The next few months will provide ample opportunity for brands to use the momentum they’ve gained through traditional channels to try out new (or overlooked) marketing offerings. With so many individual customer journeys and ways to reach consumers, some tactics are more likely to accomplish their goals than others. We’ve outlined a few strategies that can help brands take advantage of the hot climate and make a splash with consumers.
Use Out-of-Home to Fuel Branding
The back half of 2022 is a prime time for brands to engage with consumers through creative out-of-home (OOH) campaigns. Why this channel specifically? Because OOH extends far beyond traditional billboards, stretching into the digital realm in highly visible areas such as shopping districts and transportation hubs. The digital OOH market is expected to have an annual growth rate of 9.9% by 2024, due in part to the availability (and potential) of new technologies, and the long-term cost-effectiveness and eco-friendliness of digital advertising.
In addition, despite rising fuel costs, summer travel is poised to be as strong as ever, with many people taking to the skies instead of the roads. This will mean more eyes on digital campaigns in airports and train stations, digital and traditional murals at key locations, and more—which, in turn, will translate to brands who leverage their creativity in this channel having a greater impact than their peers.
Ride the Third Wave of Digital Advertising
In addition to other forms of digital OOH, Retail Media Networks (RMNs) are poised to grow to nearly 20% of total ad spend in the US in 2023. With an increase in consumer shopping and dining outside the home, brands should leverage this new opportunity to get in front of their audience – particularly in close proximity to point-of-purchase.
With an imminent rise in popularity, RMS are innovating beyond traditional digital advertising capabilities. For example, Brownstein client, global developer and operator of flagship destinations, Unibail-Rodamco-Westfield (URW), has elevated its DOOH network across its retail spaces with its entry into Web3. Through a first-of-its-kind platform, URW is enabling brands to highlight, engage and amplify their Web3 initiatives on its shoppable digital network in retail centers across the US – creating yet another avenue for brands to connect with their audiences in new ways.
Get in on New Streaming Opportunities
Streaming providers and content platforms are beginning to make overtures to advertisers as they tease ad-supported tiers. Multiple research studies have shown that advertising spend on Connected TV platforms (aka, streaming services) is set to continue its pattern of growth over the next several years, and brands find above-average brand recall from advertising on streaming networks of choice. Marketers are expanding their media plans to include these streaming platforms, including NJM Insurance, which recently launched its latest “No Jingles or Mascots” campaign on Hulu’s ad subscription tier. With this potential for new revenue, other platforms have taken note.
With viewership (and viewing options) continuing to grow, some platforms who historically have avoided ads, such as Netflix and Disney+, are looking to dip their toes in this ultra-lucrative pool. With more than 260 million active accounts between these two streaming giants alone, brands would do well to look into advertising options while the market is red-hot.
With new channels emerging and existing ones evolving, the time is ripe for brands to evaluate their current marketing plans and identify new opportunities for continued market growth. Our Brand Longevity Research found that relevance was the second most crucial factor to a brand’s continued success, only behind profitability. As brands navigate new technologies to meet consumers where they are, they must also adapt their strategies in order for their messages to truly achieve long-term resonance with their audience.