Best Practices

3 Tips to Set Your Daily Billboard Budget

By April 26, 2017 No Comments

Billboard Budget HeaderSo you’re pumped to get your digital billboard campaign running, but you’re wondering what in the heck you should set for your daily advertising budget. Spending your business’ money wisely can feel overwhelming (trust us, we know). That’s why we’re here to help you down the budgeting path with a few ideas to consider when you’re setting your daily billboard budget. The good news any budget will work with Blip!

Understand Billboard Budget Logic

First, it’s important to answer a couple of questions about your business and customers before setting your billboard budget. To avoid any budget faux pas, it’s a good idea to understand a few ideas and think through what they mean for your business.

1. Who is my customer?

If you’re an established business or if you’ve done market research, you probably have a good idea of who your core customer is. That information will help you decide if it’s more practical for your business to show ads all day or only at specific times.

For example, if your customer is married couples with young kids and a stay-at-home parent, you may wish to show ads all day since one parent will see ads as they run errands and ferry kids to school and activities, and the other will see the ads during their rush-hour commute. Or if your customer is single adults between the ages of 18 and 20, you may wish to only show ads during rush hour and on the weekends.

Budget Takeaway: If you show your ads all day, bump up your spend per blip at specific times that are more likely to reach your core customer. If you pick and choose times, spend a little more per blip (and per day) to potentially hit your target customer within a shorter timeframe.

 

 

2. How much exposure do I want/need?

Think about what you’re trying to do with ad campaign. Are you looking for brand exposure and recognition? Are you trying to drive people to an event? If you’re an established business, you may just wish to keep your brand and business in the forefront of your customers’ minds, so a little less exposure will do. If you’re a new business or if you’re promoting timely event, you’ll want as much exposure as you can get for a while.

Budget Takeaway: Your daily billboard budget will often be entirely informed by what kind of exposure you need based on sales, upcoming events, time of year, and more. One of the best things about Blip is that it’s incredibly easy to change your daily budget. This means you can raise and lower your spend as quickly as you need to, making your budget choices less risky and less costly if you over- or under-shoot a ROI-friendly budget.

 

3. OK, so how much do I spend per day?

The great news is that Blip does not require a budget minimum, so you have the power to choose the best budget for your business! .Here are a few more tips we’ve gleaned from behind the scenes to help you through the process.  

  • To start, spend between $10 to $50 per day. (Most of our customers start to see positive results starting at about $10 per day.) With our next-day analytics, you’ll have quick access to your ad performance and return of investment so you can pivot accordingly.
  • Use Blip’s cost estimator tool to help you understand the system and to get a “best guess” for your budget.
  • Remember, you can always change your budget (and schedule) immediately with just a few clicks, so your risk is much lower than with contracted advertising.
  • Check in with your ad performance and budget often. There are no fees for changing your budget or schedules, so you can fine-tune your campaign to your heart’s (and budget’s) content. (Frankly, we think that tweaking the little things is half the fun of digital billboards!)

Questions?

Call us at 801-692-3217 or contact us here.