Choosing whether or not to spend money on marketing your business through vehicle wraps can be tough. It’s easy to understand the logic of paying for advertising, but many business owners don’t want to shell out the cash without knowing whether or not it will pay off in the end. Fortunately, there are several ways you can measure the ROI of vehicle wraps and determine whether it’s worth the investment.
What is Return on Investment (ROI)?
Return on investment, also known simply as ROI, is a ratio or financial metric that measures profit in relation to its cost. Many people use it as shorthand for their return-on-investment calculation and analysis, but in reality there are many factors that can influence your ROI number.
You can measure it a couple different ways. The first is CPM (cost per thousand) impressions. That’s the cost per every 1,000 people that see your wrap. If you have a successful wrap you will likely get more than 1,000 views in a short time period. Another measurement for wraps is CPL (cost per lead). CPL is how much it costs to get someone interested in your product or service.
Why Look at ROI With Vehicle Wraps
Vehicle wraps last longer than other marketing before you need to change, update, or renew them. Because vehicle wraps tend to last so long, many companies see a really nice return on investment. Longevity makes vehicle wraps an excellent value and means that for less money you get more coverage & exposure than other forms of marketing.
Why Vehicle Wraps Work
Vehicle advertising is not bound by choosing a specific high-traffic location. The other big benefit of vehicle advertising is that you can optimize your routes depending on what audience you want to attract. If you want to drive more customers to your shop, then focus on driving around in neighborhoods where people are likely to need your services. If you’re trying to draw attention from clients at large companies, then take advantage of rush hour traffic and park in front of as many offices as possible during lunchtime or right after work.