6 Steps to Sell Advertising Space on Billboard

How to Sell Advertising Space on Billboard

1. Set Competitive Pricing

If you want to sell billboard advertising space, then you need to set attractive prices to make it worthwhile for advertisers to use your billboard.

Begin by conducting market research to understand what kinds of rates are common in the industry. Review industry reports and trade publications for billboard advertising at the local and national levels.

Next, calculate all costs associated with maintaining your billboard. This includes installation and electricity. If you have a digital billboard, then it also includes technology costs.

Then, come up with a price that accounts for both market rates and your own costs. You can either use one price or offer a tiered pricing structure based on duration and time of day. Create package deals for advertisers who want to work with you long-term. Give them a reduced rate to show how much you appreciate their business.

Finally, watch market conditions like a hungry hawk scavenging for prey. Monitor new billboards in the area and changing traffic patterns. These things will affect what is considered competitive for billboard advertising prices. You must adapt if market conditions change.

2. Create a Marketing Package

If you want to sell billboard advertising space, then you need to also create a marketing package because it will make the sales process more efficient by addressing common questions and concerns. This mitigates the back-and-forth communication needed to provide basic information. As a result, you and the potential advertiser can just work on getting the deal done.

To create a marketing package, you must first gather essential information about the billboard itself. This includes the size of the billboard, the type of lighting it uses, and any unique features.

Next, provide pricing information. If applicable, describe packages or discounts for longer-term bookings. Be transparent about what is included versus not included to avoid surprises.

Moreover, include testimonials from previous advertisers and case studies of successful campaigns. This can help build credibility and demonstrate the effectiveness of your advertising space.

Finally, explain the steps an advertiser needs to take to book the billboard space. Be sure to include any deadlines, artwork submission guidelines, and contact information for inquiries.

3. Reach Out to Potential Advertisers

Reach out to potential advertisers because direct outreach will put your billboard in front of people who may not have been aware of it otherwise. This targeted approach can lead to higher conversion rates compared to more passive sales methods.

First, identify target advertisers. Who should you reach out to? You can answer this question by analyzing the location and visibility of your billboard to understand the demographics of its audience. Afterward, you just need to identify businesses that serve this group of people.

Next, create a compelling pitch that highlights the benefits of advertising on your billboard. This can simply be a more succinct version of your marketing package. Think about how you can customize the pitch while maintaining the same core details when speaking to different kinds of businesses.

Then, start reaching out to people. Use email, phone, social media, and even direct mail. Utilize multiple channels for outreach because different people have different preferences for how they receive information. Your outreach should include a clear call to action to guide interested parties on the next steps. Let potential advertisers know how to contact you if they want to schedule a meeting.

Finally, follow up. Even if a potential advertiser decides not to book your billboard space immediately, they may want to in the future. Circumstances change all the time. Thus, by following up, you can close these deals.

4. Offer Promotions and Incentives

Now, you should offer promotions and incentives to attract businesses that are either new to billboard advertising or have not considered your location before. A special offer might just be the push they need to test out your billboard.

There are different kinds of incentives that you can offer. For example, you can offer an early bird discount to advertisers who book your billboard space well in advance. You can also offer a duration discount to encourage advertisers to book for longer periods.

In addition, you can incentivize current advertisers to refer new clients to you. This incentive can either be a discount on their next booking or a complimentary extension of their current advertising period.

5. Utilize an Advertising Agency

Utilizing an advertising agency is a good idea because agencies have extensive networks of contacts within the marketing industry. As a result, they can help you connect with a diverse range of potential advertisers, including those that you might not be able to reach on your own.

First, research ad agencies, especially those that have a strong track record of successful outdoor marketing campaigns. Consider client lists, case studies, and testimonials if available. You may also want to think about whether an ad agency has expertise in specific industries or geographic areas.

Next, reach out to the ad agencies that you are interested in working with and set clear objectives. Be very clear about what you want to achieve with the partnership. For example, you may want to increase occupancy rates, reach a new market segment, or maximize revenue. Being upfront about these expectations will ensure that everyone is on the same mission.

Then, discuss business partnership terms and conditions. What are the ad agency’s fees? Is it a flat rate or a percentage of sales? If there is a contract, make sure everyone agrees on the length of the contract and specific services provided. Give yourself some time to think things over before signing on the dotted line.

Finally, foster a strong relationship with the ad agency. Communication is key. Regular meetings and updates can help everyone stay on the same page. Treat the agency as an extension of your team rather than a vendor. This collaboration will foster a sense of investment and enthusiasm.

6. Provide Excellent Customer Service

You should provide excellent customer service because it naturally enhances advertiser satisfaction. Satisfied advertisers are more likely to return for repeat bookings. This means that you will receive a steady stream of revenue.

First and foremost, understand your advertisers’ needs. Listen carefully to their goals and concerns. Customize business solutions if possible and demonstrate your commitment to the advertisers’ success.

Also, make sure the process of booking and setting up a billboard advertisement is as seamless as possible. Provide clear guidelines for everything. If you have a smooth onboarding process, then everyone can get to work more quickly.

Moreover, be accessible. Ensure advertisers can easily reach you via phone, email, and social media. Respond to these inquiries as soon as possible. Being accessible is important because it shows that you value the advertisers’ time and business. You can also squash minor issues before they become gigantic problems.

Finally, regularly ask for feedback from your advertisers on their experience and the performance of their campaigns. Use this feedback to make improvements for future clients.