valuable insights and make data-driven decisions.
Creativity and innovation
In order to establish a genuine connection with people, advertisers must continuously seek new and innovative ways to engage audiences through outdoor and public space advertisements, leveraging the latest technologies and exploring creative and unconventional approaches.
Impact of the pandemic
The current events happening around us can have a profound impact on the growth and impact of advertising markets. With people resuming their daily lives after the COVID-19 pandemic, they are now actively engaging with out-of-home (OOH) advertisements. Consequently, the advertising market is experiencing growth, which was already picking up pace before the pandemic.
Targeted advertising
Identifying the most suitable location for OOH advertising and effectively reaching the targeted audience can be an enormous obstacle. Fortunately, with the advanced capabilities of digital OOH, marketers can confidently pinpoint specific locations and deliver their message to the desired audience at precisely the right time.
Integration with digital media
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Without a doubt, OOH advertising and digital advertising can work hand-in-hand to create an unstoppable advertising force that propels market growth to new heights.
In recent years, the OOH (Out-of-Home) market has experienced significant growth due to various factors. As we approach 2024, these factors will continue to shape the industry with the advancement of technology and an increasing number of marketers and clients recognizing the immense benefits of OOH advertising.
Emerging Trends in OOH Advertising
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There are some emerging trends to keep an eye on in the year 2024. Some of these trends are already noticeable and are impacting the growth of out-of-home advertising. Digital out-of-home (DOOH) advertising is gradually increasing and is also being utilized to create multichannel campaigns. It offers more personalized targeting options, which is another trend that is growing in importance. Advertisers are also utilizing story-led advertising, and digital displays are being fully leveraged to do so.
The buying process of OOH advertising is also changing with the help of programmatic purchasing. This allows real-time buying of ad space, making it easier to build multichannel campaigns.
Market Analysis for OOH Advertising
The current growth of the out-of-home (OOH) advertising market is impressive and is largely attributed to digital OOH. The global expenditure is predicted to continue to increase, with billboards accounting for most of the spending in the US. OOH advertising, particularly digital OOH, is highly recommended by experts. Additionally, combining programmatic and DOOH advertising by 2024 will allow businesses to be more strategic and efficient when purchasing media, leading to seamless integration of OOH into multichannel campaigns. These advancements will enable companies to reach their target audience more effectively and achieve better results.
The Positive Impact of OOH
OOH will continue to collaborate as a group to showcase the channel’s sustainable and charitable nature. According to a recent study conducted by PwC at the behest of Outsmart, almost half of every pound spent on Out-of-Home (OOH) advertising in the UK goes back to the community. The industry is committed to highlighting the positive impact of OOH spending on public infrastructure and communities, while also striving to minimize the environmental impact of this type of advertising.
Furthermore, another upcoming study by Outsmart and Legacy Media shows that OOH has the strongest Environmental, Social, and Governance (ESG) credentials when compared to TV, Press, and Online advertising. OOH is particularly commendable in the areas of Environment and Community, according to the study.
Data-Driven Outcomes
The death of cookies, which is expected to occur in 2024, will mark the end of the era of highly targeted ads. Advertisers will need to explore new ways to achieve their brand objectives.
Out-of-home (OOH) advertising will continue to have a significant impact across the entire marketing funnel. In 2024, we will observe a stronger focus on performance and bottom-funnel metrics, with brands leveraging first-party and third-party data to develop audience-centric OOH campaigns.
More and more brands will turn to data-driven OOH advertising to achieve their desired outcomes. Programmatic OOH advertising impacts the metrics across the entire marketing funnel, reaching optimized audiences. The most significant impacts are observed in the bottom-funnel metrics, such as preference and purchase.
A Drive Towards Attention
Understanding the role of attention in advertising is becoming increasingly important. Attention is an established metric in Out of Home (OOH) advertising and is incorporated into Route’s methodology. However, it’s crucial to understand how attention is given to determine its effectiveness. This means not only identifying where someone has looked and for how long, but also correlating it with the impact it has on brand performance, whether positive or negative.
Kantar’s recent Media Reactions study is an excellent example of how attention is gaining more significance in conversations about media effectiveness. It highlights a 90% correlation between the channels that consumers claim capture their attention and those they prefer.
According to a recent report by Kantar, 51% of marketers admit that their budget decisions are influenced by consumer attention. However, the report highlights a significant difference between what marketers believe captures consumer attention and what consumers themselves actually find attention-grabbing. The study found that there is a strong correlation (90%) between the channels that consumers claim to be effective in capturing their attention and their preferred channels for receiving advertising.
Creativity and Technology Unite
In the past year, there have been significant advancements in the field of creative digital out-of-home advertising. This includes augmented reality, virtual reality, 3D, and artificial intelligence. In the year 2024, brands are expected to fully realize the potential of these technologies and leverage them to engage audiences, build brand share, and deliver significant return on investment (ROI).
Based on research, including the 4th Space Research, Ocean’s “Neuroscience: Redefining Human Engagement,” and “Digital OOH: The Vital Ingredient,” it has been proven that creative digital out-of-home advertising executions can enhance the impact and lead to significant increases in attention, purchase consideration, and memory encoding.
Full-motion digital-out-of-home (DOOH) advertisements are viewed for 60% longer duration than static ads. Special build out-of-home (OOH) ads can increase purchase consideration by 35% as compared to traditional ads. The use of 3D DOOH ads can result in a 15% increase in consumer attention as compared to 2D ads. Furthermore, live stream content has a stronger memory encoding rate, 3 times higher than full-motion ads.
The Brand Fame Comeback
OOH, or Out-of-Home advertising, is widely recognized for its ability to deliver extensive brand exposure and increase brand awareness. In 2024, advertisers are expected to revisit the channel’s primary strength, which is its ability to generate broad reach. OOH advertising has a reach of 98% of the UK population, making it an incredibly powerful tool for driving brand recognition. Moreover, OOH advertising is also effective in increasing brand fame by 23% and improving brand trust by 8%.
The likes of PepsiCo, McDonald’s, and HSBC are leveraging the strengths of OOH advertising to raise brand awareness and create impact. We can expect other brands to follow suit and use OOH advertising in a similar way.
Continued Growth of Programmatic OOH
In 2024, we can expect Programmatic Out-of-Home (PrOOH) technology to continue developing at a rapid pace. The standardisation of PrOOH will become more prominent and we will see a surge in the number of Out-of-Home media owners trading through programmatic.
The latest research from VIOOH State of the Nation indicates that Programmatic OOH spend will grow by a third on average over the next 18 months. As consumers demand more dynamic video content to connect OOH to their other digital media channels, the trend towards digital and data-driven outcomes through programmatic will continue to rise, along with a growing demand for greater online-to-offline opportunities.
Advertisers will increasingly adopt PrOOH as part of their omnichannel digital strategies, while the removal of entry barriers will attract a slew of new brands to the market. The future of PrOOH looks bright and promising.
Retail Media & DOOH drives Path to Purchase
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Out-of-Home (OOH) advertising is quickly gaining momentum within the Retail Media ecosystem, and Digital Out-of-Home (DOOH) is becoming an indispensable component of every shopper marketing strategy. DOOH uses first and third-party data to deliver the message to the right audience at the exact moment, from the start of their journey to the final in-store purchase. It’s the missing link that seamlessly connects the worlds of home and store, providing brands with a unique opportunity to engage with consumers on an entirely new level.
Integrating DOOH with retail media networks will enable marketers to supercharge their shopper marketing efforts with advanced measurement and attribution solutions that link OOH ad exposure to critical business outcomes. This integration will provide marketers with the necessary tools to measure the effectiveness of their campaigns and attribute the results to specific business objectives.
Enhancing OOH with AI
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In today’s fast-paced world, businesses must leverage cutting-edge technologies to stay ahead of the competition. AI integration is the way forward, and OOH agencies and media owners can’t afford to be left behind. By embracing AI, these agencies can unlock the full potential of their campaigns, enhancing efficiency, creativity and copywriting, to deliver outstanding results. The future of OOH advertising is AI, and the time to embrace it is now.
Considerations for OOH Advertising in 2024
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To ensure the success of your OOH advertising campaigns in 2024, it is crucial to keep in mind certain key considerations. By following these expert tips, you can feel confident in creating highly effective campaigns that will engage your target audience and deliver optimal results.
- To maximize the potential of OOH advertising, it’s crucial to utilize data effectively. With a vast amount of data available, make informed decisions by incorporating data into every stage of the process, from selecting the ideal location to designing the ad content. Don’t miss out on the opportunity to make the most of data-driven OOH advertising.
- For greater exposure, prioritize shareability. Shareable campaigns can benefit from cross-channel advertising and digital marketing, such as social media.
- To maximize the effectiveness of your advertising efforts, it’s advisable to concentrate on fewer, busier locations rather than spreading out across quieter areas. This targeted approach can yield better results and help you achieve your marketing goals more efficiently.
- To grab your audience’s attention, keep your message short and straightforward. Avoid beating around the bush and get straight to the point. Remember, you only have a few seconds to make an impact, so make them count by delivering a clear and concise message.
- Stay ahead of the game by confidently incorporating emerging technologies into your OOH advertising strategy for a significant competitive advantage.
- It is imperative to align offline marketing efforts with DOOH campaigns to ensure consistent messaging across various channels, which plays a crucial role in enhancing brand recall and reinforcing marketing objectives.
Conclusion
The world of out-of-home (OOH) advertising is constantly evolving, and it is imperative for advertisers to adapt to the changing landscape to stay ahead of the competition. By embracing innovative approaches and fully utilizing the potential of digital out-of-home advertising, advertising agencies and business owners can take advantage of the exciting opportunities that 2024 promises to bring. To succeed in the future of OOH advertising, it is essential to remain informed, integrate data-driven insights, and adopt advanced technologies. These steps will enable advertisers to make a lasting impact on their target audience and achieve their marketing goals with confidence.
Are you ready to take your Out-of-home (OOH) advertising campaigns to the next level in 2024? Look no further than Can’t Miss Us for unparalleled industry insights and tips. Our team of experts will make your brand unmissable! We’ll work with you to create engaging and dynamic campaigns that will not only capture attention but also deliver unforgettable experiences. With our expert guidance, you can elevate your brand’s visibility and make an impact that lasts. So why wait? Contact us today to get started!
