After years of upheaval because of Covid-19, 2023 is predicted to be the year when outdoor advertising regains its “throne” with many leaps and bounds. Here are 6 development trends of the OOH advertising industry that experts have predicted.
1. Strategic vision of outdoor advertising (OOH)
With the economic downturn in 2023, advertisers will emphasize efficiency and results to make their ad dollars work more efficiently and OOH is poised to win a larger share of the media budget as a proven channel to drive channel-wide brand results.
Our latest BWG Talon OOH Advertising OOH research on brand marketers and agencies reveals that industry optimism for OOH is growing and advertisers are planning to invest more into OOH in 2023:
93% of advertisers are planning to allocate 5% of their total marketing budget to OOH by 2023. 97% are planning to allocate OOH by 2025.
In other markets, like the UK, OOH budgets account for almost 10% of marketing spend.
Avatar 2 “stirred” SC Vivocity with an impressive promotion: OOH 3D mapping technology recreates the magical planet Pandora.
Apple’s discontinuance of third-party cookies and privacy changes have limited digital marketers’ reach of targeted audiences, and OOH is clearly the beneficiary. BWG’s Talon Research shows that 31% of increased OOH budgets in 2023 will come from social media.
At the same time, linear TV advertising costs continue to rise despite declining viewership and ratings. Average cost per viewer is expected to grow 15% (from $304 in 2020 to $349 in 2023) while concurrent TV viewership is down more than 7%, according to eMarketer. In contrast, OOH messages were found to be 4.6 times more effective on a CPM basis than TV ads in the top ten DMAs, according to Geopath and SQAD data.
Performance-based communication strategies will take center stage next year, with 2023 predicted to be the year of outdoor advertising.
2. Performance marketers weigh in on budget allocation for OOH
Over 70% of advertisers say having better attribution and measurement solutions will contribute to more investment in OOH. While some advertisers are becoming familiar with data-driven OOH capabilities, more training is still needed on how OOH can reach engaged audiences in their daily journeys.
With closer scrutiny of media budgets in the coming year, advertisers will be drawn to OOH for its ability to directly correlate spend with impressions and results. For example, access to audience behavior and location data allows OOH advertisers to link ad impressions with brand sentiment, purchase intent, location, and visits. webpage.
3. Booming Age of Programmatic OOH (Programmatic OOH)
Insider Intelligence predicts that programmatic OOH spending will double in 2023. By setting up Programmatic OOH, ad performance, speed, and creativity will be optimized across campaigns. Advertisers can transfer budgets from other channels, or between owners as needed.
In addition, the use of programmatic outdoor advertising and DOOH is attracting advertisers to engage in sustainable business practices. BWG Talon’s survey also shows that 100% of advertisers know that DOOH is pre-programmed nowadays.
4. Expand cross-platform OOH video campaigns
Research shows that OOH is increasingly being used as part of an advertiser’s cross-platform strategy, and 86% say they regularly include OOH as part of their omnichannel strategy.
Digital video is also becoming a big part of it, giving advertisers more opportunities to capture consumers’ attention with full-motion video content across multiple screen formats. With the emergence of multi-channel video campaigns, advertisers can change their traditional OOH strategy to modern DOOH (Digital Outdoor Advertising).
5. Immersive, experiential OOH campaigns become mainstream
Over the past year, we’ve seen more creative experimentation with DOOH campaigns showing the potential of brands to combine creative, immersive, and experiential elements with the medium — a trend reinforced with the increasing use of dynamic creative capabilities in OOH.
For example, brands are using Augmented Reality (AR) technology to turn digital screens into interactive ads that create meaningful moments and go viral, such as Puma’s DOOH campaign for the launch of their sneakers designed in collaboration with NBA Rookie of the Year LaMelo Ball.
AR brings a new interactive experience to OOH
Marketers have found that these campaigns can outperform other means in driving consumer buzz and engagement. Looking ahead, we can expect that brands will skip the testing process to implement innovative technology-led OOH campaigns on a larger scale, stand out, drive amplification. and bring their brand message to life in the real world.
6. Importance of promoting brand safety shifts to OOH
Twitter’s recent account verification issues have increased the importance of brand safety and required ad platforms to protect brand reputation.
OOH advertising provides a platform for advertisers to come up with a brand-safe story that is both unskippable and undiluted by potentially negative content alongside, nor overshadowed. by the media owner or publisher on which the ad runs. With emphasis on brand safety as a mandatory requirement for advertisers, this will become an additional incentive to move ad dollars to OOH.
In just a few short years, the OOH industry has established itself as an invaluable channel for advertisers to achieve their marketing and branding performance. As advertisers channel their advertising dollars to reach relevant audiences in the most cost-effective way and at scale, OOH is a strong contender. Outdoor advertising will continue to resurgence to deliver brand safety, precise targeting, and unique, unprecedented creatives on the market.
It can be seen that experts have been completely confident in the bright picture of the outdoor advertising industry in 2023. In Vietnam, let’s follow the achievements that we will achieve this year. Please!
By: Marketing AI