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Out-of-home (OOH) advertising spend in North America reached $8.82 billion in 2021, according to Statista, and is expected to hit a staggering $10.4 billion by 2024. One of the drivers of this growth is its versatility: it offers a number of ways to plan, launch, measure and adapt campaigns to achieve maximum value. Take a fresh look at your OOH this year by using these five strategies.
1. Cast a wider net
Every marketer wants to see their brand creations looming over properties like Times Square. Despite the sheer amount of foot traffic passing through the area, a warm city center placement like this may not be the best use of your advertising budget. Unless you’re confident that your audience lives primarily in the top 25 OOH markets (think New York, LA, and San Francisco), casting a net that spans multiple smaller markets could provide better opportunities.
This strategy is ideal for niche brands with smaller budgets, as CPMs in underutilized markets tend to be significantly lower. This means you can reach new customers more cost-effectively and get more value out of every dollar spent. A media planning tool can get your message to the right consumers, wherever they live or work.
2. Go Granular
This strategy is especially ideal for brands targeting niche markets. This strategy is actually the opposite of the first, but since OOH isn’t an all-inclusive process, it pays to explore options to find the right one for your brand. Today, marketing personalization is essential to cut through the noise of all the unwanted information blasting out at consumers, and to do that you may need to go into detail to find, reach, target, and engage.
Doing so means using audience data and filters to show your brand’s most audience-relevant ad units, essentially targeting your consumer with more precision. Taking this performance-driven approach won’t get you as broad a coverage, but your marketing message will likely resonate more with the people you reach. You will also discover hidden potential customers in new markets, put your brand in front of the right ones and motivate them to take action.
Related: 9 good reasons to consider outdoor advertising
3. Get Fiercely Competitive
There’s nothing wrong with a little competition, and if you don’t take the lead, someone else will. So develop a campaign to reach consumers who are ready to buy and then battle it out with your competitors for their attention. With point-of-interest (POI) targeting and place-based strategies, you identify ad units near competitors’ locations, and by promoting your brand near similar brands, you make consumers think twice before buying you check out. This personal approach is assertive and allows you to promote your unique value proposition in a comparative way and thus gain market share, without breaking any advertising rules!
This strategy is especially effective with consumers who are in a buying mood when given a choice between what’s behind door number one or number two. However, keep in mind that some of these POI-based OOH placements can have a wider range than others, which is a factor that can affect pricing quite a bit. Whatever you spend, it’s a great way to get to the big brands and take advantage of their marketing activities.
4. Opt for great OOH deals
We all know someone who got a great cruise deal by waiting until the last minute and then picking up the last premium cabin for a song. The same situation applies in OOH: by using historical price data to take advantage of short-term price drops, you can grab any OOH stock that is available at the last minute.
This tactic allows for massive exposure at the lowest possible cost. However, it takes guts and a cool head as it usually involves an exceptionally short turnaround between buying the media and delivering the creative. However, if you can reduce it, you are optimizing brand awareness over non-premium inventory at really good prices, which is a great way to quickly scale a marketing budget.
Related: 4 tips for designing compelling out-of-home ads in 2022
5. Include DOOH in outdoor advertising campaigns
The world has gone digital after the Covid-19 pandemic, and the OOH Empire is no exception. Enter digital out-of-home (DOOH) ads. With its large inventory and benefits such as speed and flexibility, this can be seamlessly woven into your traditional OOH efforts. Another reason to test the waters with a mixed DOOH/OOH campaign? Diversifying in this way can lead to big profits and faster turnaround times for your ROI.
For starters, DOOH ads can be launched and customized in a few clicks and be live within days. Second, they provide interactive capabilities that complement traditional advertising, increasing awareness and engagement with an audience. Third, programmatic advertising automates the entire process, including micro-public segmentations of audiences, simplified workflows, and faster analytics. It is very easy to buy DOOH ads as well, and if you use a media buying platform like AdQuick, manage it effortlessly. That means you can track the performance of your entire campaign down to the minute and switch creatives on digital screens almost instantly.
Related: Meet the company modernizing outdoor advertising
It’s time to change your OOH approach
There is no right (or wrong) OOH methodology and as the landscape is constantly changing, there are plenty of opportunities to try something new. Whatever your budget, target audience and other variables, there is a way to use both it and the DOOH variant to increase success. Finally, don’t limit yourself to one of these strategies: try them all to determine the best combination.
This post Refresh Your OOH Ads With These 5 Custom Strategies was original published at “https://www.entrepreneur.com/article/420232”