(Credit: Owakhe Media)
As we approach the rush towards the end of the year, how are you planning on finishing the year strong?
The year has been filled with ups and downs; our economy has faced various challenges in recent years , including slow economic growth, high unemployment rates and income inequality.
The way we started the year is the same way we intend on finishing the year – strong, with determination and hope .We started the year by considering the micro and marco economics affecting our country including issues such as loadshedding, the strength of the rand which ultimately affects the spending power of brand and consumers. We then approached the work year by working backwards and paying attention to our clients concerns, needs, aspirations and by building meaningful and sustainable relationships. We have also, on a quarterly basis, monitored which brands are the biggest spenders and which media platforms performed well. With that said we also kept monitoring which brands are hesitant to spend and why. This strategy allowed us to drive value for brands through our platforms by offering a 360 strategic approach to our clients by selecting the correct media platform for brands to get the best value for Rand and service offering. We have managed to combine our static and digital sites to provide a combined offering to clients. The use of innovative ideas on our media platforms has also allowed us to win over some brands that may not previously have been willing to spend on these platforms.
As the year draws to an end, we now take the opportunity to look back at our progress and shortfalls, finalise and execute our remaining goals and start planning for 2024 and beyond. This time of year is also excellent for using what we’ve learnt throughout the year to perfect our pitch in response to client’s briefs.
Looking back on your journey to bring your Digital OOH sites to market, what are your biggest learnings?
2023 has come with many learning points for us, the biggest learnings in our business has been in relation to capital investment costs required to expand on and improve our digital screen service offering. This initial costs far exceed the costs associated with static billboards. Some additional considerations and learnings with regard to the expansion of the our digital screen was around locations, competitiveness in the field, quality and value.
We learnt further of the importance of investing time and resources in reporting tools in order to provide clients with reports as to why a new growing aspect of Out of Home service offering is important. These reporting tools, such as pDOOH advertising, have revolutionised how campaigns are measured. The reporting tools have provided us with ability to track and measure the effectiveness of a campaign in real time, and make adjustments as necessary. The benefits of the reporting tools include tailored targeting, pricing, and impressions all of which are important to ensure the success of a particular campaign.
What advice and inspiration do you have for media owners who are just starting out in the OOH industry?
A the outset, and in order to navigate the space of a media owner successfully, one needs to be brutally honest – are you the right person to start and run a business? Can you take criticism ? Are you willing to put in the long hours? Are you willing to cope with financial insecurity? It is important to understand the industry that you are entering into; understand the flow of how a campaign is booked, starting from client and ending with the creative agency and the role you as a media play in the value chain. In my view, it is also important to understand the commercial side of the business and have regard for the professionalism required to operate at a high level and produce work and provide services of a high standard.
Knowing and understanding your ‘WHY STATEMENT’ will be beneficial on your journey as a media owner. Your ‘why statement’ explains your purpose and the reason your business exists and how it operates. Most media owners know the HOW, and WHAT statement and often forget that the most important statement is WHY.
(Credit: Owakhe Media)
Muzi Mabuza is the founder of Owakhe Media which was established in 2012. Owakhe Media is an OOH media company that specializes in Township Wall Murals, Urban Wall Murals and growing digital platforms. Muzi obtained his BComm degree from the University of Johannesburg and also has a Marketing Diploma from the AAA School of Advertising. Muzi is passionate about advertising, is a keen runner and avid sports enthusiast.