Retailers, don’t overlook a golden opportunity to turn your in-store advertising from cost to revenue. Retail chains have hundreds of thousands of visitors in their brick-and-mortar stores every week. This audience is already there, at the point of purchase. Wouldn't it be a great opportunity to monetise it?
Social media giants have collected a great deal of data from us and are already selling it to advertisers who pay for it in order to target their marketing to those audiences. Audiences in Linkedin and Facebook are made easy to buy; grouped and categorised according to several attributes. This is how social media giants, like Facebook and Linkedin, generate their incomes. Now it is also possible for retail chains and other venues with closed-loop screen networks, such as grocery, pet supply stores, movie theaters, cruise lines, petrol stations, hotel chains, pharmacies, or shopping malls. There is a great potential in monetising audiences in different locations.
Retail business is very data-intensive – offering a great potential to monetise in-store audiences and generate revenue by selling the attention of audiences – the same way Facebook and Linkedin are already doing. Selling an ad inventory with data-driven audience-based targeting possibility, in the point-of-purchase, offers retail a powerful tool to generate measurable results, given the fact that the data used for targeting is owned by retail itself. No 3rd party data is needed, and retailer's own data is not passed on to third parties.
The possibilities to sell ad inventory are almost endless: own suppliers, trade partners such as those partnering in a loyalty program, or brands who are willing to reach and connect with their target groups.
In-store advertising has undergone a tremendous change over the past years. With the evolution of digital media channels, display options, and targeting tools, in-store advertising is nowadays effective for marketers and meaningful for customers. For them, this means relevant content through targeting, for the retailer this means advertising revenue.
Facebook and Linkedin are already selling their audiences to advertisers, making a remarkable income from it. Now, retail can do the same!
This is what makes digital out-of-home advertising successful
Let’s change the angle a bit and have a look at what advertisers are looking for. Needless to say, optimising the marketing budget is essential for every company. For DOOH, the main pain point has been the waste coverage, lack of targeting – until now. Let’s look at the success factors of the DOOH campaign from the advertiser’s point of view:
1. Avoid waste coverage, optimise the money spent – advertise in the right location.
2. Relevance – give your targeted customers what they want. Just like in any marketing, it’s important to target offering to those who are most likely looking for products like yours.
3. Timeliness – a network owner can quickly lose consumer interest and the trust of the audience by featuring promotions at the wrong time. Advertisers need to set up a marketing content and schedule that is relevant today, and often that requires fast reactions to changing circumstances.
4. Quality – old cardboard ads are history. Modern high-quality screens and signage ensure that in-store advertising looks professional.
With an advanced in-store marketing automation platform all this is now possible. Doohlabs platform is ready for programmatic advertising, enabling you to start offering your ad inventory on various locations right away. The digitalisation of in-store advertising enables a very cost-effective operation for marketers to manage their own campaigns for referred audiences, just like in Linkedin or Facebook.
Not fully utilising the in-store audiences means lost revenue. With shopper data connected to audience-based targeting engine you can immediately start selling the attention of different audiences you have in your stores, generating a new revenue source.