Out-of-Home Advertising Can Benefit Your Business
The COVID-19 pandemic has impacted the advertising industry significantly. In an effort to stay up to date with recent events and combat boredom while stuck at home, individuals are spending drastic amounts of time on social media.
Many brands acted quickly, turning to platforms such as Instagram, Twitter and Facebook, as well as streaming platforms, for advertising.
As a result, outdoor advertising, also referred to as Out-of-Home (OOH) advertising, experienced a decline in popularity. There are several types of OOH advertising, but the most prominent forms include billboards, city flags, mall kiosks and transit displays.
Last year, research conducted by Visual Capitalist suggested the global amount spent on advertising would decrease by $50 billion. Because of COVID-19’s effect on travel, the hardest hit service and product categories were expected to be leisure and entertainment and travel and transport.
In 2021, substantial amounts of the COVID-19 vaccine will be distributed. Many Americans are hopeful that life will soon return to normal, but what does this entail for the advertising industry?
According to Visual Capitalist,
“Data shows that global advertising spending growth did not fully recover for eight years following the previous recession, so a swift recovery may be highly unlikely, and returning to pre-pandemic growth rates may not be possible for a number of years.”
It may take time for the advertising agency to return to its pre-pandemic potential, but the return of OOH will be strong in 2021. As an increasing number of individuals are vaccinated, people will begin spending more time outside, making up for the months of their lives lost to COVID-19. Businesses are slowly but surely reopening, and a majority of schools have reopened as well.
Digital Out-of-Home advertising (DOOH) is media displayed in areas accessible to the public. Digital billboards, outdoor signage and screens found in malls are all forms of DOOH.
According to SmartBrief,
“Digital OOH spending will increase first, because it is easy to turn on and off, and marketers expect targeting and measurement capabilities.”
In addition to DOOH spending, airport advertising is another form SmartBrief expects will gain popularity with the widespread distribution of vaccines. With more people traveling, viewership of OOH advertising in airports will increase.
“Next will be large format OOH — the billboard inventory. Brands will use this to stand out and cultivate confidence in consumers, investors and even their employees.”
If your brand hasn’t hopped on the OOH train, now is the time. An article from Brand Buddha discusses three reasons OOH should be part of your marketing mix.
OOH works best when combined with other marketing channels.
OOH advertising is often considered ‘the last window of influence’ consumers interact with before making a purchase.
It’s advertising that pays for itself.
The Out-of-Home Advertising Association of America found that for every dollar spent on OOH advertising, businesses can expect a profit of $5.97, on average.
It’s everywhere the consumers you’re targeting are.
Exposure, exposure, exposure! The most important aspect of OOH advertising. Unlike other forms of advertising, OOH ads aren’t easily dismissible. They are usually difficult to miss, which is why they’re typically seen by thousands of individuals daily.
Despite its benefits to businesses, OOH advertising alone isn’t enough. When paired with an extensive marketing strategy, it has the potential to take your brand to the next level. Now more than ever, it is crucial for brands to set aside funding for OOH advertising. The vaccine is here, and society is gradually approaching normalcy. If you’re a business owner looking to increase brand awareness — 2021 is the year to add OOH advertising to your promotional budget!