‘We’re extending active support to IOAA to develop the common currency’
By Bhawana Anand - September 04, 2020
Sai Nagesh, Chief Strategy Officer, Laqshya Media Group speaks about the Group’s in-house proprietary tool SHARP and the imperative for building a common currency for OOH audience metrics
In the absence of a common measurement currency, the gut feel and individual’s own estimates have been the primary ways of selling audiences where it was always understood that sites located on main roads and arterial routes would gather more eyeballs than the sites located in the interiors of the city. Also, traffic count has been a major source of audience calculation for the industry.
In fact, in some cases, the profile and hence the worth of the site used to be decided on the basis of the type of vehicles seen on a particular road. But it was misleading as more expensive cars didn’t necessarily mean only premium audiences as there was an equal probability of reaching the chauffeurs instead of just the vehicle owners. Another factor used to be the brands that had already advertised on a site. It was presumed that if a site is taken by a reputed national client, they would have done a thorough evaluation of that site.
Today, however, it is utmost critical to provide a rationale to clients to spend on a particular site. Accountability is primary. Nothing else matters. The different stages of evolution in OOH is nothing new, it has happened with every medium.
Laqshya Media Group has developed its in-house proprietary tool called SHARP to measure the efficacy of an OOH media plan using the same currency that has been in use by other mainline advertising media. Apart from investing in a technology company, ML and AI have been deployed extensively to update the ward level data in Census 2011 to today’s scenario. Add to the above, mobile user data across 4,500 geo-tagged locations allow SHARP to measure Net Reach & Average OTS for a media plan in any TG.
Based on a brief given by a client, SHARP helps construct a plan across 30 cities and measures the performance at a Hyperlocal level. Whether it is a reach-based plan or a budget-based plan, SHARP delivers the required objectives.”
A common currency
“All stakeholders must understand that a common currency benefits everyone. The need for measurement and defining ROI for any media investment is paramount. For those without measurement, price will continue to be the major criterion for selling which doesn’t take anyone anywhere. Clients want value at the right price.
“IOAA is working hard towards building a common currency, and participation of each stakeholder of the industry is critical. While we have developed our own measurement software, we are extending our active support to IOAA to develop the common currency for the industry.”