As we continue to navigate the coronavirus pandemic, it has shifted the marketing and out-of-home industries, including billboard advertising. The outdoor advertising world depends on traffic to function. Initially, traffic dropped as people self-isolated. As we re-open, traffic has surged rapidly. Industry experts expect traffic to recover to pre-pandemic levels very soon.
Hyperlocal media, as well as street and high-profile out-of-home units, are generally recovering the fastest. Many miles of streets have been open to pedestrian and bike traffic, even if they are not open to vehicular traffic. There is still a great opportunity to place effective billboard advertisements, although the strategy behind placement may have changed.
Additionally, with the use of daily mobility tracking tools, data can be collected on daily miles traveled. Over the last few weeks, there has been an overall increase in all fifty states compared to the previous weeks. Billboard advertising is on the mend especially as the status of the pandemic continues to improve. While it may look bleak now, even with the recent upsurge in COVID-19 we are optimistic about it being behind us in the long run.
Due to the coronavirus health pandemic, brands have more of a responsibility to elevate trust and positive exposure with their audience. Billboard advertising offers a hyperlocal and impactful way for companies to reach out to their audiences. Even though people are working from home and aren’t traveling nearly as much, drivers are still on the road. Now is an opportune time for brands to elevate their brand awareness and send a positive message to those who will see your billboard.
What does that have to do with us? At Hamlin◆Cody, we have extensive experience working with billboard owners and with landowners who lease to billboard owners and operators. If your lease doesn’t cover events such as the pandemic, it’s time to negotiate terms that do. Property owners and billboard operators have common interests that will allow them to handle the pandemic and other unanticipated events.
Recently we wrote guidelines to negotiating a successful contract. They apply as much to negotiations that address an unexpected event as to the original contract. They apply as much to ground leases for billboards as to any other contract.
If you own a billboard or are the property owner with a vacant billboard, we anticipate that the billboard landscape is improving, and would be delighted to help you with any aspect of your contract. We can provide you advice to help you make important decisions. One thing that sets us apart from others in the billboard advisory area is we retain long-term relationships with many of our clients, and take the time to truly understand their business, thus becoming their trusted billboard advisor. Hit Reply to schedule a Get Acquainted Call.