Billboard advertisement is popular all over the globe and thousands of businesses use it to explore new territories and to reach out to their target audience. Unlike many other cheaper marketing methods (like brochures, booklets and flyers) billboard marketing is very expensive but it eventually pays off.
Printing a billboard in large format can range anywhere from $200 to $12000 depending on the size and complexity.
Before we move to the cost estimation part, let’s see whether billboard advertisement is good for your business or not.
Is Billboard Advertisement a Good Option?
No doubt, billboards are suitable for all types of companies and you can use them to advertise new products, new service, new offer or for other purposes. Billboard advertisement always pays off only if you do it the right way and consider some important things. Billboard advertisement is an offline advertising method but many of its properties are identical to what we use in digital marketing; for example, exposure, conversion rate, bounce rate etc.
A billboard would be a good idea to convey the message to your target audience only if:
- You can convey the message to a mass. Considering how much billboard advertisement costs, it is unreasonable to advertise sometimes to a small target audience. For example, if a particular offer is only relevant to 1% of your target audience, then it is better to use other, cheaper advertising methods.
- You can deliver the message clearly, without any ambiguity and confusion. The conversion rate depends on how relevant is the information to your audience and how compelling you have made your case. There are thousands of examples on the internet where billboard messages are unclear, confusing or do not convey the message concretely.
- You can get people’s attention in first 2-3 seconds. Ideally, Billboards are usually installed on busy highways and streets (do you know how much it would cost to rent a billboard new Times Square?). In other words, the more people would be passing by that location, the more billboards on that location would cost. Now, see things from a different angle; how much time people have to see and read the actual message on your billboard while they are driving on a busy highway or walking on a crowded street? You need to convey the message as soon as possible to reduce the bounce rate.
How Much Billboard Advertisement Costs?
The cost of renting a billboard mainly depends on its location; a full size billboard may cost around $20,000-$75,000 per month in Singapore’s Central Business District, Orchard Road shopping belt and highways while the same size billboard may cost less than $5,000 outside city limits. It is better to select the location first, where you want to place that billboard and then inquire the cost. Make sure you select the most suitable location based on your target audience.
A relatively newer type of billboards is “digital billboards” that display ads in digital form and businesses can share those boards with other companies as well. Because of the sharing, digital boards cost significantly lesser than traditional billboards but again, it mainly depends on the location. As you can anticipate, digital boards work best in low light conditions so plan accordingly.