Running an out-of-home (OOH) media business isn’t as simple as it may seem. With a multitude of formats and sizes, OOH media caters to diverse audiences and advertising needs. From captivating 3D-content capable screens strategically placed at iconic crossroads to targeted displays in malls and residences, the OOH industry has evolved significantly over the years. The OOH industry has witnessed an incredible journey over the years, embracing technological advancements as necessary to remain relevant. However, the COVID-19 pandemic presented its own set of challenges for this sector.
When lockdowns were imposed, OOH advertising faced a significant decline in effectiveness due to reduced foot traffic and limited outdoor movement. Media owners struggled to deliver value to advertisers, leading to halted campaigns and plummeting revenues. However, the OOH industry has shown resilience and made an impressive bounce back. As restrictions eased and people started venturing out again, the demand for OOH advertising resurged. Advertisers recognized the importance of reaching consumers outside their homes and leveraging the power of OOH media to build brand awareness and drive sales. The OOH industry swiftly adapted to the new normal and capitalized on the opportunities that arose.
Despite the industry’s recovery, OOH media owners still grapple with a critical challenge – effectively tracking and optimizing inventory. With various ad formats, locations, and campaigns running simultaneously, managing inventory becomes a daunting task. Ensuring that every ad space is utilized to its full potential and generating maximum revenue requires a robust and comprehensive system.
OOH inventory management lies at the core of successful OOH media operations. Tracking availability, occupancy, and utilization across formats and locations is crucial. Streamlining the inventory management process enables media owners to optimize revenue potential and advertising efforts.
The importance of ad inventory management and tracking inventory utilization cannot be overstated. By closely monitoring which ad spaces are occupied, which ones are vacant, and how effectively they are utilized, media owners can make data-driven decisions to improve their revenue streams. Understanding the performance of different campaigns and locations allows them to allocate resources strategically and focus on areas that deliver the best results.
Efficient media inventory management empowers media owners to identify underutilized spaces, spot trends, and uncover growth opportunities. By leveraging real-time data and analytics, media owners can allocate inventory optimally, target high-impact areas, and achieve higher returns on investment. This data-driven approach enables informed decision-making, empowering media owners and sales representatives to optimize revenue and drive business growth.
OOH media owners can benefit from a comprehensive and robust revenue management system (RMS). An RMS provides a centralized platform for efficient inventory tracking, eliminating the need for manual spreadsheets and multiple tools. It offers real-time visibility into available ad spaces, ongoing campaigns, and upcoming bookings and enhances operational efficiency and decision-making capabilities.
Effective inventory management and utilization tracking are vital for maximizing revenue potential in the OOH industry. Adopting a comprehensive revenue management system is essential to overcome these challenges. An RMS empowers media owners with a holistic view of inventory, enabling data-driven decisions and optimizing advertising efforts.
Image 1: OOH media owners can now track their top revenue sources on one simple dashboard
Image 2: Access your OOH top deals with just a few clicks
To delve deeper into the importance of inventory management and tracking utilization, we encourage you to explore our RMS guidebook here. Embracing an RMS and revolutionizing
your OOH media operations is paramount in today’s fiercely competitive landscape. Talk to us today to see the system for yourself.
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