At OAAN awards, expert urges members to evolve, embrace digital technologies
Amidst present economic downturn and uncertainties, media entrepreneur, Sani Irabor, has urged members of Out Of Home advertising (OOH) to be dynamic and evolve with the times.
Speaking at the 2022 Outdoor Advertising Association of Nigeria (OAAN) Conference and Exhibition Awards in Lagos recently, he cautioned, “the OOH industry cannot afford to look backwards. There is a place for it always, it has to also evolve with the times. As it embraces digital technologies, the OOH industry is already taking a step into playing a key role in the advertising space regardless of other forms of advertising, especially social media.”
With the theme: “OOH Media Amidst Security, Political and Economic uncertainties,” he said the times might be uncertain, but there is a big LED display at the end of the tunnel.
Concerning challenges, he identified regulations and government policy towards OOH, insecurity, social media, epileptic power supply to power to power Digital Out Of Home advertising (DOOH), among others.
Specifically, he said the “biggest challenger to the OOH market is none other than the new kid on the block; social media. Although earned and owned media hold their own marketing value, paid social advertising is the surest way to bring in traffic and sales from day one. As of 2021, 75 per cent of Gen Zers and 48 per cent of millennials are making purchasing decisions influenced by social media ads, and in 2020, social media ad spend in the US was valued at $40.3 billion.”
With regards to insecurity, he observed that Nigeria’s future is uncertain as security threat grows.
According to him, as various businesses are affected, this will also include OOH media advertising business as cost also makes it harder for business owners to patronise OOH media, resorting to easier forms of advertising.
As the 2023 elections draw near, he advised that it is imperative that proactive peace-building measures and early warning mechanisms should be put in place to address grievances and fierce group rivalry.
In his welcome address, President OAAN, Chief Emmanuel Ajufo, said the event was organised to reward excellence as well as finding lasting solutions to the challenges affecting the OOH business.
To him, there are numerous challenges and “the major one is with our regulators, I believe that we should be in partnership with our regulators. I believe strongly that they should set the standards and we follow but the situation where they only talk about internally generating revenue (IGR) is affecting our business.
“The signage agencies are there because of us, if they wish us away there will not be partnership,” he said. Highlights of the event was the awards to deserving winners at the award and gala night.