When talking about marketing these days, we hear a lot about paid, earned or owned media. For small and large businesses alike, thinking in these terms could help you optimize your marketing mix to efficiently grow your business.
Paid media is spending to leverage someone elses channel or real estate. When buying traditional media you pay for air time (TV or radio), space (billboards or print advertising) or delivery (Google ad words). You pay to produce the ad and then you pay again for the media to get it in front of your prospective customers.
Earned media is when other people talk about your business and influence others to find out more about you. Creating a great customer experience generates great word of mouth. A positive experience also leads to great reviews, news coverage, or mentions by others in blog posts or social media. This is the most credible form of marketing. When others say great things about your business it comes across as genuine when compared to a traditional paid ad. Earned media is a marketers dream, but you have limited control over timing or content.
Owned media is the media you already own. While it may not technically be free, you already have access to it as part of doing business. There are some production costs associated with your owned media - writing blog posts, updating website pages, designing and printing signs and graphics - but once produced, delivering your message is essentially free. In other words, you are not paying a third party to distribute your ad or message. Taking advantage of your owned media is highly efficient offering you the greatest return on investment.
Vehicle Wraps = Owned and Earned Media
Are you missing an opportunity to leverage your owned media. Every wall, every window, every sidewalk, every vehicle is an opportunity to get your message out there in front of your customers.
Vehicle wraps and graphics are even more remarkable as they can be classified as both owned and earned media, giving you the most credible, efficient marketing opportunity possible.
Vehicle wraps utilize your owned media
If your business utilizes company owned vehicles or a sales force in vehicles you have access to your own mobile billboards. You can develop your brand and deliver your message by taking advantage of these assets. You can see this in the chart below. The only costs associated with vehicle wrap advertising are the production and installation costs. These costs are then spread over 5 years worth of impressions without any additional costs to third parties for media delivery. Without the paid media charges, no other type of advertising can compare in terms of efficiency or return on investment for local businesses.
Vehicle wraps can also act as highly credible earned media
We all know the best marketing comes from delighting your customers. A happy customer creates positive “Word of Mouth” and referrals. Amazingly, it is possible for your vehicle to deliver this earned media.
If you are a service contractor or provider you may park your vehicle in a customer’s residential driveway or in front of their business. Those neighboring businesses and residents will notice your vehicle. Later when they are seeking similar products or services they may ask your original customer for a reference. Or they may just assume that your first customer selected you based on their confidence in your company. Either way, there is the implication of an endorsement and an opportunity for a referral simply because your brand is now connected with someone they know.
Are vehicle wraps and graphics right for your business? How do they compare to other options in your marketing mix? A good way to rank marketing expenditures is to compare them on a break-even or ROI basis. Check out our recent blog post How to Calculate Break-Even on a New Vehicle Wrap or just Download our Free Vehicle Wrap Break-Even Calculator by clicking below.
Quality Only Begins with the Right Materials
Vehicle graphics companies have learned that many buyers only consider one or two (maybe three) criteria when choosing a vehicle wrap company. Those criteria typically include price, materials, and installation experience. These are all super important. But the care a company takes in designing and communicating with you is equally important. Learn more getting a high quality wrap.
These vehicle wrap failures can come with a very steep price. Get the straight facts on vehicle wrapping, contact Riveting Wraps at (425) 368-5007 or email us at firstname.lastname@example.org.