KPIs stands for Key Performance Indicators. They are the main objectives every business should track to measure and evaluate the success of the business and make the most impact on your strategic business outcomes. KPIs support strategy and help teams focus on what’s important.
However, you need to have a strategy before thinking of the ways to measure KPIs.
Most businesses believe that out-of-home advertising cannot be measured and hence any strategy that cannot be measurable is unprofitable. According to the Out-of-Home Advertising Association of America; a cornerstone of OOH metrics is Geopath’s Audience Measurement Ratings. They are a standardized, quantitative and reliable measurement that is consistent with other common media metrics.
The global OOH (Out-of-home) advertising market is expected to grow from $25.29 billion in 2019 to $25.49 billion in 2020 at a compound annual growth rate (CAGR) of 0.8%. The slowed growth is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing, remote working, and the closure of industries and other commercial activities resulting in operational challenges. The entire supply chain has been disrupted, impacting the market negatively. The market is then expected to recover and reach $31.05 billion in 2023 at a CAGR of 6.8%.
Hence, it is safe to say that OOH is a thriving means of advertising and should be effectively incorporated into business strategy.
WAYS TO MEASURE OOH ADVERTISEMENT AGAINST KPIs
The difficulty in measuring OOH against KPIs was one of the major challenges of the industry. Now, with technological advancement and integrated marketing campaigns. It has also become increasingly easy to measure the efficacy of OOH campaigns.
Some ways to measure OOH Advertisement against KPIs include:
REAL TIME MOBILITY DATA
This data is collated based on a representative population and helps to recognize patterns of movement of the target audience.
This data can be recorded using mobile devices, detailed GPS and Wi-Fi signals, accelerometers, barometers, and compasses to ascertain the modes of transport used by target consumers and the exact outlets that they visit.
It is pertinent to note that the quality of realized data is as good as the original data built upon, hence “Garbage In Garbage out”. Therefore, for efficiency Real-Time Mobility Data should not be determined in isolation. It should be determined together with Traffic data for more efficient data. This data can be obtained from government census and surveys.
Digital billboards and screens now have built-in sensors and cameras that can observe consumer behavior and measure engagement in real-time.
This is the primary way most businesses measure the effectiveness of their OOH advertising campaigns. Although this is logical and more practical, it should not be used in isolation. The reason for this is if more than one campaign is running at the same time, the true data cannot be ascertained. Hence monitoring sales should be used alongside other means of measuring OOH advertising campaign effectiveness.
Social listening is the process of monitoring social media channels for mentions of your brand, competitors, product, and more. Social listening allows brands to track, analyze, and respond to conversations about them on social media.
OOH advertising can be measured effectively by using keywords, social profiles, hashtags, and phrases. Social monitoring tools can track mentions, sentiment, reach, and trends around campaigns and brands.
Specific locations can be monitored using social listening to show the impact of OOH advertising. Social listening insights is essential and should be used for pre, during, and post-campaign evaluation for effectiveness.
LANDING PAGE OR MICROSITE
In addition to using hashtags and phrases for OOH advertising campaigns, online traffic should be directed to a microsite or landing page specific to the campaign. This will create an avenue for conversion to take place.
Creating a landing page or microsite can help us measure OOH advertising through the following metrics; landing page views, landing page sessions, goal completion and conversion, average time on page and bounce rate.
It is pertinent to note that measuring the effectiveness of OOH begins way before the advertising campaign. Defining clear KPIs are extremely important in ensuring that the goals of the campaign can and will be met.