In today’s highly competitive business landscape, marketing plays a pivotal role in driving a company’s success. Two essential marketing strategies that businesses often employ are in-store advertising, which is part of the broader retail media, and out-of-home (OOH) advertising. In-store advertising refers to the promotional activities carried out within a physical store, while OOH advertising involves marketing efforts in public spaces, such as billboards, transit ads, and digital screens. Analyzing the performance of these strategies is critical to understanding their effectiveness and optimizing future marketing campaigns. In this blog post, we will explore the key steps to analyze the performance of marketing when a company is using both in-store and OOH advertising.
Set Clear Objectives
Before diving into performance analysis, it is crucial to establish clear and specific marketing objectives. These objectives should be aligned with the overall business goals and should be measurable. Examples of marketing objectives could be increasing foot traffic in the store, driving online or in-store sales through OOH ads, or boosting brand awareness in a specific target demographic.
Define KPIs (Key Performance Indicators)
Once the objectives are set, identify the KPIs that will be used to measure the success of the in-store and OOH advertising efforts. KPIs will vary based on the specific goals of the campaign, but common ones include:
- Foot Traffic: For in-store advertising, foot traffic is a crucial metric to gauge how many potential customers are entering the store as a result of the marketing efforts.
- Sales Revenue: Monitoring the sales revenue generated during the advertising period helps assess the campaign’s impact on the company’s bottom line.
- Return on Investment (ROI): Calculating the ROI for both in-store and OOH advertising will help determine whether the campaign was cost-effective.
- Brand Awareness: Surveying the target audience to measure changes in brand awareness and recall can provide insights into the effectiveness of OOH ads.
- Engagement Metrics: For digital OOH campaigns, engagement metrics like click-through rates and dwell time can indicate how well the ads captured the audience’s attention.
Track and Analyze Data
To effectively analyze the performance of in-store and OOH advertising, data tracking is essential. Implement tracking mechanisms such as customer footfall counters, sales tracking systems, and digital ad analytics tools. This data will provide valuable insights into the success of the campaigns and identify areas that may require optimization.
A/B testing involves running two variations of an advertisement simultaneously to determine which one performs better. In the context of in-store advertising, this could mean trying different store layouts or product placements. For OOH advertising, it may involve testing different creatives or ad placements. A/B testing allows marketers to make data-driven decisions and optimize their strategies for better results.
Attribution modeling helps allocate credit to each marketing touchpoint for driving a sale or conversion. Since both in-store and OOH advertising are part of a larger marketing ecosystem, attribution modeling can reveal how much influence each channel had on a customer’s decision-making process. This understanding is crucial in making informed decisions about resource allocation in future campaigns.
Brand Surveys and Feedback
Collecting feedback from customers through surveys or feedback forms can provide qualitative insights into the impact of in-store and OOH advertising. Customers’ opinions, preferences, and experiences can offer valuable perspectives on the effectiveness of the marketing efforts and help identify areas of improvement.
Analyzing the performance of marketing when a company is employing both in-store and out-of-home advertising is a multidimensional process that requires a combination of quantitative and qualitative data. By setting clear objectives, defining relevant KPIs, tracking and analyzing data, conducting A/B testing, and using attribution modeling, businesses can gain valuable insights into the success of their campaigns. Additionally, collecting customer feedback and opinions allows for a deeper understanding of the marketing strategies impact on the target audience. Armed with this information, companies can optimize their marketing efforts, enhance their ROI, and create more impactful and successful campaigns in the future.
The good news is that you can get true performance reports for every one of your out-of-home campaigns. Reveal Mobile’s patented technology allows us to measure OOH with the same sophistication as digital advertising. Reach out to speak to someone at Reveal Mobile today!