The 21st century marks the beginning of digitalisation. Everything you see around you is starting to be replaced by machines and computers. There are more and more self-checkout machines instead of cashiers, inventions of coffee machines where you can enjoy your coffee etc.
Advertising is one of the many industries that is going through a shift in the digital world. Although OOH advertising can still be seen everywhere more and more advertisers are advertising their product and services online such as on social media. This has led to the creation of Adblockers, where audiences pay a monthly premium to prevent receiving unwanted advertisement on their devices.
Thus advertisers would want to have multiple approaches to reach their targeted audience so they would have to do it physically and digitally. Let’s talk about how to purchase DOOH and what are the better ways that advertisers can do it.
1) Manual Media-Buying
The traditional method was to have Publishers send their rate card to all the advertisers out there. RateCard in the OOH world is basically like a menu where they show what type of advertising you’re getting and the price for a particular duration. Negotiations between the advertisers and publisher would take place to get a better deal for the advertiser. Once both parties have agreed on a price, then the advertisement will take place.
2) Programmatic Media Buying
Programmatic media buying basically means the automation of media buying without any manual intervention. Some of the most common programmatic buys today are Programmatic Direct, Real-time bidding and Private Marketplace.
Programmatic Direct - Works on an individual to individual basis, usually advertiser and media owners. Programmatic Direct transactions usually take place on an online platform, where media owners already have their inventories and its details listed while advertisers will go through the inventory selecting sites that make the most sense to their campaign. Much like an online shopping experience, while different platforms might offer different sets of features.
Real-Time Bidding (RTB) - Real-Time bidding is more similar to an options house for advertising space. Advertisers will allocate a certain bid for a particular number of impressions. When there is advertising space available, the Demand-Side-Platform (DSP) will look for the advertiser with the highest bid and deliver the particular number of impressions promised. These transactions happen in milliseconds.
Private Marketplace - A private Marketplace is also a form of RTB, but as the name suggests; these advertising spaces are only available for some selected advertisers because of special relationship or reasons.
By comparing Manual Media Buying and Programmatic Buying, we can obviously tell that it is significantly efficient in the transaction as much manual work is eliminated. Eliminating manual work will also bring a great diminish in human errors as well. Advertisers also enjoy the benefit of measurement using data to understand the kind of audience segment they are dealing with, flow of traffic during a specific period of time, the performance of each individual site etc. which is all crucial to plan a good campaign.More related articles:
- Audience-Driven DOOH Strategy through Hyperlocal Geofencing
- A Smarter Measurement Tool For Your OOH Campaign
- How OOH Can Help Brands Adapt to Consumer Shift in the New Normal
Start with Every Possibility.