New AdQuick Report Highlights Why Out-of-Home Advertising Can Reduce Budget Waste and Increase Reach for Advertisers
LOS ANGELES, Sept. 15, 2022 /PRNewswire/ — AdQuick.com, the top out-of-home (OOH) advertising marketplace in the world, today announces the results of its report, Debunking Myths and Misconceptions about Out-of-Home Advertising, 2022. AdQuick commissioned a third-party research firm to anonymously survey B2B and B2C advertisers in the United States to highlight advertisers’ concerns around economic uncertainty and how it affects their budgets, strategies and plans to buy OOH ads in the future. It also showcases misconceptions advertisers hold against OOH and shines light on opportunities to leverage OOH during periods of economic recession.
“Not surprisingly, the research shows advertisers are under immense pressure to make the most of their budgets and deliver results, especially as brands cut budgets and teams in anticipation of a possible recession,” said Matthew O’Connor, CEO of AdQuick. “Fortunately for brands that are looking to get the most out of their campaigns, it’s clear that modern OOH can deliver. The biggest hurdle is simply moving beyond these misconceptions and embracing OOH for the recession-friendly format that it is.”
The survey respondents revealed their top concerns including:
- 61% of respondents expect to see marketing headcount reductions in the case of a recession
- 72% have noticed a drop in broadcast performance in the last 12 months, compared to 53% reporting a drop in digital/social media campaign performance
- 64% report needing to spend more money to get the same results as compared to 12 months ago.
While the findings reveal struggles advertisers face, it’s also clear the stronghold old notions have on many advertisers, especially when it comes to the time, money and resources they think it takes to plan, launch, and measure OOH campaigns. These misconceptions are especially detrimental during economic uncertainty. This is where several misconceptions about OOH stand out:
- Price was listed as the No.1 obstacle to increasing OOH investing, yet the average CPM impressions of outdoor media is less than $5. Just 2% of advertisers surveyed realized that OOH was so affordable, and over 54% expected OOH CPMs to cost upward of $10.
- Although OOH campaigns can be launched in less than a week (and as fast as 1 to 2 days), only 2% of advertisers surveyed believe a campaign can be launched that quickly.
- Three-quarters of respondents also believe OOH is hard to measure. Yet, with the right tools, outdoor advertisers can measure performance down to individual ad units with actionable, granular-level data.
“We speak to hundreds of brands a month that initially hesitate to give OOH a bigger slice of their campaign budgets,” said O’Connor. “But once they understand modern measurement and performance, and see a clear path to campaign success, they embrace OOH for the powerful advertising channel it is.”
Founded in Los Angeles in 2016, AdQuick.com is the leading out-of-home (OOH) advertising platform that makes it easy to plan, buy, and measure every kind of outdoor advertising. With over 1400 media partners spanning all types of OOH media, AdQuick connects advertisers and agencies to OOH media owners anywhere in the U.S. and abroad, including the UK, Canada, Germany, France, and over 40 other countries.
AdQuick enables data-led OOH media planning powered by robust datasets and proprietary tools, facilitates fast and efficient campaign execution, and provides accurate measurement across every brand objective and campaign KPI. AdQuick was named in the top ten Best Places to Work in 2020 by Los Angeles Business Journal, recognized as the 74th fastest growing company in Inc. 5000 Regionals, and was honored as one of the Inc. 5000 fastest growing companies in 2021. To learn more please visit www.adquick.com or follow us on Twitter and LinkedIn.
Kristin Hege, Convey Communications Agency