3
minute read
January 10, 2024 | by PATTISON Outdoor Marketing
Advertising Outside (the Box):
Upcoming Trends for 2024
With 2023 in the rearview mirror, we’ve taken this opportunity to reflect on PATTISON Outdoor’s successes over the past year, which was marked by strong achievements and transformative innovation. Leveraging these insights, we’ve forecasted what we believe will be some of the most prominent trends in Out-Of-Home (OOH) advertising in 2024.
But before we look to the future, let’s delve into insights from the past year.
2023 at a glance: What did we learn?
Gone are the days where digital advertising channels were consistently growing at double digit rates. This past year, businesses have increasingly turned to in-person advertising experiences as digital marketing’s growth continues to slow. OOH, on the other hand, experienced whopping 11% growth from January to November, compared to the same period in 20221
This makes OOH the only media channel to experience double-digit growth in 2023.
Evidence of this growth is easy to find: one need only look to the Barbie movie launch or the FIFA Women’s World Cup (not to mention countless viral campaigns) to witness OOH’s ability to reach a global audience. These memorable campaigns captured consumers’ imaginations, amplifying brands to never before seen levels and cementing OOH’s ability to create lasting impressions.
So what’s in store for 2024?
TREND #1:
Continued growth in programmatic and digital OOH
Programmatic and digital OOH (DOOH) will be leading the charge in 2024. With a projected ad spend of $15.53 Billion worldwide2 and a forecasted growth of 8.5% for 20243, businesses are turning their attention to these channels in increasing numbers. The digitization of the TTC’s subway stations, a project which began in the fall of 2023, is just one of countless examples of ways in which DOOH reaches consumers throughout their day.
Programmatic OOH, in turn, will continue to act as a force multiplier in DOOH’s growth. By broadening the awareness and appeal of physical screens, programmatic OOH is able to bring new, digital-native brands and 360 media buyers into the fold. Together these channels work hand-in-hand to provide omni-channel marketing that can be seamlessly integrated into existing strategies to further elevate brands’ demand and profile.
Trend #2:
The power of data in a cookie-less world
As the advertising industry continues to navigate a landscape without third-party cookies, the focus is shifting towards leveraging first-party data and developing privacy-compliant strategies. But this can be a challenging feat for many businesses, particularly those that lack substantive first-party consumer data and the ability to normalize it against the general population.
Fortunately, OOH is well positioned to take on this challenge. The Out of Home Advertising Association of America (OAAA) recently released a summary of Omnicom Marketing Mix Modeling (MMM) findings in which OOH was shown to have a strong performance in critical KPIs like sales, brand awareness, consideration, and purchase intent. The study concluded by suggesting OOH warranted a higher budget allocation and a decrease in allocations for channels like TV, digital, and print.
Brands’ ability to reliably plan and gain insights from their marketing strategies hinges on learning from data in meaningful ways. By harnessing the power of data sources like Synthetic Populations and large survey data like Vividata, Numeris, and Environics, OOH has the potential to be a game-changing component of many business’ MMM strategies.
TREND #3:
OOH as a trustworthy brand influencer
As previously stated, digital media’s growth is waning. A number of factors account for this, including device multi-tasking and overall digital fatigue. Consumers will continue to be increasingly disinterested in and weary of many digital media channels in 2024.
In contrast, OOH has successfully weathered the upheavals in the media landscape and the disruptive arrival of new media channels. How? By remaining a highly visible, familiar, and a trusted media fixture in the public space.
Businesses are turning to OOH to achieve the broadcast-like reach delivery that was previously believed only possible via social media and other means of digital marketing. As reported by the OAAA, 48% of brands are using OOH to enhance brand awareness, which has led to a 24% boost in brand trust ratings, accompanied by a remarkable increase of over 100% in consumer confidence. A whopping 70% of individuals consider OOH a reliable and trustworthy source when making purchasing decisions.
In conjunction with its audience segmentation capabilities, contextual placements, iconic locations, and amplification of other media, OOH has time and time again proven to be the most consistently reliable media channel in today’s volatile ad landscape, a trend we expect to continue into 2024 and beyond.
Trend #4:
Cutting-edge technology integration
It’s no surprise that technology continues to be an integral part of the OOH conversation, especially in 2024. We are consistently seeing businesses putting out creative and boundary-pushing OOH campaigns that successfully build and elevate their brands. With advancements in technologies like anamorphic 3D digital, interactive and immersive activations, AI and CGI, OOH is set to offer even more captivating and memorable brand engagements in the future.
Overall outlook for 2024
It would be an understatement to say there’s never been a more exciting time for OOH. The era of digital media is plateauing, and businesses are having to adjust their ad strategies to meet the demands of their ever-discerning consumers.
Building on the successes of 2023, OOH is poised to redefine the advertising landscape with its innovative approaches, technological advancements, and unique positioning. We can expect to see many impactful and memorable advertising solutions from brands looking to connect with their audiences in meaningful ways. As we embark on 2024, we are entering a new chapter in the OOH narrative where it will play an even larger role in building brand legacies and lasting campaigns.
For more information on how to build yours, contact your PATTISON Outdoor Account Executive.
Sources:
1Standard Media Mix, Core 2.0 (2023 vs. 2022)
2Statista, Digital out-of-home (DOOH) advertising revenue worldwide from 2018 to 2028
3Dentsu Global, Global Ad Spend Forecast, December 2023
