Out-of-home advertising revenues grew by 12.9% in third quarter
Out-of-home advertising revenues reached £246m in the third quarter of 2023, growing 12.9% year over year.
Digital out-of-home revenues grew faster than the category as a whole, growing by 15.6% versus last year. Digital now accounts for 65% of the category as a whole.
Meanwhile, classic out-of-home revenues grew by 8.1%.
Out-of-home revenues in Q3 were 4.9% above the third quarter in 2019, the last corresponding quarter before the pandemic. This is the first time out-of-home revenues for a particular quarter have been higher than the comparable pre-pandemic period.
Separately, a recent report from PwC, finds the UK out-of-home sector contributed £411m to support public services, infrastructure, communities and employees in 2021 – representing 46% of its advertising revenue.
73% of B2B tech firms to increase marketing budget despite hit to revenue
Almost four out of five marketing decision-makers at B2B technology companies report experiencing a moderate to severe impact on their revenue as a result of the economic situation in 2023.
Despite these tough times, B2B technology businesses are investing in marketing, with 73% planning to increase their budgets going into next year.
Tougher expectations accompany these bigger budgets. Over half (55%) of businesses are adopting more ambitious key performance indicators (KPIs) to accompany increased budgets.
The businesses that increased their budgets in 2023 are more likely to increase it next year, 92% of companies that grew budgets this year indicate they will do so next year.
Source: 10Fold/Sapio Research
Almost half of Brits say they avoid streaming services and channels with ads
Almost half (49%) of British consumers say they try to avoid streaming services and channels that carry ads, according to research from Mintel.
Certain qualities make consumers more likely to engage with ads though. Funny content (44%) ranks as one of the top three factors most likely to make a viewer pay attention to a TV ad.
Over a quarter (27%) of TV viewers rank having a familiar product feature as one of the top three factors most likely to make them pay attention.
QR codes could be another way to grab the attention of consumers who are tired of ads. Over three-fifths (61%) of young men aged 16 to 34 say they would scan a QR code in an ad to get more information about a service or product. Over half (51%) of dual-parent families say the same.
Toiletries marketed at women are 76% more expensive on average
Women’s toiletries are over three-quarters (76%) more expensive on average than products marketed towards men.
In particular, shampoos and conditioners have a notable price disparity. Products marketed towards women cost almost double (96%) per 100ml versus men’s products.
Very similar products, from the same brand, can end up costing significantly more for women than for men.
For example, TIGI Bed Head Headrush and TIGI Bed Head Power Play products both promise shine, frizz control, a smooth feel and a professional quality. Despite these similar product outcomes, Power Play, marketed towards men, is priced at £3.98 per 100ml, while Headrush marketed for women costs £6 per 100ml.
Face creams are also 82% more expensive when marketed for women than for men, the research finds.
Although some of these discrepancies can be down to differing ingredients, these price differences can often be put down to marketing strategy, the research finds.
Source: Showers to You
Four in 10 marketers believe rebranding for Christmas is wasteful
Brands transform an average of 17 types of assets (including digital logos, packaging, and physical ads) for the festive season.
A festive rebrand will often begin in June, taking an average of 5.7 months. Almost one in 10 (9%) of participants say they started working on their festive rebrand a whole year before.
Despite the effort that goes into this, 41% of marketers think this kind of rebranding leads to avoidable waste. The biggest challenges involved were found to be managing the volume of assets, ensuring they are aligned with the brand, and delivering these at the speed required.
Marketers report they rebrand for nine different events and holidays on average, including Black Friday, Halloween and New Year’s Day.