How to Profit From Your Ad Space in this Economic Downturn
As the world struggles with the economic downturn caused by the COVID-19 pandemic, businesses all over the world are grappling to keep themselves afloat. Marketing budgets have been slashed, and businesses are being forced to make tough decisions with their advertising budgets.
As a result, ad spaces have become even more valuable than before. If you own any sort of ad space, this could be the perfect opportunity to make some extra income. Here's how you can profit from your ad space during this economic downturn:
1. Think outside the box
In the current climate, businesses are looking for creative ways to market themselves. Large billboard ads might be out of the question for many businesses, but there are plenty of other options. For example, you could offer to include sponsored links in your email newsletter, or add banner ads to your website.
Don't limit yourself to traditional forms of advertising. Consider social media, podcasts, and video content as potential spaces for ads. You may have seen Instagram influencers partnering with brands and sharing sponsored posts or stories, for example.
2. Identify your target audience
To make the most out of your ad space, you need to know who your target audience is. This can help you determine what type of businesses might be interested in advertising with you. You can then tailor your pitch to those businesses specifically.
It's important to remember that businesses are also being affected by the economic downturn, so they will be looking for cost-effective ways to advertise. Make sure that you highlight the value of your ad space and how it can help them reach their key audience without breaking the bank.
3. Package your ad space
If you own multiple ad spaces, consider packaging them together to create a more attractive offer for businesses. This could involve offering discounted rates for bulk purchases or creating custom advertising packages.
By offering various ad spaces for a set price, rather than separately, businesses may be more inclined to book with you. This will also simplify the booking process for both you and the business.
4. Stay up to date with your industry
If you're in the business of selling ad space, it's important to stay abreast of industry developments and trends. Keep an eye on what your competitors are doing and take inspiration from their successes (and failures).
By staying current and relevant, you'll be able to offer businesses the most effective advertising options for their brand.
5. Demonstrate the power of your ad space
Once you have identified your target audience and packaged your ad spaces, you need to demonstrate their value to potential businesses. This means providing clear data and insights into who your audience is and how they interact with your content.
If you have a website, you could use Google Analytics to track the number of visitors you receive, and how they interact with your site. You could also conduct surveys or gather feedback from your audience to understand their demographics and interests.
With detailed data and insights, you can show businesses exactly how your ad space can benefit them, making it more likely they'll choose to book with you.
6. Build relationships with businesses
Just like any other type of business, relationships are key to success in the ad space industry. By building strong partnerships with businesses, you can attract repeat business and gain referrals.
Make sure you build a strong rapport with potential clients from the outset. This means being responsive, professional, and clear in your communications. Once businesses have booked with you, make sure you continue to communicate with them and offer exceptional customer service.
7. Be adaptable
As the world navigates through the pandemic, it's important to be flexible and adaptive to changing circumstances. Businesses may need to cancel or postpone their advertising plans, or may suddenly need to change their messaging.
If you're able to work with businesses to accommodate their changing needs, they're more likely to work with you in the future. This means being open to rescheduling appointments, offering refunds if needed, or providing alternative advertising solutions.
The bottom line is that ad space is still valuable, even in an economic downturn. By leveraging your ad space effectively and providing value to businesses, you can make a profitable income through advertising.