These last couple of years have proven to be a hurdle for the OOH (Out-of-Home) media industry. Due to the pandemic and global lockdowns, OOH was among the hardest hit advertising channels as advertisers paused or canceled campaigns.
Now that the crisis is being managed and lockdowns have been eased, the OOH industry has seen progressive growth with the global market expected to reach almost a quarter of a billion USD by 2024.
OOH inventory is known for its diversity of formats and venues. These billboards and screens can come in different forms and sizes, from big iconic sites in the heart of a city to the smaller tablet screens found in rideshares. These screens can be sold individually or bundled up as a package.
Owning many screens using platforms that connect to multiple Demand-Side Platforms (DSPs) and marketplaces can make it difficult for you to identify which sales channel brings you the most revenue.
Here’s where a Revenue Management System, or in short RMS, comes into play. It is a software solution that enables you to effectively and efficiently carry out tedious tasks revolving around managing revenue, providing numerous revenue management software benefits. Not all OOH media owners have the luxury of time to manually run through each revenue stream their business is tied to, to analyze and determine which areas in their business require attention.
A perfect RMS for OOH business owners should be able to connect across various sales channels like direct buying with brands, automated and programmatic media buys, online screen bookings and more.
As a media owner, an RMS should assist you with inventory availability optimization, bookings and sales workflow management, inventory and package management, invoice generation and so on. Allowing your business to run smoothly, like the well-oiled machine you want it to be.
Subscribing to an RMS should help you manage your OOH business effectively while enabling you to maximize revenue and profitability. Giving you a clear picture of which investments of yours are working and which ones require changes.
Find out more about LMX’s Revenue Management Suite to help you manage your business efficiently and unlock the full benefits of revenue management today!