As a property owner or manager, you likely seek ways to generate additional revenue from your property. One often overlooked opportunity is the use of billboard advertising.
By renting out space or placing an eye-catching billboard on a building, you can earn extra income while also providing a valuable service to media buyers looking for advertising space in high-traffic, urban areas.
In this guide, we’ll guide you through the process of making extra revenue using a billboard on a building you own. We’ll also show how Pearl Media can assist you in the process. Read on to learn more!
Understanding the Market
Out-of-Home (OOH) advertising continues to see strong revenue growth. According to the Out of Home Advertising Association of America (OAAA), OOH advertising revenue increased by 11% in Q3 2022 compared to the previous year, reaching $1.94 billion. Digital OOH advertising is driving this growth, with a 14% increase in Q3 2022 compared to the previous year.
Overall, for the year 2022, OOH advertising is up 25.7%, comparable to the historic high set in 2019 at $6.4 billion. This demonstrates the increasing popularity and effectiveness of OOH advertising as a means for businesses to reach consumers and generate revenue and presents an opportunity for building owners and property managers to capitalize on this trend by renting out space for billboards and other forms of OOH advertising.
Billboard advertising has several advantages over other forms of advertising. These benefits include:
Wider Audience Reach
Billboards reach a wide and diverse audience, making them a great option for brands looking to increase brand awareness. Billboards are also difficult to ignore, which means they are more likely to make an impression on viewers.
The target market for billboard advertising in high-traffic, urban areas includes a wide range of businesses and industries, from retail and fast food chains to automotive and technology companies. These businesses want to reach a high number of people passing by the billboard location and are willing to pay for the opportunity to advertise in a prime spot.
OOH advertising is eye-catching, making it tough for potential customers to ignore—this is more likely to make an impression on viewers. Additionally, billboards are placed in prime locations, such as high-traffic areas, providing high advertisement visibility.
OOH advertising allows for exceptional targeted advertising. Placing the advertisement in specific locations and areas can reach your desired audience more efficiently, allowing for more effective use of ad budget as the message is delivered to the right audience at the right time.
Additionally, digital billboards allow for dynamic and real-time targeting, which means that the advertisement can be tailored to the audience at that specific time and location.
Finding the Right Location
The success of a billboard advertisement is heavily dependent on its location. A billboard in a high-traffic area with good visibility will be more effective than one in a less visible location. Think of major street corners, highways, bus stations, or pedestrian gathering areas—these are the areas property owners and managers should focus on.
When selecting a location for a billboard, it’s important to consider factors such as visibility, traffic patterns, and zoning laws. Visibility is key for a billboard, as the advertisement needs to be seen by as many people as possible. It’s best to choose a location that is easily visible from the road and has high foot traffic.
You’ll also want to consider the area’s traffic patterns, as a billboard on a busy street or highway is likely to be seen by more people than one on a quieter street.
Zoning laws and regulations are also important to consider when choosing a location for a billboard. Building owners and property managers must ensure that their property is zoned for billboard advertising and that the billboard meets all necessary regulations and requirements.
Pearl Media can help building owners and property managers find the right location for a billboard by providing market research, identifying the best location for the billboard, and ensuring that the billboard meets all necessary regulations and requirements.
Designing and Implementing the Billboard
Once the location for a billboard has been selected, it’s time to start designing and implementing it. Various types of billboard structures and materials are available, each with its own advantages and disadvantages. Some popular options include traditional billboards made of paper or vinyl and digital billboards that use LED lights.
When designing a billboard, creating an advertisement that stands out and attracts attention is crucial. This can be achieved by using bold, bright colors, clear and easy-to-read text, and high-quality images. Additionally, the design should be consistent with the brand’s overall messaging and image.
Pearl Media provides expertise in design and technology and can help building owners and property managers create an effective billboard advertisement that stands out and maximizes the revenue potential of their property.
Marketing and Monetizing the Billboard
Once the billboard is designed and implemented, it’s time to start marketing it to potential advertisers and monetizing it. At Pearl Media, we help property owners and managers market and monetize their billboards by providing the necessary market research, promoting the billboard to media buyers and advertising agencies, negotiating the best rates, and managing your advertising schedule.
Market research is key to determining the going rate for billboard advertising in their area when it comes to setting advertising rates and negotiating deals with media buyers. This helps set competitive rates that will attract potential advertisers.
Advertising on a billboard is often sold on a short-term basis, such as monthly or quarterly. Building owners and property managers should consider strategies for keeping the billboard occupied with new advertisements and maximizing the revenue potential of their property.
Maximize Your Income with Billboard Advertising
Billboard advertising is an incredibly valuable revenue opportunity for building owners and property managers. Building owners and property managers can generate additional income from their property by understanding the market, finding the right location, designing and implementing an effective billboard, and marketing and monetizing the billboard.
Pearl Media is an expert in the OOH Advertising space and can help property owners and property managers throughout the entire process. From market research to design and implementation, Pearl Media can assist in finding the right location and maximizing your billboard’s revenue potential.
Simply put, billboard advertising is a great way for building owners and property managers to generate additional income from their property.
If you’re a building owner or property manager looking to earn extra revenue, or a media buyer looking for advertising space in high-traffic, urban areas, don’t hesitate to contact Pearl Media for more information.