OOH industry mainly operates as a one-to-many medium. The industry had transformed significantly by using location data for greater in-depth analysis to better understand audience profiles at a certain location – a key focus area in OOH medium as personalisation and engagement are now valued more by marketers.
The global location intelligence market size is expected to reach USD 32.8 billion by 2027, expanding at a CAGR of 15.2 % according to a study conducted by Grand View Research, Inc.
The rising demand for data-rich location solutions to increase customer engagement and drive personalisation is expected to strengthen the growth.
However, cost has always been a concern for most marketers, when they want to reach a wider audiences in multiple locations. As location intelligence took over the outdoor scene, marketers are beginning to see the opportunity to maximise their ad spends at a much-reduced rate, by avoiding media wastage in locations that does not match their targeted audiences. This can be done through a pre-campaign time-belt analysis in the selected media sites locations.
Optimising media spends for maximum audience reach
Combining location intelligence with time-belted analysis added an additional audience verification layers - e.g. the specific time when the density of the target audiences is high. Marketers now have the ability to analyse multiple media site locations and through time-belted data analysis, optimising their media spends at the correct locations with the highest numbers of the intended audiences.
The common mistake made by marketers is placing their ads on several billboards locations without targeting the right audience at the correct time with the highest density of audiences. A high number of the target audience might be present only at one particular time of the day. Thus, displaying the campaign only on these hours will maximise the overall campaign reach at a much-reduced cost.
Learn how marketers can use location data to perform a time-belt analysis to enhance the efficiency of their campaign with this use case:
A printer brand wanted to drive consideration for their products by personalising their ad messaging based on their defined target audiences passing by the selected billboards.
Media sites selection and time selection is based on audience-data mapped against pre-defined audiences. Three (3) different creatives were curated and triggered at the right time-belted hours when the relevant audience segment was present.
The campaign creatives were delivered only on the most relevant time-belts for each audience segment. This campaign showcases the use of location data to identify and optimise ad spends on their targeted audience on specific time-belts to display relevant creatives to those targeted audiences.
Read more here.
Is Location Data the right solution for you?
As reaching the right audiences at the right time has become the priority for most marketers today, taking advantage of the location intelligence will be the best decision you can make. In the long term, marketers will be able to develop location-based engagement applications that customers trust and use.
Moving Walls’ patented location-based media measurement platform is used to power planning and buying tools that help advertisers optimise their media spends on outdoor advertising. Today, Moving Walls processes more than 10 billion data points and measures more than 35,000 media sites across the globe.
Read more about the other location data capabilities; Segmentation Beyond Demographics.