The way google ad words and facebook provide targeted advertising on the internet, are there services which provide targeted advertising outdoors too i.e physical world? Do companies look at targeted outdoor advertising? What kind of companies look for it?
Billboard ads have some of the worst response rates out there and some of the highest costs. The companies that look at things like billboards are the ones who probably won't pay the bills for your marketing services because they'll be bankrupt in 2 weeks since they make poor decisions.
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Digital Billboards are making it much easier to brand, more affordable and get messages out. This year billboards around Giant Stadium will be displaying various messages, mostly branding. Small communities they work great. To drive down cost I've done them jointly with other non-competing businesses and wasn't my lowest cost way to attract a Customer, though was still affordable. Hope that helps
The companies with most to gain from outdoor advertising are physical stores, restaurants, etc. -- places where people do spontaneously go but whose primary difficulty is literally getting people in the door. A billboard or other kind of display can alert drivers (for instance) to a new place to stop in at. Signs tend to be remembered in a local context as well -- where it was seen ... where you were on your way to ... -- which helps remind people where the business is when they decide to look in later on.
The same applies to upcoming events, festivals, etc., which benefit from being remembered in the context of a locale.
Freeway billboards are notoriously low-converting. Yet they can be effective as well. By way of example, I saw one the other day beside the freeway for tattoo removal. It was an excellent ad -- very effective in raising the topic. Unfortunately, I have no tattoos to remove; so it was wasted on me. Worse still, they were pitching a forgettable name / URL. So even if I had a tattoo to remove and were now determined to pay for the service, I'd now end up going to Google -- where, the odds are, I'd find a different local company. Essentially, the company behind the billboard was advertising their niche (including their competitors) and not themselves.