Our London buyer, Joe Goldring, has written a piece for our website, outlining his views on the digital market as he sees it, and how it is traded. Never one to shy away from expressing an opinion, he hasn’t disappointed here. The trade of Digital Out-of-Home is a topic that we discuss and debate at length in the office, and we wonder if you have any thoughts you’d like to add? Over to Joe…
Having spent the past few months looking into digital roadside, and trying to get my head around how it should be bought in comparison to traditional formats, I thought it would be useful to give a buyers view on the medium as a whole, and some opinion on what I think we need to do to promote further growth, making it easier to trade.
With digital growth soaring year on year and now taking up approximately 18% of the OOH market, I think it’s important to talk about how we should trade the medium differently to how the traditional static backlit and paper formats are bought.
From a buying point of view, the steepest obstacle to overcome is the lack of compensation buying a location that was once static and is now digital, yet is still traded at the same price range as before. This even though the advertiser is losing ownership of the location, and has to now share the site with multiple brands.
I think if we continually get stuck on the above debate we will quickly halt any growth and excitement digital promises to offer, and would inevitably end up with a pool of digital sites of the highest quality, with little growth.
When you look at all of the mind-blowing capabilities digital can offer, interactively engaging with an audience, buying sites for hours instead of weeks, ability to plan time sensitive campaigns and buy by residency, and an on-going list of positives, I think we can all agree that the growth in this sector is nothing but good for us all whichever side of the food chain we may be.
I think as an industry if we are all on the same page and collectively buying and selling digital as flexible as is possible, buying locations by the day, and maximizing the complete reasons digital is here for, we could have some very substantial ammo to challenge any other media channel and make a compelling argument to continue to grow the OOH share above and beyond 10%.
Flexibility is the biggest challenge, but it should also bring the biggest reward.