ADVERTISERS could potentially gain access to a more holistic view of data and consumer insights by merging social and location data sources.
The issue was discussed during the first webinar that was held by the Outernet Marketing Innovation Group (OMIG), entitled “Address the Need for a Common Out-of-Home (OOH) Currency”.
With an aim to discuss the need and benefits of a common Outernet Currency from the perspective of advertisers and the advertising industry, Omnicom Media Group vice president and COO Chloe Neo believes that advertisers can navigate and cut through the noise in a cookie-less world.
This is within view of location data being described as the new ‘cookie’ of the real world.
“Location data breaches the gap between the digital and physical world. We need a more universal currency to measure marketing effectiveness as well as return on investment across the different formats that we are seeing, especially the digital front where we have the opportunity,” she explained.
Neo also commented on how location data can be used for tracking patterns and trends related to human movement, streamline services and operations, as well as support risk management. A similar method was used to manage the COVID-19 situation in Singapore.
Meanwhile, Managing Partner of Mindshare Philippines and representative of Media Specialists Association of the Philippines (MSAP) Memo Moreno felt that OOH is highly fragmented and highly political since there is no robust measurement for actual OOH deliveries.
“The Outernet is a good initiative to have from a digital lens as it brings a robust measurement and accountability,” Moreno commented.
During the discussion, a live poll showed that some of the biggest drivers for adoption of a common currency in Outernet are automation, transparency and accountability. – May 5, 2021
