For many businesses, having competition might seem frustrating. However, keeping up with what your competitors are up to can provide you with useful insights into the market.
So, without further ado, here are 10 things your competitors can teach you about OOH advertising.
1. What works in your market?
If your competitors have been around for longer than you have, they will likely have had the chance to do more research and gain more experience in knowing what your target audience wants. In this sense, looking at what OOH adverts your competitors put out will show you what works in your market, and what appeals most to your target market.
2. What doesn’t work.
In addition to showing you what does work, your competitors will also show you what doesn’t work. If a competitor is forced to close its doors or change up its advertising technique, you can learn from these mistakes without having to make them yourself.
3. Which method of advertising is the most effective.
If your competitors seem to favour one method of OOH advertising over another, then it is likely that this method is the most effective to your target demographic. So, if you see your competitors using roadside advertising, you might consider prioritising billboards next to busy streets too.
4. Average OOH advertising budget.
Working out how much money you need to invest into your OOH marketing campaign can be a tricky and time consuming business. However, taking a look at what your competitors are doing will allow you to estimate a rough advertising budget with less fuss.
5. Demographics not being targeted.
Take a look at your competitors’ OOH ads and consider what markets they are not targeting. This will help you to find a demographic that is underutilised, which can set you apart from the competition.
6. Things not to do.
With many aspects of business, you have to try and make mistakes before you can know what the right thing to do might be. But, by closely looking at your competitors, you will be able to see what mistakes they have made, showing you what not to do, and how to mitigate certain risks.
7. Keep you on your toes.
Healthy competition is only a good thing for your business. It will force you to constantly innovate and create new ads, pushing you to come up with new, fresh ideas. This will keep you on your toes, and help you to create the best OOH ads you can.
8. How much personality you need.
How do your competitors come across? Use a similar tone of voice for your ads, injecting in your own personality to appeal to your target audience.
9. Identify knowledge gaps.
As well as helping you see underutilised demographics, looking at your competitors will also highlight any knowledge gaps in the market that you can take advantage of.
10. How often to refresh ads.
If your competitors produce new OOH advertising campaigns every few months, so should you. By doing so, you will be able to ensure that your ads are always as new and fresh as the competition, reducing the risk of ads becoming stale and boring.
And there you have it – 10 things that your competitors can teach you about OOH advertising, simplifying your planning, and increasing the chance of success of your campaign.