‘We must welcome credit policies’
Regulating the industry
Accepting regulations and introducing self regulations in OOH Industry is highly needed at this point of time. However, India being a large democratic country and not having a common policy, the implementation may be delayed. More delay in implementing the regulations or introducing self regulations will create disaster and kill the OOH business. Hence the Industry leaders with the support of National level/state level advertising bodies should implement first and also ensure that remaining media owners in the country follow the same at the earliest.. Regulation shouldn’t lead to elimination. It should ensure the protection of small, medium and large players in the industry and allow them to exist in the business.
Digital OOH will sure take off in Metro/Mini Metro soon after the implementation of regulation.
Credit issues - Solution
This is very difficult to answer as the country itself is involved in huge debts. Giving specific credit period is a must in the Industry. However to ensure that the bottom lines are safe, extended credit periods should be considered. Media owners should welcome clear cut credit policies and payment terms decided by National level bodies for their own interest.
Measuring the medium
Yes, it’s possible to measure. Incidentally, a few organizations/firms are suggesting proven methods used in developed countries in OOH business. Some of them are also offering customized software which helps as a tool to measure. Every medium other than OOH is measured, hence advertisers are spending heavily on other mediums. Due to lack of measurability and accountability in OOH, it’s loosing heavily to Radio and On-line media. It’s evident from the present size of OOH market which is declining in terms of percentage in the overall ad spend in the country.
H.V Surendranath COO, Prakash Arts