Vehicle Wrap Questions # 2: How effective are vehicle wraps at generating new business?
The first question we sought to answer in our newest blog series was, what is a wrap? The second part of this series is, how effective is an advertising wrap at generating new business?
According to Business Insider, Nashville is ranked the 26th longest commute in the US, averaging 27.9 minutes each way. Think of all those potential clients you pass on your commute. Let’s answer this question with a little more detailed information concerning the return on investment (ROI) when compared to traditional advertising, which includes television, radio, and print. The statistics that we are using come from Cox Media, Outdoor Advertising Association of America, and Arbitron.
Cost per Thousand Impressions (CPM)
CPM is the technical term that equates the price of reaching one thousand impressions with your ad campaign.
Television has the highest CPM at $23.70
Magazine and Newspaper come in second with a CPM of $20.58
Radio is third with a CPM of $7.75
Outdoor Signage is fourth with a CPM of $3.56
While the lowest CPM is a High-Quality Vehicle Wrap at $0.35
Effectiveness of Vehicle wraps
- Vehicle wraps reach the majority of Americans. According to the Outdoor Advertising Association of America, advertising that is media-targeted towards drivers and passengers reaches 95% of Americans.
- People remember vehicle wraps. In a survey administered by Cox Communications, 47% of 18-34-year-olds found car wraps especially memorable.
- Vehicle wraps attain strong impressions with minimal investments. As discussed above, Vehicle wraps are the most affordable way to reach 1,000 potential clients. If a business wrapped just one vehicle, it could potentially net 30,000-80,000 impressions a day.
To sum it up, a high-quality vehicle wrap looks innovative, is one of the cheapest forms of advertising while having the potential to reach thousands of clients. If you are ready to impact your return on investment in a positive way, make sure to contact us today to see how we can help.