If you own a billboard structure, you want potential advertisers to know about your existence and buy from you instead of the competition. A good location, great rates, and a well-designed billboard will help, but that's not all there is to selling billboard space. Getting the word out is just as important as offering a good deal. No one will be able to take advantage of your offers if they don't know about them, after all.
You also need to work to let your potential customers know that you can help them with their advertising needs. Fortunately, selling space on a billboard is a lot like selling any other kind of advertisement. You'll go through a lot of the same processes, and many of the same legal situations apply. Let's take a look at the best way to do it. It's really not all that hard to do if you're experienced in selling any kind of advertising space.
Whether you work with advertising agencies that own a lot of billboards or you're just a property owner who's put one up on your own, you need to let others know your billboard is for rent. One of the best ways to do this is to use the space that's currently standing empty. Put a sign up on your billboard saying that your advertising space is for sale. List your phone number or other contact information so people who see that billboard will know to call you!
Another option is to get in touch with businesses located near your vacant billboard. Let them know that it's available and that it could be advertising them. Talk to companies who already have billboard space, too. If that billboard is close to yours and you can offer a better space or a nicer deal, they may be interested in moving their advertising to your billboard when their lease term is up. You might be surprised by the rate of interest.
Think about group sales. If you work with advertising agencies and manage several billboards, these showings can be excellent for billboard sales. You can encourage companies to purchase space on several different billboards to spread their message a little further. A discounted rate might be what it takes to get rid of that empty billboard, so don't shy away from it. Remember, you're losing money that you could be getting in rent as long as your billboard sits untenanted.
If you have several companies interested in renting space on a billboard owned by your company, you'll be looking for the best offer. The company or organization that's willing to offer you the highest price for the longest lease period is probably the best bet for you and for your overall business. Of course, you'll need to take a careful look at all the offers you have in front of you. If your billboard is in high demand, you can justify charging a higher rate to rent it.
Of course, you'll need to remember to make sure everything is in writing, if you haven't already. Verbal agreements work okay for hashing out the generalities of a deal, but they're not a good choice in the long run. Memories can change, and different parties may not have the same understanding of the agreement, leading to real problems in the long run. Everyone needs a contract to protect themselves from possible misunderstandings or even wrongdoing on the part of the other group.
Once you've got the deal worked out, draw up a detailed contract to protect you and to protect your customers from any snags that might occur. Any experienced advertiser should expect to deal with and sign a contract. It should state clearly what your agreement is and what the terms of the lease will be. That way, both parties have legal recourse, should one or the other of you go outside the terms of the billboard lease. Contracts are just a smart idea when you go to sell space on your billboard.