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San Francisco, CA, August 29, 2007
Red Herring Magazine announced today that VJIVE Networks has been officially selected as a winner of the prestigious Red Herring 100 Asia 2007 awards. The news was announced at a gala dinner during the Red Herring 100 Asia event in Hong Kong, China, happening from August 29 to 31.
Due to the availability of world-class software, hardware and infrastructure, the proliferation of digital signage networks have exploded across the globe. Retailers, corporations and government organizations have learned that digital signage can help deliver their relevant message to their audience at the right time and the right location.
Digital signage networks are being deployed in the Retail industry to capture the interest and mindset of their customers and encourage customers to make the all-important purchase decision at the point of sale. Most research in the field indicates that up to 75% of the buying decisions are made at the point of sale.
Advertisers in Mumbai are taking a step forward by joining their customers on journey.
They are now advertising on closed-circuit televisions, installed in public buses operated by Brihanmumbai Electricity Supply and Transport.
Major advertisers, including Hindustan Unilever, Paras Pharma, Pidilite Industries, Esselworld, Playwin Lotteries and Tata Sky have started relaying commercials in the BEST buses.
As an advertiser, how do you capture a person who is living an increasingly mobile lifestyle? The answer is ubiquity — to be present in their life wherever they are.
Consider a typical brand manager’s media budget for brand building. It used to be that 100% would be spent on broadcasting messages across traditional media — print, radio, television and out-of-home. This open-ended communication lacked any interactivity or dialog with people. However, now the largest growing media spend is the Internet – but why? Because it’s interactive. Your audience engages directly with you — with a simple click. Now the wealth of knowledge built by direct marketers using direct response (DR) marketing techniques has become relevant to all advertisers, including brand builders. And it’s widely accepted that if you interact with your constituency, your communication is much more likely to meet your marketing objectives. The Internet has changed branding forever.
Out-of-home digital media is one of the fastest growing advertising media in the industry today. In North America, an estimated 200 networks comprising 300,000 digital signage displays are deployed in retail stores (grocery, apparel, pharmacy, convenience, sporting goods, service stations) customer service locations (doctor’s waiting rooms, hotels, cinemas, malls), transportation areas (elevators, airports, train and public transport stations, walkways, building lobbies etc.) and other locations. According to InfoTrends/CAP Ventures, industry revenue is expected to grow at a 35% Compound Annual Growth Rate (CAGR), such that the 2005 revenue of $1.13 will grow to over $3.4 billion in revenue and one million digital signs by 2009. Clearly, the industry has reached a tipping point.
After completing the deployment of Wal-Mart Mexico’s massive digital signage network in late 2006, Televisa’s Axel Vera faced an even more daunting challenge: tracking the network’s performance and proving that the multi-million dollar system was actually generating a positive return on investment. Wal-Mart was not only concerned with lifting sales on the advertising-driven network, but also wanted to keep costs low and ensure that their stores remained attractive, clean and easy to navigate. All of this led Axel and his team to develop a new strategy for measuring performance while optimizing their individual content spots to generate the best possible ROI. A few months ago, I had the opportunity to talk with Axel about his findings, which the folks at MEDIA Magazine were kind enough to publish in their August edition. While they’ve asked me not to include the whole article here (they’ve got magazine subscriptions to sell, after all), you can find the full Media Metrics article on their website (free registration required). To convince you that it’s worth reading the whole thing, here’s an overview of how Televisa and Wal-Mex have learned to improve their digital signage performance:
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