Reaching Mortgage Audiences with OOH
It is well documented that the past 12 months have brought a great deal of change to a variety of industries. While some industries saw declines, others such as the automobile industry (a topic we wrote about back in October) and the housing market have done incredibly well over the last year.
Low mortgage rates have also been profitable for the lenders as well, with demand for their services soaring. But how do lenders reach these audiences and beat out their competition for business? Successful marketing is key, and every advertising medium will say they are the best option in reaching target, but we at Geopath believe OOH is the most efficient format and have the data to back this up.
According to Geopath Insights, the inventory we measure across the country generates 17 billion weekly impressions for those that currently have a mortgage on their home.
While that’s a lot of impressions, how well does OOH resonate with mortgage audiences, compared with other channels?
OOH inventory generates 1.7 billion target impressions every week, and 1.9 billion weekly impressions.
Almost 8 in 10 of those currently with a mortgage reporting that they have noticed an OOH ad in the last 30 days, over-indexing by 13%! However, not all mediums have engagement with this audience. 6 in 10 of those with a home mortgage “avoid television commercials,” which is 20% more likely than the total US population! 1
‘Shifting Gears’ with OOH
The automotive industry, like so many other industries in the US, was deeply affected when COVID-19 and its accompanying shutdowns arose earlier this year. Stay at home orders, dealerships closing during the lockdowns, and car manufactures converting their plants to build ventilators all played a role in the decline. During March, at the height of COVID-19 restrictions, vehicle sales tumbled 37.7% for the month in comparison to year ago.
However, as regulations started to ease and dealerships opened their doors again, a “boom” occurred in car sales, primarily in the used car market. With many people looking for a personal transportation option, or for a way to temporarily escape urban areas, the used car market has exploded.
76% of those that report “a used car is just as good as a new car” have noticed OOH in the last 30 day (Index 109).
So, at this point, you may be thinking that’s great news for auto dealers that the demand and prices are rising for used cars, but where does OOH play a part in all of this? Why, by being a perfect format to reach these auto-intenders, of course! According to a recent Simmons 12-month study, 3 out of 4 auto-intenders say they have noticed an OOH ad in the last 30 days, and they are 9% more likely to notice OOH than the total population! When it comes to the used car market, 76% of those that report “a used car is just as good as a new car” have noticed OOH in the last 30 day (Index 109).
Using Geopath Insights to reach Auto-intenders
While this data helps to showcase how OOH is a great medium to reach those looking to purchase a vehicle, how can you determine the best OOH inventory, markets, or formats to reach these shoppers? Well, Geopath can help. Whether you are an agency, operator, or advertiser, Geopath’s database of audited inventory can help you identify the best units for reaching these customers.
Geopath has a large array of automotive-related audiences, spanning from specific brands all the way to pricing segments. If you’re looking to target the used auto market, we have audiences for that too, with 7.6 billion weekly impressions for those that plan to purchase any used vehicle in the next 12 months. We also have data available to target specific price segments as well, with 39 million weekly impressions being generated for those who plan to buy a used vehicle in the $10k-$14k price range in the next 12 months, and 2 million weekly impressions for those looking to purchase a used car under $10k in the next 12 months!