The out of home advertising business came up on NPR’s How I Built This podcast featuring Blake Mycoskie. Mycoskie is a serial entrepreneur who made money putting up wallscapes in Nashville and Dallas before selling to Clear Channel Outdoor. While telling his story Mycoskie gives tips on seizing an opportunity, finding leases and selling ads. Here are some excerpts.
Mycoskie on spotting an opportunity in spectaculars:
I took a trip to Los Angeles…And when I was in LA I saw these huge advertising displays on the sides of buildings. Now growing up in Texas I’d never seen that…I was sitting at Mels Diner on Sunset, and I’ll never forget this moment, and I was looking at this massive ad for one of the first Jurassic Park movies, and I was thinking this is so powerful that there’s no way you can tune out this advertising. This is bigger than life. It’s exciting. And I wanted to go see the movie because the wallscape was so exciting.
Mycoskie called Van Wager and learned the sign rented for $85,000/month.
So I’m thinking, hold on, that means that building owner is making over a million per year just by renting the side of that building…and I thought there’s no costs…this is incredible…This reason I came up with in my mind was it had to be ego driven. It had to be that all the studios in town want their movies on the street…
Mcoskie decided to try the idea in Nashville
I was living in Nashville at the time…what if I put country music stars on the sides of buildings…Noone had ever done with in Nashville. It was very challenging to get the city to allow me to do it…What I ultimately came up with after countless city council meetings and discussions was I was going to make the city more beautiful by making country music art. So what I did was I actually would put the album cover up of the new Dixie Chicks or Shania Twain but there would be no call to action…It was just the art from the album.
On convincing landowners to do leases
The thing you don’t ever want to do, especially when you’re twenty-two years old and you’re trying to talk to people who are 50 and 60 years old..you don’t want to use the word idea. Because if it’s just an idea you’re not going to inspire a lot of confidence. Because people can say “I don’t like your idea.” But if you say “I have a business, and what we do is we lease the side of your building and we’ll guarantee you a minimum rent each month and we are going to rent the side of your building because we specialize in selling advertising to the country music industry…”
On getting advertising. MyCoskie’s first ad contract was $15,000/month for an Amy Grant Album.
It was just cold calling. I found out who had albums coming out, did some research and contacted the marketing person. I said hey I know you’re getting ready to promote this album and I have a way for you to promote it larger than life in Nashville. It’s going to make a big impact. And you can be one of the first to do it. Those are things that marketing people want to hear.
Insider’s Take: Sometimes it’s smart to be the first person to take a big market idea into a small market. Have you thought about putting up wallscapes in your small town? MyCoskie makes the case for out of home in three simple sentences: “There’s no way you can tune out this advertising. This is bigger than life. It’s exciting.” Great advice on sales as well: Do your research. Look to make a big impact. Be unique.
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