In scientific theory, formulas are used to explain combinations of factors leading to a result. Oftentimes, scientists create and test formulas to see if a predictable and stable result can be achieved. Einstein’s Theory of Relativity, expressed as E=MC², and Pythagoras’s a²+b²= c² are two examples that come to mind (although I don’t find much use for them in daily life).
The launch of audience ratings for out of home media was an evolutionary step in moving the medium from “eyeballs” to “audience,” in which data from the Census Bureau and other resources are used to provide impressions based on demographics. This new methodology evolves the OOH currency from “gross” impressions to “likelihood to see” audience delivery.
The question that is being pondered currently within the OOH Industry is whether the new audience ratings, in and of themselves, are enough to move the growth needle? I continue to be skeptical. But then, I began to experiment using formulas to see if I could find a solution to the industry’s growth goals. And I believe I have developed an interesting formula. The elements of my formula are below:
Data + Applications – Friction = $3 Billion
Data = information
Applications = the transformation of information into insights
Friction = inefficiency
The industry is at a crossroads … so say many who are interested in seeing the OOH industry flourish. And while the industry believes the audience ratings were evolutionary, the rest of the advertising and media world hasn’t jumped on board. What the industry needs is a transformational step forward.
At Buntin Out of Home Media, we have developed a transformational application, GeoTrak World® , that can help move the industry forward. GeoTrak World® represents the [Applications - Friction] part of the above formula. Therefore, a new simplified version of the formula would be:
Data + GeoTrak World® = $3 Billion
It’s time to put this formula to the test.
- The Current State of OOH (Part 3 of 3)
- Is Chick-fil-A Moving on to Greener Pastures?