This month we held our third annual Business of Digital Location Based Advertising event in Montreal and Toronto. Cracking the power of location data in the context of advertising is on IAB Canada’s list of hot topics and three years in, this event continues to spark lively debate and speculation around ad data’s new darling – location-infused targeting and measurement.
IAB Canada kicked off the event by presenting the 2019 Location Based Advertising Barometer Report highlighting key opportunities as well as some barriers to the scaled adoption of Digital Out of Home. Our study showed that 10% of investment in this emerging channel is being funded by mobile budgets and that 360 planners are the key strategic decision makers when it comes to incorporating Digital Out of Home into the media mix.
Panelists held great discussion around the need to develop standardized metrics to help the industry fully embrace the channel’s potential. We also delved deeply into the subject of planning and how to include the element of location data into strategy and execution. We unpacked the opportunities that exist in this rich new data stream to develop insights into previously undetected foot traffic dynamics and dug deep into the closed loop aspect of tracking in-store sales. It was clear from this year’s discussion that location-based advertising is, or should be, on every marketer’s radar.
While the potential is enormous, we find ourselves (yet again) in the preliminary stages of standardization. Amidst all the excitement, we heard some sobering commentary around compliance with ever-tightening privacy regulation and reminders that we need to focus on simply nailing the basics. While technology often has a “rush to gold” effect on industry, there are signs that we are learning to take pause and ensure we’re laying solid foundations before getting ahead of ourselves.
IAB Canada’s research indicated a clear thirst for skills development and training around Digital out of Home. The panelists and speakers confirmed that confidence and channel literacy was a key driver in adoption and to this end, IAB Canada will be developing seminars and additional learning opportunities to help in this area. We’re looking forward to announcing some exciting developments in the coming weeks on this front!