By Paul Wright, founder and CEO of SignValue
One of our consulting partners EY, recently published an article by their EYQ think tank titled “Beyond COVID-19: Will you define the new normal or watch it unfold?” It is a fantastic read if you get a chance. The article explores several pandemic changes that could lead to a new normal like geographic population shifts, new work environments and a contraction of trust circles to more local levels (remember OOH is 80% local). It also recommends that leaders 1) plan for the unthinkable, 2) scan and wait and 3) be flexible so you can move quickly.
Here are some things that you can do now to define the new normal rather than watch it unfold.
- Update your location lists and financial records – Many of our clients are successful because they focus so intently on their client’s needs, but their inventory and financial record keeping sometimes suffers. If you’ve ever done some serious spring cleaning or finally cleaned out the garage, you know how liberating it can feel. Microsoft Excel is a great program for organizing your information, but putting that data into a more robust management tool will become important at some point. Why not now? This is a great time to update or create a detailed location list or have someone like SignValue do it for you.
- Upgrade your light fixtures and timers – Our clients have saved significant money on electric costs every year after they installed LED light fixtures. I know this seems too easy and costly, but it will save you money immediately and won’t take long to recover the cost.
- Develop a CRM (customer relationship management) system – pandemic or not, putting your contacts into a system that allows you to market your sign space to advertisers by email, mail and phone and track your communication with them is the new normal. If you have not done this yet, start now.
- More telecommuting – You probably have a few employees who have been doing this, but you should think about everything that is being done in the office and whether or not it should be done at home or in the field. This might involve remodeling your smaller traditional office spaces into fewer and larger strategic meeting spaces where small groups come together for regular brainstorming sessions, projects or meetings.
- Outsource what you can – if you can save money or efficiency by outsourcing graphic design, do it. If it’s better to have your creative people side-by-side with your sales team, create that space for them. You might already outsource your accounting, legal, posting, etc. If you’re not outsourcing these things now, explore better ways to set them up from home or structure those relationships separately through contract labor.
- Consider a few programmatic systems – if you own digital signs or will be operating digital signs in the near future, now is the time to evaluate your options and see if one makes sense for your business.
- Join IBOUSA, OAAA, GeoPath – The Independent Billboard Operators network is a great way to meet other independent billboard owners, talk about what is working and not working and find consultants like SignValue or vendors who offer several products and services. They have two conferences per year in different parts of the country with lots of great people, food and fun. OAAA and GeoPath are decades old organizations primarily funded by Lamar, Clear Channel and Outfront Media and they are an excellent resource for the out-of-home industry.
- Build stronger relationships – We think of our clients as friends. Think about the things you are doing to strengthen your current and prospective advertiser relationships. Maybe that’s standing beside them at a protest march or cleaning up after that protest. Have a pizza delivered to that guy who never takes a lunch or help the restaurant owner find a new delivery driver. Do something that shows you care more about them than the next contract they sign. They’ll remember!
These are just a few of the things that will help you lead the new normal.
Send us an email or give us a call at (480) 657-8400 if we can help you.
Paul
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