When it comes to the key factors that determine billboard value, I would like to share the three most critical aspects. Once you understand these three factors, I bet you’ll never look at an outdoor billboard the same ever again.
Location: In most instances, the location aspect pegs the value for real estate. This also holds true in the billboard business. Sure, you could try to erect billboards–massive ones at that–in remote unattractive locations. The key is to ensure that your billboard location is attractive for potential advertisers. Remember, these advertisers are your customers and the ones paying your bill. In more instances than not, this proves to be quite a challenge. You will be forced to set up a billboard in a location that may not be ideal for your customers such as in the outskirts of town. You will then have to be real patient as this location will take time before development transforms the area into a desirable location for advertisers. Ask yourself whether you’ll be able to rent out the billboard for just enough to take care of bills and wait until your location falls within the path of progress for community development.
Also, a good geographical location that can accommodate billboards can be defined or characterized by the following:
- It should have legal provisions for the construction of new billboards.
- The roads that service that billboard should have high traffic density. This will ensure that the billboard is viewed by millions of eyes in a single day.
- There should be lots of prospective clients-local businesses–around.
- The rents for the grounds should be pretty reasonable or even low.
- The advertising rates for that particular area should be competitive.
- There should be a few billboard players (i.e. competitors) if possible. There may be a reason why none of the other competitors are present.
Visibility: This is a also a strategic driver towards creating billboard value. The location has to be visible in order to be attractive to advertisers. Avoid shaky, marginal locations that impair all or part of the billboard’s visibility. Markets with almost non-existent prime locations are good to start with as this means that once you get a prime location, it will pay off very fast as advertisers beat a path to your doorstep for your valuable asset.
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