Whether we’re headed for another economic recession is unknown. Recent events can help us estimate that a business slowdown is forthcoming. In response to this uncertainty, many businesses will begin cutting back in certain areas. The temptation may present itself to cut your advertising budget. It’s often one of the first areas to get a trim. As you decide what stays and goes, it’s important to not discount the value of continued out-of-home-advertising (OOH).
Where OOH advertising hits
Even when the economy takes a downturn, people are still on the move. Driving to work, or hitting the pavement to find a job, when able, people are out and about. This means continued exposure to OOH advertising. As our society recovers from the coronavirus pandemic, people will return to their daily routines. Cars will still drive by billboards. Commuters will still hop onto public transportation, viewing ads as they go. Decreasing advertising dollars means less exposure to this easy audience segment.
As other businesses decrease their OOH advertising, your decision to keep billboards up can help your brand. Getting a strong foothold in areas with high traffic helps you gain prominence. Continued exposure can help move your company into a better position among competitors. This can then lead to a gain in market share and increased profits.
Keeping up the momentum
What’s important to note about billboard and other Out-Of-Home-Advertising is its ability to get noticed. According to a 2019 Nielsen study, 81 percent of adults surveyed noticed a billboard in a single month. Fifty-five percent noticed a digital billboard. They’re not only receiving a passing glance either. Eight-five percent who saw a billboard, noticed its ad message. These numbers are very significant when you think about people’s natural attitude toward ads. The average person scrolls past or clicks away from online ads. They fast forward or channel surf away from TV commercials, or turn the television off. Billboards aren’t as easily ignored, which is why they’re a good use of advertising dollars no matter the economy.
Focusing on the long term
This strategy is all about focusing on the long-term impact of your marketing efforts. Most companies have short, medium and long-term marketing campaigns to cater to every angle of the market. A recession is never permanent. While it feels like a long-term problem, it should really only impact short-term plans. Maintaining long-term advertising plans can continue to serve you well as an investment. Billboards have always been a successful component of long-term strategies, so best not to sacrifice them.
How OOH advertising helps your image
Using OOH advertising during times of economic uncertainty gives you a perfect way to connect with your audience. Target common pain points and modify your message. OOH advertising provides well-seen ad spaces you can use for any type of message. Show the stability of your business as well as show your support for those getting hit hardest. Use billboards and posters to promote sales, special offers and short-term price incentives. Create a campaign geared toward the current economic climate. Be there for the community during these difficult times. Promote incentives like interest-free financing, coupons or special offers. Once the economy begins to bounce back, revert back to your normal OOH advertising strategy. Never lose the valuable space.
Why OOH is affordable even in a recession
Even though budgets get tight all around during a recession, the cost of Out-Of-Home-Advertising often drops. As companies cut their advertising budgets, more inventory becomes available. This creates a buyer’s market. Companies looking to continue their presence on billboards and posters win. This is not true when it comes to online and TV advertising. Those rates, during a recession, can increase. To stay budget-friendly when it comes to advertising, make cuts on the types of advertising that will continue to cost the most. It’s a smart move that allows you to maximize exposure.
Stay out there
History has shown that maintaining or even adding a little extra to your advertising budget during a recession can help your bottom line. Continued exposure to your audience, can allow you to increase sales and gain more market share even during a weaker economy. To learn more about how Out-Of-Home-Advertising can help your business, contact Effortless Outdoor Media. We are ready to begin strategizing with you on how to effectively advertise during a recession. Let us help you get the most out of OOH advertising.
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