Billboards – we see them everywhere. They’re on both sides of the highway, they’re in the middle of downtown, they’re on the sides of buildings, and basically anywhere else you can think of. Billboard advertising can be extremely effective.
Maybe you are considering advertising your own business on billboards. If so, one of the first questions that might come to your mind will be about billboard cost. How much exactly does a billboard cost, and will it be beneficial to my business?
We are here today to answer all your questions about billboards and whether or not your brand should use them. To learn all about the true cost of billboards, keep on reading.
What is the Cost of Advertising on Billboards?
First, let’s dive right into the actual cost of advertising on billboards. For a four-week advertisement campaign in the United States, the average billboard cost is $850. Since this is an average figure, we must remember that while some billboards might be less expensive, others can be substantially more expansive.
At the moment, the lowest billboard cost is $100 for a four-week ad campaign, but the highest can be upwards of thousands of dollars, depending on the location and size of the billboard.
How Many People Will See My Billboard?
Thousands of dollars can be quite a large price to pay, but some might say that it’s worth it, considering how many people you can reach using this method of advertising. In the United States, the median CPM, or cost per thousand impressions, is $5.14. In other words, if your billboard were to make 1,000 impressions (1,000 people drove by and saw your billboard), you would have to pay an amount of approximately $5.14, based on the median.
For every additional 1,000 impressions, you’d have to pay another $5.14, hypothetically. CPM is just a way to measure the cost versus impressions of a billboard advertisement. This figure will change depending on the location and size of your billboard, as well as how much competition there is.
Let’s now answer the primary question of “How many people will see my billboard?” According to the AdQuick website, the median number of impressions one billboard in the United States can make over a four-week campaign is 147,325,197,729.
That is a mind-boggling number that you might have a hard time wrapping your head around. What’s even crazier is that this is the median, suggesting there are billboards that make impressions by multiples of this amount.
Because of their large size and convenient location, it’s quite clear that billboard advertising is one way to make sure a lot of people know about your brand.
Should My Brand Use Billboards?
To determine whether your brand should use billboards, there are two questions that you must answer “yes” to before you start using billboard advertisements.
First, does my business have the financial capacity to advertise on billboards? The answer to this question must undoubtedly be affirmative. You might think that even if it would cut the business funds a little too close for comfort, paying for the billboard cost would be worth it to get potentially millions of impressions for your brand.
However, this is faulty thinking. If you do this – spending more on billboard advertisements than your company can afford – you just might bring in those millions of people you were hoping for, but then you would not have the funds to take care of them, whether that’s providing a service or product.
In this case, your advertisement would be a waste. As the saying goes, be careful what you wish for. You might need to start out with a small billboard for one or two weeks at first. As your business grows and more money comes in, you can gradually expand to those expensive billboards that attract millions of passers-by.
Second, does my business have the capacity to handle a very large number of customers/clients? As mentioned in the previous point, if your brand currently does not have the capacity to handle a sudden influx of customers/clients, then you should wait until your company has more staff and is better prepared to handle a large number of people.
If you are unable to serve all the people you attracted by your billboard, then the entire ad campaign would go to waste, and people will associate your business with unreliability and bad customer service.
We don’t want this at all for you, which is why we are strongly suggesting you make sure your company has the manpower to take care of a lot of people before you start advertising on billboards.
We hope this article was helpful in revealing the true cost of billboards and has given you a realistic idea of whether or not your brand is ready to use billboard advertising. Take things slowly, start small, and experience the wonders of billboard advertising once your company is well-established enough to handle it.