Will Billboard Pricing Change With The Economic Recovery?
The economic shock of Coronavirus is one that will be remembered by many for a lifetime. One of the hardest hit industries was the advertising industry. The advertisement agencies announced losses as the traditional advertisement methods were no longer earning conversions. The ROI on billboard advertising remained low, and some businesses had to focus on different approaches, while billboard agencies altered billboard pricing to accommodate the shock.
Fortunately, the Coronavirus vaccination reflects a brighter future. Businesses are reopening and resuming full operations. The marketers are doubling their efforts, hoping to reach more audience. Consequently, billboard pricing will keep increasing, owing to the high demand. This is because people have resumed operations, and so billboards potential is back to high levels compared to before the pandemic. However, billboard advertising will never be the same, and there are several reasons to support the argument. Let’s look at some reasons we believe that we are past the old days when billboard advertising worked.
Billboard advertising may not offer the best solution when it comes to ensuring highly targeted adverts. Ideally, the billboards are placed at the roadsides, roundabouts and on buildings, and target the public. Moving the billboard to a strategic location is not only difficulty, but also consumes more time than it would take to move a sanitization station advert to a new location.
More Expensive Compared to In-hand Advertising
Billboard pricing is already higher than different forms of advertising. Many advertising agents charge 7X to advertise on billboards compared to advertising through in-hand approaches. Therefore, startups and small businesses looking for ways to lower the operating experiences may not be very lucky with billboard advertising.
Short Attention Span
The billboards attract a short attention span compared to coffee sleeve advertising. Consider that the target audience are often road users, who will not pay attention to distractive forms of advertising.