Outdoor Advertising in Lagos Generates N50bn Worth of Commerce AnnuallyBy Tunji Alao
A recent survey conducted by Ideas House Consultancy in conjunction with Lagos State Signage and Advertising Agency (LASAA) revealed that Outdoor Advertising generates up to N50bn worth of commerce annually.
The survey further reveals that in Lagos state alone, the Out-of-Home (OOH) sector employs over 100,000 people in various capacities, from structural engineers, to creative design specialists, outdoor site erectors, fabricators, foundation companies, architects, printers, ware house managers, logistics companies, casual workers and so on.
This survey corroborates the fact that the OOH market is currently one of the fastest growing practices within the Integrated Marketing Communications sphere. As a result of booming internet connections on mobile phones, OOH sends consumers to web search and social media platforms, generating word of mouth and viral marketing.
Over the past decade, the industry has recorded remarkable feats and achievements marked by the introduction of Digital Out-of-Home advertising, which has tremendously transformed the advertising landscape while giving companies the unparalleled opportunity to have their brands visible in the most dynamic manner possible.
Out-of-Home advertising now offers new technologies, new formats and more creative thinking to help advertisers and their agencies take their message to consumers. New creative campaigns ensure that messages are not ignored, blocked or skipped. For example, certain products like alcoholic beverages, which were hitherto restricted by traditional media under the guise of “adult hours”, now have 24-hour unrestricted advertising offered by OOH.
According to the study, OOH reaches consumers no matter what their media consumption habits are. This is because OOH advertising bridges the gap between the in-home message and Out-of-Home purchase. the advantage of the “last word” is never more evident than when it comes to last-minute, impulsive buying.
Versatile formats including inflatables, bus shelters, parasols and litter bins offer ‘blank canvas’ creative potential to break through the clutter and hold people’s attention, wherever they work, shop travel and play. This proves true in metropolitan Lagos where commuters spend a considerable time in rush hour traffic. Companies like Zenith bank in Victoria Island, ARM in Ilupeju, are now embracing digital signage for their on-premise signs.
With a more structured and professionally managed industry, the opportunities for growth and expansion in outdoor advertising are unprecedented. The next decade holds huge promises and growth potentials for the outdoor advertising industry. The expectation of stake-holders is for the industry to grow bigger than its current state as the economy turns around and investment confidence and appetite increases in the sector.
To make this dream a reality, plans are underway to create a new association for all outdoor advertising regulators in Nigeria. The association called Outdoor Advertising Regulatory Association of Nigeria (OARAN) is meant to create an umbrella body for all outdoor advertising regulators to seek collaborative ways in solving similar problems and challenges facing the industry. Spearheaded by the MD of LASAA, Mr. George Noah, the association will help foster positive growth and serve as a platform for all regulators to tackle similar issues facing the industry.