• What Readers Say About Coronavirus

    Here are the reader responses to yesterday’s question about how coronarivus is impacting their companies.  Insider is impressed by the can-do attitude people are showing.

    An east coast out of home company owner

    We’ve only had a couple of customers wanting to come off or needing help. Mainly our restaurants are worried they won’t be able to continue without sit down customers. We have offered to give them a break for at least a month and re assess then to see where everything stands.
    Also seeing many people preparing for a boom after this passes and looking to place new ads for 1-2 months out.  We have also had a spike in people coming to the area due to the quarantine to be at their second or vacation homes. Some of the beach towns have shut down short term rentals to keep people from coming here and bringing the virus.
    All the spring breakers caused the beaches to get shut down also to prevent the spread.In my opinion we are in a Strong growth Area that will come back booming after we are clear to leave home and get back to business. We are spending time getting organized and prepared to hit it hard now and after his passes.

    A midwest out of home company owner.

    We have seen restaurants hit the hardest in the short term. Due to their business situations, we are allowing them to cancel when necessary. Radio was another advertiser that has seen a hit, due to their own cancelations that they are dealing with and how that effects their budget outlook. Also, the ADA (American Dental Association) has advised dentists to discontinue elective procedures and our dentists have taken a direct hit.  On all of our requests for cancelations we try to get creative on a case-by-case basis, helping the client but not doing an outright cancelation of our contracts when it is avoidable. Some options that have worked are: deferring two months’ billing to the remainder of the contract, cutting the rate for two months, or taking April and May off and putting those two months on the back end of their current contract.  I understand that we are all looking at an unfavorable situation, so we have to work with advertisers and figure out how we can all get through this together. That may mean making some sacrifices on our end so our company and our advertisers share the tightening of cashflow but then also share in the success after this is over.  I feel we are in a more unique position that many because we have a total of 40 digital faces to our 83 traditional faces. We are able to pivot and change copy across a large portion of our inventory instantly so that we keep up with everything as it develops.
    An east coast out of home company owner.
    We’ve had a number of clients who are on annual contracts and we are letting them cancel April and resume in May. All this has really hit starting Wednesday of last week. So it’s been a bit of a tidal wave. We’re putting a few capital projects on hold for a few weeks until we can figure out what this thing looks like.  We’ve had a few markets where they have shut down access unless you are a resident. So even if we were trying to change out a billboard we couldn’t do it.  Should be a fun Spring.
    A midwest out of home account executive
    All of my March and April business has been cancelled or shifted.
    An midwest out of home company owner.

    Our revenues are down 12% so far with cancellations for the next two months.  We don’t do much national or restaurant business so may not be feeling the pinch like most people.  We value relationships and will work with long term clients.  Clients are hesitating on signing new contracts until they get some clarity on the economy.

    A Texas out of home company owner

    Haven’t lost anyone yet except one event.

    An atlantic states out of home company owner

    So far so good.  Had some contracts postponed.  McDonalds pushed out.

    A pacific northwest out of home company owner

    Had an agency say there’re concerned.  Cannabis accounts ok for now.

    Insider wishes to say a big thank you to everyone who responded.  We learn from each other!

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