Is outdoor advertising expensive? How much do billboards cost? Can I afford to advertise my business on a billboard? We answer these questions and more in this week’s post.
Over the last several months, we’ve posted a lot about the benefits of advertising your business on a billboard. We’ve even shared our best tips for designing effective outdoor ads. But one thing we haven’t written about is the cost of billboards.
Well, that changes today.
We know you’re wondering about this, and it’s a great question. After all, you’re a smart business owner who wants to spend your advertising budget wisely.
How Much Do Billboards Cost?
Unfortunately, the answer isn’t quite as straightforward as we’d like. Asking ‘How much do billboards cost?’ is like asking ‘How much do houses cost?’. There are just too many factors that go into a simple answer.
Where is the house located? How big is it? What type of house is it? (Incidentally, location, size, and type factor into a billboard’s cost, too)
The better question to ask, is ‘Can My Company Afford Outdoor Advertising?’
It’s a myth that smaller businesses can’t afford billboard advertising. And is it any wonder? With billion dollar corporations like McDonald’s and Apple each spending more than 722 billion dollars on outdoor advertising in 2016 alone, it’s easy to believe outdoor advertising is out of reach for small business budgets. But this couldn’t be further from the truth. Major corporations use billboards because they know they work.
In fact, billboards cost far less than other forms of advertising. According to the Outdoor Advertising Association of America, billboard advertising costs 80% less than television, 60% less than newspapers, and 50% less than radio. In terms of actual dollars, the Peter J Solomon Company reported the following in 2016:
What’s more, after reviewing finding from the Pew Research Center, our team predicts that the Cost per Million (CPM) for more traditional advertising mediums will rise significantly over the next several years.
This is related to:
• Declining newspaper subscriptions
• Decreasing magazine readership
• Surging commercial-free television options
• Growing satellite radio users
• Increasing time spent away from home
So perhaps, the real question is:
‘Can My Business Afford NOT to Advertise on Billboards?’
With more than 30 locations, 100+ faces, and an average cost of $15 – $50, we have an affordable option for your budget!
Get in touch with us today!