A Study of Florida Outdoor Advertising

A Study of Florida Outdoor Advertising

A Study of Florida Outdoor Advertising

Outdoor advertising is known as a very effective way for reaching local clients and customers for a community-based business. This is because it specifically targets those who are driving and walking by, people who are running errands, going to and from work, and grocery shopping. Outdoor promotions take many different forms for various purposes: everything from flags, banners, signs, billboards, blimps, street furniture, and inflatables that are used for grand openings, sales, new products, and holiday specials. Lets take a look at the history, some specific numbers, and compare this form of advertising in the state of Florida with the help of the Florida TaxWatch's study entitled "The Economic Impact of Florida's Outdoor Advertising Industry".

History

Particularly in the past 20 years, the revenues from Florida's outdoor advertising industry have grown. In 2002, revenues reached almost $300 million, with expected revenues for this year to reach around $325 million. But just like every other aspect of life and business, even Florida's outdoor advertising campaigns and services were hit by the tragedy of September 11th in 2001. And those high numbers are amazing during an expected economic recession after such a nation-wide shock. While there was an initial drop in the years and months following "9/11" by less than 10%, Florida's industry had a fast recovery. In the end, around 600 jobs were lost and around $15 million in 2001 (which was both a direct result of the previous September and an indirect result). This lead to a loss of approximately $1.7 million in taxes (state and local) which added to the total of $3.7 million in all taxes. However, thankfully, for all intents and purposes, the outdoor advertising industry had fully recovered by 2003.

The Numbers

Over the years, there have been significant and continual increases in the number of licensed drivers as well as registered automobiles in Florida. In 1981 there were 8.5 million drivers, compared to 12.2 in 2002. The result has been a huge increase in the number of miles driven by these drives in their vehicles. In 1981, Florida drivers traveled a total of 91.8 miles in that year. In 2002, that number had jumped to 150.5 million. This means more people are spending more time on the road. This results in less time at home, traditionally where the bulk of advertising has been focused. On a tighter local level, outdoor advertising is even more important. Anywhere between 70 and 80 percent of outdoor advertising revenue is directly from local business trying to reach customers in their geographical region. This translates into a huge impact and a great importance this type of advertising has on local economies.

Comparisons

One of the reasons outdoor advertising has such a heavy impact on local economy is because when compared to the amount of money spent on other forms of company promotion, the outdoor option is the most cost-effective. Averaged out, the cost of reaching 1,000 people through outdoor promotions is $2. In comparison, to reach 1,000 people though radio costs $5, magazines cost $9, and newspapers and television ads cost $10 to $20. And the cost-efficiency climbs even further when those numbers are combined with outdoor advertisement's abilities to communicate an advertising message to a focused group of people (in this case, locals).

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