OUTDOOR MEDIA ADVERTISING
Every brand wants to reach as many people as possible. One might put their faith in digital Marketing, of course because it has been the favorite most kind of advertising for companies for so many years due to its fruitfulness. But when talking of small businesses, it is not always possible to reach the kind of audience you want to. Each business has requirements of its own. So, one definitely needs to switch to marketing to set-up their business or enhance it, but they should also know what they should opt for!
Being aware of your market segment and their presence will help you come up with the right advertising strategies. With both traditional and more innovative types of outdoor advertising available, making the right choice as a business requires some insider knowledge. So, for the next 800 words or so, we at BrandLand, the experts of marketing, will try to explain that to you using some realistic examples to make your conscience as clear as Himalayan freshwater as to switch to outdoor marketing or not!
For example, a newly set-up sweets shop, say, Agarwal Sweets in Bangalore wants to let people in the area know about their business and specialties. What good would any kind of digital marketing bring to their sweets sales if people in their own locality are unaware of their existence? Similarly, in some nearby area in Bangalore only, Mr. Akshay has decided to open his coaching institute to provide premium knowledge to the upcoming generations at an affordable rate. Now, he might setup a website of his own where people reach out to him, but what use would that be if they’re not the people who would send their kids to be tutored by him i.e. people are from some distant land? Do you know, despite the talks of DIGITAL INDIA, only 25% population of India has access to the blessing called- INTERNET?
TYPES OF OUTDOOR ADVERTISING
Outdoor advertising has many other subdivisions to it that has helped businesses flourish since the ages before the digital typhoon swept the world. You all must have come across posters at shopping malls or centers exploiting your mind to buy those products? That comes under Retail outdoor advertising!
When we are outside, we see billboards or hoardings of all kinds (Billboard Outdoor Advertising), ads on public transports (mobile outdoor advertising), digital screen ads on streets (augmented reality is one of the progressive technological advancements that is now used in marketing), highly unconventional ads in railway coaches, ads on bridges or lampposts etc., these all come under OUTDOOR ADVERTISING!!!
You must have noticed a variety of products available at the billing counters at all shopping complexes? This is Point of sale outdoor advertising. This is also an integral part of outdoor advertising in which, some impulsive buyers (us all!) opt for those products just by seeing them in front of their eyes while waiting for their turn to come at the billing counter. Businesses specifically choose such outdoor marketing strategy too. The only the thing that this kind of approach requires is that the products should be interesting, useful, and unique!
We also have Vehicle Advertising, the primary purpose of which is to increase brand awareness. The most efficient and economical type of outdoor advertising, provides a business a wholesome media channel with a target area of infinite! A billboard might have a reach to only people who pass through the locality daily, but with a moving vehicle, you have larger spectrum of targeted audience.
In my opinion, Agarwal Sweets and Mr. Akshay should have chosen this viable method of outdoor advertising to increase their brand presence.
INDUSTRY SIZE
According to IMARC Group’s latest report called, “Global Outdoor Advertising Market Report & Forecast 2020-2025”, the global outdoor advertising market reached a value of a whopping US$ 38.4 Billion in 2019. And is expected to grow at CAGR of 4% with Revenue USD 8.55 Billion(!!) during the forecast period 2020-2024. The “YOY (year-over-year) growth rate for 2020 is estimated at 4.41%” by the end of 2024.
With more and more businesses turning to Outdoor (OOH) marketing, even in times of this pandemic, robust vendor analysis shows that it has still helped companies strategize and leverage on all forthcoming growth opportunities and conceptualize scenario-based planning to mitigate future crisis situations.
INDIAN MARKET
In the year 2020, the revenue generated from out-of-home advertising across India amounted to over 31 billion Indian rupees. This was estimated to significantly decrease the following year to 16 billion Indian rupees.
But post covid, economy not being as devasted as expected, the country is back on track to development. Rapid growth of infrastructure, including looming airports, smart city projects, malls, metros, bus shelters, public conveniences, along with increased advertising opportunities in tier-II and tier-III cities are major factors boosting outdoor advertising market in India.
TOP PLAYERS IN THE GAME
Major players operating in the Indian outdoor advertising market include McCann Erickson India Pvt Ltd., JCDecaux (France), GroupM Media India Pvt Ltd., DDB Mudra Pvt Ltd., Dentsu Communications Pvt Ltd., Law & Kenneth Saatchi & Saatchi Pvt Ltd., Ogilvy & Mather Pvt Ltd., Madison India, Mullen Lowe Lintas Group, TLG India Pvt Ltd., Fcb Ulka Advertising Pvt Ltd., NEC Display Solutions, Ltd. (Japan), J Walter Thompson Co. and others. As companies look for better productivity and increasing efficiencies in a tough market environment, advertising plays a pivotal role in establishing brand image of an organization.