There are numerous advertising mediums which really drive ROI, such as television or radio commercials, but this is not always a viable option for small businesses. However this does not mean that small businesses cannot gain from another form of effective advertising. Signs and boards are one of the most effective advertising mediums and one of the least expensive, considering its reach of audience. So do advertising signs and boards bring in a significant ROI?
Let’s consider a few aspects:
Are outdoor signs viable?
Firstly, we all spend a lot of time in our cars. In fact, according to some studies conducted around the subject, it was found that we spend upwards of 20 hours per week and travel more than 200 miles per week. This creates a lot of time for us to be exposed to all sorts of advertising which includes billboards, advertising boards and more.
However, do we really pay attention to these sorts of advertising? In the same related study it was found that 71% of us actually do look at these signs. This includes traditional and digital advertising boards. In the same study it was also reported that about 37% of people will look at the same sign when passing it.
How is ROI calculated?
It is important for you to monitor the location of the display sign and the foot traffic that passes the sign at different times of the day. You should count the number of people who pass the sign and compare this to the each piece of content advertised. This will give you a reference to the number of impressions the sign has made. These measurements should be taken at least quarterly in as many different location has possible.
To measure the retention of your messages on display, you can conduct a survey which may be done by simply asking customers to recall information on the display sign. This allows you to accurately measure the effectiveness of your sign. For the third and final calculation, which is the action measurement, you require some sort of intervention. For example, perhaps you could run a competition and, ideally, this information should be displayed on the sign. This allows you to calculate the number of people who have acted upon reading your advertising sign.
Should you consider signage for your business?
Advertising signs and all other signage made by a professional signage company can bring in a significant ROI. Advertising boards are also the perfect marketing solution for small businesses with a limited budget for advertising.