Today’s media assets digitisation has accelerated but the buying and selling processes still remain stagnant.
Traditionally, the complexity of various agencies specialised in devising a suitable plan for out-of-home (OOH) media exists between buyers and sellers especially with the emergence of new media owners who provide an extensive selection of screens.
With the advancements of digital technologies like programmatic being employed in the OOH sector, automation has been enabled in the buying and selling process.
The once complex and decentralised media marketplace has reordered into one where all brands have access and opportunities to place OOH ads.
However, many network screen owners and digital buyers haven’t exactly incorporated these technologies into their execution processes.
This causes them to miss out on a wider reach of global digital media buyers as the programmatic buying hub holds assets of other media owners from different countries, which then causes idle inventories and missed opportunity on new revenue streams.
It also affects its online counterpart, digital media.
Digital buyers will also have limited access to the available inventory and a lesser range of choices to select from.
Buyers will have to manually search for media owners with available inventory and the process is especially time-consuming and requires plenty of manpower to allow the transaction to take place.
Today, OOH can offer so much more but its full potential isn’t being realised. It is important to recognise that media owners have new technologies and options available to them and the adoption of these technologies doesn’t have to be a complex process.
How can they unlock their businesses to new heights and reach new buyers beyond their existing ones?
Prior to the buying and selling process of media assets, a seamlessly integrated platform must be provided as the first step to maximising the efficiency of the media buying process and seamlessly reaching global media buyers.
This enables media owners to have wide-ranging access to a complete ecosystem of inventory across the automated and programmatic platforms, while buyers are also able to experience a unified buying process and better transparency in campaign performance.
Furthermore, a programmatic integrated platform facilitates buyers by eliminating additional effort on managing numerous individual contracts through the streamlined purchasing process, permitting sizable programs to be executed with lesser manpower.
Media owners can maximise yields by fully and effectively monetising available inventory, which will involve lesser time and direct effort.
These efficient workflows will ultimately be enabled in the DOOH space, creating opportunities for media owners to extend their assets to buyers globally.
In today’s omnichannel landscape, equipping media sites with the right kind of audience data has become a vital part of a buyers marketing process.
The media buyer relies heavily on data, which can enable them with the ability to make confident media & marketing decisions.
Audiences can be easily reached by accessing the available data. In fact, data-driven campaigns have allowed for more thorough planning and specific targeting, which created enhanced consumer experience and opportunities for audiences to be reached in the outdoor environment.
From the buyer’s perspective, target audiences that are meaningful are created based on their existing and actual behaviour, followed by the selection of targeting criteria such as scheduling, triggers from different sources, locations, etc.
The time and location where the target audience is present then determine whether bids will be placed on impressions.
Thus, buyers can be reached when programmatic allows data to be used in communicating buying decisions for each ad placement at the spot level.
The emergence of smartphones and technological disruption in location data that provides unique insights into the behaviour and preference of a consumer has also closed the gap between both the digital and physical worlds.
When integrated with programmatic buying, these indicators generate more satisfactory performance and insights.
Mobile location data increases the likelihood of reaching audiences in the offline world.
With the close proximity between the location of the audience’s device and OOH campaign, a relevant mobile ad of the OOH campaign will automatically be presented to the audience.
Increasingly, media owners are using insights of their intended audience from data management platforms to target the right audience at the right time, while improving campaign efficiency with relevant messaging.
The exponential growth of Digital OOH and its sustained growth on a global scale will further enable media owners to create engaging audience experiences.
The first step would be to get media assets equipped and ready with programmatic technologies in order to capitalise on OOH’s strengths.
The LMX platform has seven modules that allow publishers to manage inventories, generate proposals and reach digital buyers more effectively while enabling brands to easily reach moving audiences in the “Outernet” or physical world.
Marketers are now capable of profiling locations depending on the types of audiences nearby and reaching audiences in their offline journey through mobile and offline place-based media activation with the LMX platform.
This platform also makes Classic, Transit, Digital, and all OOH media assets attractive and scalable with data and automation when making media investments.