The COVID-19 outbreak has shaken the entire world. And, no business segment feels it more than small business owners. The NFIB (National Federal of Independent Business) reports that about 92% of small businesses have been negatively impacted by the pandemic. So chances are every small business owner reading this is understandably uncertain about the future.
So naturally, small business owners will be examing budgets and revising business plans. Marketing may seem like a logical expense to cut but the reality is in a post-pandemic economy, consumers experiencing a reduction in their purchasing power will be much more selective when spending their money. For that reason, keeping your brand top of mind is critical and that takes marketing.
When deciding where to invest your marketing dollars, be sure to look at the latest trend of digital billboard advertising. Digital billboards are often used for out-of-home advertising which refers to advertising outside the home (as opposed to TV, radio and print media distributed within the home). Though digital billboards are not new, their strategic application of “place-based” advertising is an exciting addition. Placed-based refers to indoor venues such as restaurants, bars, banks, and health clubs which are seeing these displays growing in numbers and growing revenues for the featured businesses.
Here are five reasons that place-based digital billboards are a good investment for your small business:
OOH Advertising is the Only Advertising That Has Not Declined in the Wake of Social Media
In fact, according to a report from Borrell, spending on out-of-home advertising has grown consistently since 2006 with only one slight dip in 2014, and its growth is expected to keep rising for the next five years.
OOH Is Effective
Borrell reports that among consumers who viewed any out-of-home advertising in the past month, 61% had taken action. Specifically 40% visited a featured restaurant, 39% visited a store that was advertised and 29% shopped a sale that was promoted.
Offers Complete Flexibility
Indoor digital billboards can run multiple messages on the same display, and can be rotated or revised easily to keep messaging fresh and relevant.
Due to its low price point and cost per-impression, indoor digital advertising is an economical choice for any company and can drive value for pennies per spot
Reaching the Customers You Want
Reaching a large number of prospective customers that can demographic-specific, is the objective of any marketing campaign. Digital billboard advertising in busy venues like restaurants and gyms offers a median reach of 200 people per day per venue which rivals some online advertising in volume and Return on Investment (ROI).
When three in ten viewers search a featured business online after seeing an out-of-home ad, it is worth your time and money to explore this media for your business.
Check out what IBN can do for your business in Myrtle Beach.