Billboards are around us for decades and they are considered one of the most effective and cost efficient marketing solutions in the world. Contrary to general perception, the cost of a billboard depends on its location and of course the size. You may find drastic price difference between two same sized billboards located in different areas.
To give you an idea, a full size billboard may cost more than $10,000 around cities and highways while the same billboard may cost $1,000 in rural and less populated areas. It means you need to check your local agencies to get a better hold of the price. However, make sure you do your homework beforehand so you can get the most suitable location, size and price for desired billboard.
What are Digital Billboards and What Are Their Benefits?
Digital billboards allow businesses to share the “advertising space” with other businesses and the ads are rotated regularly. Printed billboards do not offer this kind of freedom. Interestingly, digital billboards cost lower than printed billboards in big cities and cost higher in relatively smaller cities like Atlanta. For example, based on the exact location, a printed billboard may cost around $200,000 per 4 week in New York.
Even if a digital billboard costs 3 times higher than that, you are sharing it with many other businesses that would significantly lower the price (your share). The benefits of digital billboards include:
- Dynamic ads are considered more effective than the printed ones because of the attractive visuals, moving images etc. Because of their efficacy, digital billboards engage with target audience in better ways.
- You can select the time of the day your ad would be shown on the digital billboard. Usually rush hour and night time cost relatively higher.
- Digital billboards are usually installed on busy highways and rush areas. That means they can get you more impression that printed billboards at the same cost.
What are the Additional Expenses?
Besides the costs mentioned above, there are some additional expenses as well; designing costs and printing costs. Large businesses usually have their own designing teams while small businesses use in-house designer if they have any or hire freelancing designer for the job. The cost of designing depends on the size of the billboard as well as the design requirements. It is safe to assume that the designing process costs between $500 and $800.
For signages in Singapore, vinyl is the most popular and most common option. A vinyl printed billboard can cost around $0.70 per square feet. It translates to $560 for an 800 square feet billboard (16 feet by 50 feet).
Is Billboard Advertising A Good Option For My Business?
As mentioned above, billboards are suitable for all types of businesses. However there are some exceptions. If you cannot make your pitch in less than 6 seconds then billboards are not for you. Also, if your business/product/service is only relevant to 10% of the population of that area, then you are wasting resources on other 90% people who are not even relevant.