Geopath’s CEO Dylan Mabin gives us his 2024 predictions…
- Alignment on standardized OOH measurement terminology
A renewed emphasis in 2023 on establishing unambiguous measurement terms and standards for OOH media measurement, and greater recognition of its importance, will pay dividends in the year to come. Greater clarity in the definitions and language used to capture campaign performance and measure impact will enable connectivity between platforms and accelerate the integration of OOH into broader media buying and planning systems, opening the door to new creative partnerships. Within OOH, the creation of clear standards will un-silo the disparate functions responsible for campaign planning, execution, and measurement, bringing new levels of cohesion and collaboration. Even with the new MRC standards, we likely won’t get all the way there in 2024, but we will take additional steps in the right direction to arrive at a common language.
- Determining the Role for AI in OOH
Since the launch of ChatGPT last year, AI has been thrust into the mainstream and compelled nearly all industries to examine how it could be integrated and leveraged, with OOH included. In the long run, AI has the potential to help OOH tackle some of its challenges around efficiency and decision making. It can potentially optimize the planning process to help marketers achieve campaign goals sooner and to help media owners optimize utility of their networks. But it can’t happen without foundational data and the interconnected systems that can give AI engines access to the right information. Therefore, it’s probably too soon to expect AI to have a monumental impact on OOH in the year to come, although we do expect greater use of the technology to develop more dynamic copy and campaign creative that resonates with intended audiences.
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Expansion of In-Store Retail Networks into OOH
This past year saw the continued expansion of the OOH industry with new players entering the ecosystem. Not only will this continue in 2024, but it will also feature the addition of established, blue chip retail brands that are building and owning their own in-store media networks. Household names like CVS, Walmart, and Kroger and many more have already deployed one-to-many media networks within their physical locations. They are putting up signs and seeking to generate new revenue streams by selling media. The OOH industry has an opportunity to showcase its value to drive ROI as in-venue media networks are using many of the same measurement tools and aligned media measurement standards.