Hi, I am trying to expand my “billboard business” to a second location. I briefly talk to the manager of a upscale small shopping center located on a high class neighborhood with really upscale customers.
I will begin the analysis for the following two weeks and the ad spaces options are kind of limited and will be what they allowed, I’m trying to come up with the following ad spaces
On the exterior , a one sided billboard 30’x10’ as any larger would not have good visibility and 3 lightbox , all of this practically just pop up to the driver.
In the interior at the entrance and the exit of the parking lot of the shopping center adding 6 more small ad spaces.
The deal to become true has to be attractive both ways , the owner would at least expect from $500 to $1k of rent and I also expect to make some profit, so I have to push some interior ad spaces.
I made an initial traffic count to at least 25000 vehicles/day both ways; this applies for the exterior ad spaces. The billboard just covers half of the traffic count because only one sided. Since this are located on a high end neighborhood how much more can I push price?
On the interior, at a daily bases just 1625 vehicles enter to the center, even though they are millionaires and politicians and fine dining of weekends. I visualized some trouble selling this ad spaces to the clients with so few traffic count.
Will offer my advice the best I can from your questions.
First: Make sure with the city if you can put a digital there and what size are you limited to. You are in the BB business but always put this into my reply’s just in case.
The landlord deserves fair and equitable considerations for your bb lease. Many times a put a floor or minimum per month and a % of the income… Which ever is greatest. We also barter for the location by allowing them to advertise on our BB when space in available. Whatever your lease dictiates the landowner is actually in control so play nice here.
Also because you are locating in an affluent area does not mean the potential advertisers are also fluent. You want to drag motorist off the streets who may never considered shopping there.
Many BB operator installs a digital then trys to market it as a static with long term contracts for advertisers. Have had some operators say, “yeah makes sense but do not want to work that hard.” Your digital has all this “horsepower” so why run it in low gear? Petal to the metal with daily, weekly, monthly ad programs with numerous COPY CHANGES available to your advertisers. On our digitals we also have an after hour rates for all night establishments…don’t laugh now, we market to DWI lawyers, bail bondsmen, lock out an vehicle towing services. No use trying to get motorist into a restaurant that is closed. IMHO Now I say all this to say your prime time advertisers do not have to pay so much for each flip since the late night carries most of the cost.
Also you mentioned other signage you could possibly do. I think this is wise and if it was my location I would turn it into a digital wonderland.
Install one or two in the interior walkways that are round and rotates with different ads. Install some led stand ups that you can rent to merchants on a daily basis.
Now if you had all of the above you can offer a package deal to advertisers.
Do not know your city so this would be what I would do if possible for a upscale marketplace.