Why Should you know and What Fits you Best?
We are all overly familiar with advertising both traditional and the kind that follows you around on Google. But it’s still something that needs to be consistently practiced and studied –most say it’s definitely not a one-size-fits-all solution. A very true statement but now there are patterns of consumption that make it much easier to target and ensure a starting and growth strategy for engaging and driving awareness. Common advertising methods – tv commercials, highway billboards, and even website banner ads are not as effective as Digital Out of Home Advertising (DOOH) if done properly. As well with small investments in this technology over time, you can create your own destiny and revenue structure. Let’s go over a few basics. How can you get started and what are some effective programs that can get results for your advertisers and stakeholders?
Let’s start with the basics of why – why should we advertise?
- Ample/extended audience reach
People move from one place to another and the new ones need to know about your business! Note that customer spending habits, lifestyle, and needs are constantly changing and therefore you must be able to reach any potential ones from the method that fits you best.
- Drive brand awareness and maintain a healthy image
Let your audience know what your brand is about, what content you provide, and how you work to provide satisfying services and products.
- Promotes and generate brand loyalty
Advertising allows a great targeting option which creates a lasting connection with your customers. While ads provide them familiarity with your brand, it instills trust and therefore they stay loyal. Your ads should continuously encourage these buyers to use your brand through images, videos, and targeted deals. Remember, a lot of business survives even with just referral and repeat customers, so ensure you keep that connection consistently.
- Sales boost and Promotion of new/existing products
Easily advise your audience about the latest products or any new deals/discounts. Advertising keeps your business at the top of your customer’s mind, therefore, putting you as the top option for their current choices. Keep them informed to make their life easier – no more hunting of information themselves!
- Generate more online or in-store traffic
With the continuous expansion of the audience, you drive more and more sales potential. In fact, a survey shows that advertisements can influence 90% of consumers to make a push through with that purchase.
- Because your competitors advertise too!
It is not rocket science – people will keep spending. If your competitors are advertising and you are not, these potential customers will spend their money elsewhere!
Which advertising option suits your business?
For this we will focus on DOOH, you will see this more as you get into the digital signage and online advertising space. Every organization has a great opportunity if you have areas of high traffic to make a great impact on your local business community and open up new revenue potential. Namely, digital signage has an astounding recall rate of 83%. This figure is almost double the information retention rate for traditional advertising
- Digital Out of Home Advertising (DOOH)
If you are a business owner with a physical store where customers can walk in and choose from your available products, this version of the advertisement would primarily work for you. Being able to reach the potential customers from the area through digital signages or touch solutions creates a brand awareness of your existing shop. In doing so, you can manage or utilize your existing devices by playing advertisements in and out of your store. Choose high traffic areas – bus stops, train ads, or even in-store displays, video walls, and kiosks. The DOOH spending is forecasted to increase by 19.2%, which would from $2.20billion in 2020 to $3.84billion in 2023.
- Online, Mobile, and Web Advertising-
By connecting this with your DOOH strategy you create a complete package for advertisers to see real results, with real conversion and analytic solutions. Mobile alone is booming since about 4.78 Billion people are now using smart and feature phones which makes up 61% of the world’s population-based here. According to Statistical, mobile advertising spend is foreseen to increase from 33.9% in 2018 to 47.9% in 2022. Advertising includes reaching out to both mobile phones and tablets which can be seen through mobile searches, videos, in-apps, and social media. A mobile strategy can greatly help target audiences since about 69% of digital media time is spent on mobile devices. Couple this with a core banner ad or pop-up strategy is done properly on your website and you can drive engagement and awareness while having a well-placed strategy to drive revenue for years to come.
- Social Media advertising and Pay-per-Click advertisements
SM Advertisements works greatly for any-sized business since most of the people who have internet access will most likely have 1-2 social media accounts. Being able to connect to different people utilizing different social media platforms easily widens the range of your audience reach. Note that 7 in 10 American adults use Facebook, while Instagram on the other hand has a potential ad reach of about 849.3 million users! PPC is another method where advertisers get to pay a certain amount every time someone clicks on their website increasing traffic and potential sales. This can work for both small and large businesses since the cost is customizable depending on your allotted budget per month.
- Traditional, paper and TV
This is by far, the most traditional means of the advertisement but can definitely have a wide range of audience reach. However, for the purposes of this blog, we looked at readership and the pandemic, and other factors and see a steady and sharp decline at least on traditional. Now there are some Smart TV opportunities that we will explore in another article that are affordable and effective. But for now, it’s time to go digital and start decreasing investment in brochures, visitor guides, and the like they are just not being read especially in the new generation.
Despite the different methods and types of ads, one thing is for sure going digital at this time is the smart bet. We are happy to share more information, partners, and the like that can help you build a solid advertising and pricing model no matter the size of your organization. Whether you want to build awareness or revenue we have proven solutions for utilizing existing or new screens. If you need help in implementing the right kind of advertisement options for your digital strategy, digital signages, and devices, call us at 8333006664 or email [email protected].
ROI & Growth
- The global digital signage market is expected to hit $29.8 billion by 2024, growing at a CAGR of 8.6% from 2018 to 2024.
- North America has the largest market for digital signage. The region also expects the highest growth in digital signage (42%), followed by Asia at 17%. Growth is slowest in Africa and Australia/New Zealand at 2% and 1%, respectively.
- The adoption of digital signage solutions is on a steady rise, with 60% of enterprises without digital signage in their stores planning to invest in the technology within the next two years.
- More than 67% of digital signage users expect digital out-of-home advertising to increase in the next two years.
- 33% of users have between 1 and 24 digital signage screens, while 15% use between 15 and 99 screens. Another 12% have 100 to 149 screens, while 8% have between 250 and 999 digital signage screens. Only 9% of users have above 1000 screens in their company or enterprise.
- 80% of brands that use digital signage record a substantial increase in sales, up to 33%, with a greater appeal towards epicurean product purchases as opposed to planned purchases.
General Digital Signage Statistics
- Digital signage used in public venues has a broader reach, with up to 10% of American residents aged above 12 seeing the content as compared to 41% on Facebook or 43% on the internet.
- The best live places for reaching consumers with digital signage are grocery stores (28% of American residents), shopping malls (27%), medical offices (20%), and large retail stores (20%).
- Digital signage improves queue management and reduces perceived wait times by more than 35%.
- 53% of digital signage end-users expect to increase their digital signage spend in the next two years.
- 65% of end-users plan to increase their digital signage spend on acquiring new displays, while 42% will spend more on content production.
- 51% of end-users place their screens as entirely customer-facing, while 9% have employee-facing digital signage screens.
- As technologies evolve, the cost of installing digital signage decreases. For instance, between 2004 and 2010, the cost of deploying and maintaining a hundred-node digital signage network for three years decreased by 50%.
- The average attention span is 2.8-8 seconds.
- In fact, 90% of the information transmitted to the brain is visual.
- Interestingly, the human brain can identify images seen for as little as 13 milliseconds.
- Visuals get 94% more views than text-based information.
- After three days, people retain 65% of visually presented information.
- Namely, digital signage has an astounding recall rate of 83%. This figure is almost double the information retention rate for traditional advertising
Statistics reference: https://mvixdigitalsignage.com/blog/digital-signage-statistics-infographic/