Opportunity cost = returns from vehicle advertising - returns from chosen alternative
The formula above measures the difference between the returns of vehicle advertising and the returns from the selected form of advertising. It is an economic concept that helps business owners make educated decisions when facing multiple proposals. While vehicle advertising and any other forms of advertising aim to achieve the same end goals (e.g. driving store traffic, stimulating sales, or raising brand awareness), the other advertising media do not offer the advantages that only vehicle wraps and graphics can deliver.
Long-Term And Cost-Effective Marketing
Vehicle wraps and graphics are an "owned media". Although other media, including television, radio, billboard, and newspaper, are also considered as paid, they are rented but not owned. The advertisement put up on these media usually last only a short period of time, probably a few days, weeks, or two to three months. This is because of their high rental cost. On the other hand, since the vehicle is already a business' owned asset, no additional rental fee is required after the cost of creating the wrap. Thus, the duration of vehicle advertising lasts much longer than many other types of advertising relying on paid media. The average life span of vehicle wraps and graphics is between three to five years (often longer).
In terms of cost-effectiveness, vehicle advertising also outperforms other advertising media. Vehicle wraps have the lowest cost per thousand impressions ($0.77) compared to television ($23.70), magazine ($21.46), newspaper ($19.70), radio ($7.75), and outdoor ads ($3.56). The cost drops a 38% to only $0.48 when the wraps and graphics are widely adopted across the fleet. The impressions per dollar comparison for these different media also put fleet graphics and vehicle wraps at the top, with 2,083 and 1,299 impressions/$ respectively.
Professional And Reliable Image
Commercial vehicles play a very important role as a representative of their businesses and brands. The vehicle wraps and graphics help generate the right impressions and establish the reputable image during key customer contact phases, including consultation and service delivery. Imagine a sales representative visiting potential clients for consultations or site visits. Other than the uniform, business card, and company badge that make him/her look credible, the branded vehicle strengthens this professional image.
And for service businesses whose operations solely depend on their vehicles, the vehicle wraps and graphics is the substitution of a storefront. The service vehicle is the key physical evidence customers recognize during their encounter with the business. These opportunities are unique advantages that only vehicle wraps and graphics possess.
Customer Relations And Satisfaction
In every customer experience, there's something unique and memorable during the contact that makes customers remember a business. Unlike newspapers, TV, or radio ads that only show up briefly during the initial stages of a customer journey, vehicle wraps are there all the way through - from awareness, consideration, decision, retention, through promotion. Its appearances in each of these stages influence customer choices, deciding whether they would continue to interact with the business. The Visual Impact of Trucks In Traffic study by the American Trucking Association (ATA) revealed that 29% of viewers would make a purchase decision based on the vehicle ad they saw. Vehicle advertisement catalyzes the relationship between customers and businesses and intensifies the satisfaction rate throughout the customer experience.
Seize The Opportunity To Maximize Advertising Efforts
Customer experience is more important than any advertising. Vehicle wraps and graphics take care of both advertising and customer experience at ease. Formulate an effective marketing plan with vehicle advertising. Give Riveting Wraps a call at (425) 368-5007 or email us at email@example.com.