In the outdoor advertising industry, we’ve seen economic changes in the past years, from the shift of traditional out-of-home (OOH) advertising to digital out-of-home (DOOH). We find a lot of digital billboards more than ever now, revealing how technological advancement urges advertisers to adapt to their marketing campaigns. But what about this year? Are there more advertising trends that pose an obstacle to outdoor advertising in 2024? How can we curb the recent challenges?
Changes in Consumer Behavior in 2024
We see significant changes in consumer behavior in the Malaysian outdoor industry. From having short-term campaign initiatives and demands for LED screens, they show the preferences of the consumers to give attention to more creative and elevated advertisements.
Short-term marketing reveals the social climate that we are in. It’s all about short and immediate results in 2024. Picture a world where decision-making is swift and flexible, allowing advertisers to experiment with minimal commitment. This new approach embraces the spirit of trial and error, fostering innovation and creativity. This phenomenon in advertising trends makes LED billboards and screens more of a popular option.
The LED screens enable advertisements to be more eye-catching and dynamic, which suits the audience’s short attention span. But there’s a hidden challenge—these stunning LED screens come with a higher price tag than traditional billboards, a detail often overlooked by eager advertisers in their quest for instant engagement.
Less Small Businesses Using OOH in 2024
The OOH market has seen a noticeable decrease in the number of SMEs and start-ups engaging in outdoor advertising. This trend is likely influenced by various economic changes, including tighter budgets and shifting financial priorities within smaller businesses. Firstboard specialists suggest that economic fluctuations and reduced consumer spending may force SMEs and start-ups to cut back on their advertising expenditures, particularly in high-cost areas like OOH advertising.
Larger corporate businesses, on the other hand, are increasingly participating in OOH advertising, benefitting from more substantial marketing budgets. This trend poses a challenge for smaller businesses, highlighting the competitive challenges they face in the OOH advertising landscape. However, smaller businesses mustn’t be discouraged. There are still cost-effective and creative ways to utilize OOH advertising, which we’ll dive deeper into in the next section.
Is 2024’s OOH a Game for Corporate Only?
Does that mean building brand awareness out-of-home is only the game for the big players? Not really.
For companies with limited funding, there are also other affordable options to tap into out-of-home (OOH) advertising. From street bunting to eye-catching lightboxes, there are creative and cost-effective ways to get the brand out there. Additionally, advertisers can even explore free-standing billboards for less than 40K per annum in certain areas. It’s amazing how OOH offers so many possibilities to reach an audience.
To sum it up…
LED screens and short-term advertising campaigns that target consumers with short attention spans present a challenge for advertisers in effectively strategizing their marketing in 2024. Advertisers must consider how to provide an instant dopamine boost or immediate positive reinforcement to the target audience.
In conclusion, Malaysia’s outdoor advertising landscape in 2024 is evolving with key trends shaping the industry. Consumer behavior is shifting towards short-term, dynamic campaigns, and favoring LED screens. Economic changes are impacting small businesses, making cost-effective OOH options essential. While big corporations flourish in the outdoor space, small businesses can still leverage affordable methods, like bunting or light boxes. Advertisers must innovate and adapt to capture consumers’ attention in this ever-changing environment.
Thinking about diving into out-of-home advertising but not sure where to start? Just give Firstboard a ring—they’ve got you covered!
Image credits: Big Tree, LEDtronics, CleverAds