OOH Pitch attended this year's TAB/OAAA 2016 Conference in Boca Raton, Florida. The conference's theme, The BIG Picture, was an exploration of the vital role OOH plays in the cross-platform media landscape.
Topics like smart data, hypertargeting, programmatic, and how OOH can integrate with mobile and emerging technologies kept the discussion action-packed.
As illustrated by this year's theme, OOH becomes a key part of cross-platform buying and selling when we think big and act big. So, without further ado, here are our 5 key takeaways from the TAB/OAAA 2016 Conference.
1. Smarter OOH is powered by accurate audience location measurement
We know clients' needs are evolving and media consumption habits continue to change. Therefore, OOH professionals must be able to demonstrate OOH media's effectiveness and have a strong understanding of OOH's role in an integrated media mix. Important changes in the measurement of OOH media are taking shape that will help shift the focus from strictly measuring OOH advertising inventory (think: billboards, transit advertising, bus shelters) to measuring and analyzing audience behavior, location, and how and when people interact with OOH advertising in their daily lives.
At the conference, the Traffic Audit Bureau (TAB), the leading source of OOH ratings in the US, announced it would soon change its name to Geopath™. It highlighted the company's enhanced focus on consumer insights and incorporating new data sets that would help power OOH ratings.
What's the main idea here? Better OOH measurement must start with a deep understanding of people + location, not just an understanding of the media.
2. Collaboration is a must-have for OOH to be more powerful than ever
OOH is on the rise, but how can the industry maintain this growth and better yet, capture a bigger slice of the advertising pie? It can start with stronger communication within and between the supply and demand sides of the OOH industry.
Right now, companies are individually innovating: adopting new OOH metrics, moving towards programmatic buying and selling, and broadening the definition of OOH. But imagine what could happen if companies collectively shared resources for the betterment of OOH as a valuable media format.
To build equity in OOH, companies will need to share databases, technologies, and information. The more cross-organizational sharing in 2016, the stronger we all will become.
Integrating OOH with other media formats is another type of collaboration that will help OOH takes a bigger seat at the table. In a recent study by eMarketer, when asked about the technologies they were interested in exploring, 41% of US national-to-local marketing decision makers said they were interested in exploring mobile push offerings. Nearly a third mentioned real-time location data. With a larger emphasis on mobile push offerings and real-time location data, integrating OOH with mobile helps strengthen the case for OOH.
3. Automation of the buy-sell process is the future for OOH
Will this be the year OOH moves from traditional direct, negotiated buys and is transacted in an automated manner across all ooh categories? While the answer to this question is likely not quite yet, a more automated buy-sell process has clear advantages for efficiency in planning and targeting audiences. And the rise of digital OOH makes it a good fit for automated buying and selling. As we heard at the conference: automation of the buy-sell process is a critical step towards transacting in the OOH ecosystem of the future.
4. Now is the time to align on a common OOH currency
Evolving from Daily Effective Circulation (DECs) to Eyes On Impressions (EOIs) to the current TAB Ratings, media professionals are truely ready for a currency that incorporates more accurate audience data. Based on TAB/Geopath's Operation M.O.R.E initiative, the industry should ready itself for just that in the near future. Without a common currency for OOH, the marketplace becomes more difficult and complex than it needs to be and the value of OOH media can be questioned.
5. OOH companies need to up the ante if they are going to innovate
Media professionals are eager to adopt innovative 'new school' approaches to OOH, but in many ways, the OOH indsutry is still solving for 'old school' OOH challenges. For example, many different ad units, high % of printed placements, highly fragemeted seller community, and no common viewability standards. Other issues include dealing with legally permitted placements and delivering accurate and timely POP (proof of performance). In order to continue to move forward, OOH must minimize these legacy obstacles and continue striving to enhance the media.
Needless to say, what we confirmed at the TAB/OAAA Conference is that exciting times are ahead for the OOH industry.
Want to learn more about the future of OOH and media at large? Download our free 2016 Media Trends Report by clicking below: