Go big, but good legal advice and insurance is worth the money. The small amount of money you'll spend having attorneys review things beforehand and informing your business insurance agent and/or corporate is money well-spent. You will want to KNOW that you are on solid ground when the competition goes to the promoter, the venue and the police, scrambling to shut you down.
Focus on beating yourself, not the other guys. Brainstorm for your pre-show concert, walk chalk, banners, logo projector, stage signage, mascot, inflatables and everything that might be available to you, but only minutely consider reaction from the other radio stations.
You, first and foremost just want to do the best job for the artists' fans that you can so that they have a great experience and associate your brand with that.
Advertisers notice well-done station marketing. Of you look like a class act, long-time clients of other stations in the market may move ad dollars to you, since they see from the size or your crowd that although Arbitron/Nielsen/BBM may not yet fully reflect it, the country audience is much more active for you than "them."
You may get an immediate financial payoff from doing this "programming" promotion, but NOT if you come off like aggressive, offensive jerks.
...and last but not least...
Big things only happen with teamwork. It will take everyone in your building to pull off a major street event/promotional coup, including personnel from all of your radio stations.
If you're going to attack a well-defended hill, bring lots of troops!
And, besides, it builds morale when everyone feels that they personally contributed to a big win at an important time.
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