Out-of-home advertising growth
In the third quarter of 2023, revenues from out-of-home advertising saw a notable increase, amounting to £246 million – a 12.9% rise compared to the previous year. Digital revenues experienced a 15.6% growth, now making up 65% of the category, while traditional out-of-home revenues grew by 8.1%. For the first time, Q3 out-of-home revenues went beyond their pre-pandemic levels in 2019 by 4.9%. This upswing in out-of-home advertising indicates a strong resurgence in consumer confidence and a thriving economy as businesses invest more in ad campaigns. The increased focus on digital advertising shows a clear shift towards innovative marketing strategies and adapting to the digital landscape, as businesses recognize the need to engage consumers via various channels.
UK out-of-home sector contributions
A PwC report indicated that the UK out-of-home sector contributed £411 million to public services, infrastructure, communities, and employees in 2021, making up 46% of its advertising revenue. This notable contribution highlights the significant role that the out-of-home sector plays in supporting various aspects of society through its financial input. Additionally, it underscores the sector’s continuous growth and its potential for further positive impact on the nation’s economy and public services in the coming years.
Marketing budgets and KPIs in B2B tech firms
Despite the economic obstacles encountered in 2023, 73% of B2B technology companies plan to raise their marketing budgets the following year, with 55% implementing more aggressive KPIs to match these increased budgets. This growth in marketing investment showcases the determination of B2B tech firms to overcome the challenges and accelerate business expansion in 2024. As a result, companies are now focusing on innovative marketing strategies and fostering stronger relationships with their clients to ensure they meet their new ambitious KPIs and drive revenue growth.
Consumer preferences in streaming services
A study by Mintel revealed that 49% of UK consumers strive to avoid streaming services and channels displaying ads. This trend demonstrates a significant shift in consumer preferences as they increasingly prioritize an uninterrupted and seamless viewing experience. Consequently, streaming platforms are faced with the challenge of finding alternative marketing strategies or revenue sources to maintain their financial sustainability while catering to this growing demand.
Engagement in advertising campaigns
Nevertheless, entertaining content, well-known product features, and QR codes prove to be successful in maintaining viewers’ interest. Incorporating such elements into advertising campaigns can significantly boost engagement rates, leading to increased brand awareness and potential sales. Above all, keeping a creative and innovative approach in marketing strategies ensures that your target audience remains interested in your products and services.
Pricing disparities in women’s toiletries
The costs of women’s toiletries are, on average, 76% higher than similar products aimed at men. This disparity in pricing, often dubbed as “pink tax,” has been a growing concern as it puts an unfair burden on women, making them pay more for essentially the same product with only minor differences. As awareness regarding this issue increases, the demand for gender-neutral products and equitable pricing continues to rise, encouraging companies to reconsider their pricing strategies.
Factors contributing to price disparities
Factors contributing to the price disparities include differences in ingredients and marketing tactics. Additionally, variations in production costs and regional taxes can significantly impact the final retail price. It is essential for consumers to be aware of the reasons behind these price disparities in order to make informed decisions while making purchases.
Christmas rebranding opinions among marketers
A recent survey found that 40% of marketers view Christmas rebranding as wasteful, even though brands usually modify an average of 17 types of assets for the holiday season. This suggests that a significant portion of marketing professionals see the practice of adjusting various materials explicitly for Christmas as an inefficient use of resources. Despite this, the prevalence of holiday rebranding persists, indicating that many companies still believe in the potential benefits of festive marketing efforts.
Addressing festive rebranding challenges
Delays in handling festive rebranding and ensuring brand coherence were identified as the primary challenges. To address these issues, companies must develop a comprehensive strategy encompassing all aspects of their rebranding campaign. By implementing a well-structured plan, businesses can effectively manage the transition while maintaining a consistent brand identity during the festive season.
First Reported on: marketingweek.com
FAQ
What caused the growth in out-of-home advertising revenues in Q3 2023?
The growth in out-of-home advertising revenues is attributed to a strong resurgence in consumer confidence and a thriving economy, as businesses increased their investments in ad campaigns. Digital advertising experienced a 15.6% growth, while traditional out-of-home revenues grew by 8.1%.
What is the significance of the UK out-of-home sector’s contribution to public services and communities?
The £411 million contribution in 2021 highlights the significant role that the out-of-home sector plays in supporting various aspects of society through its financial input. It also underscores the sector’s continuous growth and its potential for further positive impact on the nation’s economy and public services in the coming years.
Why are B2B tech firms planning to raise their marketing budgets?
B2B tech firms are raising their marketing budgets to overcome challenges and accelerate business expansion in 2024. Consequently, they are focusing on innovative marketing strategies and fostering stronger relationships with clients to meet ambitious KPIs and drive revenue growth.
Why do UK consumers prefer ad-free streaming services and channels?
49% of UK consumers prefer an uninterrupted and seamless viewing experience, leading to a growing demand for ad-free streaming services and channels. As a result, streaming platforms must find alternative marketing strategies or revenue sources to cater to this demand while maintaining their financial sustainability.
Which elements can boost engagement in advertising campaigns?
Incorporating entertaining content, well-known product features, and QR codes into advertising campaigns can significantly boost engagement rates, leading to increased brand awareness and potential sales.
What causes the price disparity between men’s and women’s toiletries?
Price disparities arise due to differences in ingredients, marketing tactics, production costs, and regional taxes. These factors significantly impact the final retail price of products, resulting in the so-called “pink tax.”
What are the opinions of marketers regarding Christmas rebranding?
A survey found that 40% of marketers view Christmas rebranding as wasteful, even though brands usually modify an average of 17 types of assets for the holiday season. However, the prevalence of holiday rebranding persists, indicating that many companies still believe in the potential benefits of festive marketing efforts.
How can businesses address the challenges of festive rebranding?
To address challenges such as delays in handling festive rebranding and ensuring brand coherence, companies must develop a comprehensive strategy encompassing all aspects of their rebranding campaign. By implementing a well-structured plan, businesses can effectively manage the transition while maintaining a consistent brand identity during the festive season.
