How Do You Know If Your OOH Advertising Is Working?
By Aaron Tao, 5/17/18
Last week, GO2018, the biggest trade show for the out-of-home (OOH) advertising industry descended on Austin, TX, and needless to say, the Abraxas team arrived in full force!
Over the course of the event, we paid close attention to the mood on the ground. Our team spoke to all the wonderful folks who visited our booth, attended workshops and networking sessions, and listened to keynote speeches.
“While OOH revenue is growing, share is stuck at 4 percent. Data analytics are transforming every corner of our industry…. In this age of disruption, the future of OOH is going to be very different, whether we’re talking about measurement, data analytics, or automated buying and selling. We’re seeing new platforms and products, along with new competition, from outside our industry….
[An] important way we prove the value of OOH is through accurate industry statistics. One of the most important of these is ad spend data. Advertisers, trade press, and investors use ad spend data to inform their business decisions, so we want OOH to appear accurately and in the best possible light.
From our conversations with many industry insiders who visited our booth (and from previous market research), we learned that obtaining accurate ad spend data is one of the greatest challenges facing OOH owners and advertisers. Furthermore, many of them echoed Fletcher’s concerns regarding revenue stagnation.
Many marketers have turned to online advertising platforms such as Google AdWords and Facebook because they can directly control their budget, target their ads to a broad or specific demographic as they want, and most importantly, obtain ad spend data to calculate ROI. But this is a temporary bandage on a dam that’s about to burst. When the European Union’s General Data Privacy Regulation (GDPR) goes into effect, many analysts and industry insiders expect online advertising spend to take a major hit.
Given uncertain market conditions, it’s very easy for advertisers to get confused and determine what will be most effective marketing channel for future investment. Understandably, many OOH owners choose to stay the course and stick to business as usual.
For decades, the OOH industry standard to determine the effectiveness of an ad is to count the number of impressions. However, as most digital marketers well know, impressions rarely translate into conversions. To make matters worse, many OOH advertisers receive impression data that is out of date (especially if they rely on census data which is collected every 10 years…). Of all the available sources and tracking methods, ranging from daily effective circulation to travel surveys, none them can provide real-time customer metrics and behavior analytics.
Abraxas Technology was founded for this very reason to address this major market pain. OOH advertising is still king in terms of reach, visibility, and room for future growth. With our proprietary technology, we combine the advantages of OOH with the real-time metrics and analytics of digital marketing.
Google Analytics is a powerful tool for businesses to obtain online customer behavioral data. In the right hands, a marketer can answer essential questions such as:
- How many people visit my website?
- What websites send traffic to my website?
- What marketing tactics drive the most traffic to my website?
- Which pages on my website are the most popular?
- How many visitors have I converted into leads or customers?
- Where did my converting visitors come from and go on my website?
Many OOH advertisers and owners strongly desire similar insights for their marketing campaigns. That is now a possibility with Abraxas’s technology. We provide an online dashboard similar to Google Analytics to help users accurately determine the most valuable advertising locations and times of day, and measure advertisement effectiveness by correlating views with consumer behavior.
From this dashboard, an OOH advertiser or owner can gain unique insights into their customers:
- Accurately measure impressions, frequency, and exposure duration time.
- Conduct A/B testing with real-time data.
- Measure traffic and storefront conversions.
Benefits for Advertisers
Benefits for Billboard Owners
● Access to real-time data and analytics to identify the best media.
● Access to Abraxas’s proprietary data to make your media spend more effective.
● Correlate ad engagements with in-store traffic.
● Improved validation can yield increased ad-spends of up to 20%.
● Identify which billboards are most effective for each advertiser.
● Increase revenue channels by becoming a reseller.
Last but not least, Abraxas developed its technology in compliance with GDPR standards to prepare for the future landscape. Abraxas customers may rest assured that they will have the best data analytics platform optimized for the post-GDPR world.
As Nancy Fletcher correctly stated in her speech, obtaining accurate ad spend data is the next major challenge for the OOH industry in the 21st Century. Abraxas is excited to be here at the right time! We’d love to empower OOH owners and advertisers with the means to stay competitive in our increasingly data-driven economy.
Aaron Tao is a Product Manager with Abraxas Technology.
Reach out to us today if you want to begin providing relevant data to marketers and advertisers. Email Irene.Velasquez@abraxastechnology.com.