Imagine running a small business, especially one with limited marketing budgets, in a highly competitive market, and seeing your target audience patronize only the most popular brands.
This is why businesses are always on the lookout for new and better ways to advertise their brand and get more customers. One powerful yet overlooked advertisement medium that will not only help you grab potential customers’ attention but also make them go for your services is car wrap advertising.
Why Car Wraps?
Understanding the Fundamentals
Before spilling all the information, let’s understand the basics.
Car wraps are large, attention-grabbing vinyl stickers that convey your brand message. They can completely or partially cover the exterior of the intended mobile vehicle and are wrapped in a way that is appealing to the eyes. Big businesses have tested, trusted, and testified to the amazing ROI it brings, and the growth benefits it offers for small businesses are what make this a great choice.
Decoding the Costs
Before you can enjoy the ROI of any advertising method, it is important to have a deep understanding of the investment itself. With car wraps:
- Wrap Design and Production: Wrap design and production costs range from $1,500 to $5,000 or higher, depending on the vehicle size and your design complexity.
- Installation fees: generally vary between $500 and $1,000, depending on the nature of the wrap and type of vehicle.
- Maintenance costs: These are not on the high side, because the wrap only needs proper care, like frequent washing and avoiding abrasive chemicals or anything that could cause scratches on it.
Unmatched Visibility: Making an Impression
You must’ve stared at a vehicle that had a very vibrant wrap design many times as a road user. That right there was an impression made.
With a single car wrap, you can gain up to 30,000 to 70,000 impressions in a day, depending on the routes taken and the population on those routes.
A typical wrap lasts for 3-5 years meaning these potential impressions will grow into hundreds of millions.
Sustained Exposure: A Constant Companion
One of the major concerns of traditional media for advertising is exposure duration; car wrap advertising is not limited in that aspect.
- It is “always on display.” This means where the vehicle goes, the same advertisement follows it 24/7, all year round.
- Because it is always on the move, it tends to reach a wider audience compared to some advertisements that are fixed to a particular place, making sure your ad isn’t just seen but not forgotten.
Hyperlocal Targeting: Speak to Your Community
For a small business that is dependent on your local community, a better way to engage with your audience is by being visibly present in their daily lives.
- Because of the mobile nature of wrapped car advertising, you get to secure targeted advertisement goals and customer loyalty, which is an invaluable asset.
- A good plan is to strategically park or drive the vehicle in high-traffic locations or during a local event to increase visibility.
Enhanced Credibility and Recall
Research shows that mobile advertising usually generates higher recall rates unlike many traditional formats. This means:
- Your brand will be imprinted in the memories of your target audience.
- The higher your brand impressions, the higher your sales conversion rates.
Financial Viability: Crunching the Numbers
One of the most interesting aspects of car wrap advertising is the fact that it enhances financial viability:
- Unlike other advertisement methods, where you spend more on impressions, this method has a cost per thousand impressions (CPM).
- Imagine a wrap that costs you $3,000 and has a lifespan of three years, producing 50,000 impressions every day. It’ll produce 54,750,000 impressions over its lifespan for your business. This is equivalent to a CPM of $0.05. Assuming only 0.1% of these impressions result in sales with an average profit of $50 over the course of three years, the overall profit will be $547,500. Amassing an ROI of 18,150%.
Apart from gaining a return on your investment, car wraps also offer these benefits:
- Protection: Preventing direct sun ray effects and minor scratches on the car’s original paint.
- Adaptability: Allows you to renew your advertisement or run promotions without paying a huge amount of money.
Also Read – Top 10 Trending Car Wrap Designs Of 2023
Most businesses are looking to capture customers’ attention, thankfully, car wrap advertising has proven to be an effective strategy. The huge impact it has on small businesses goes a long way in increasing engagement and creating awareness. Being able to adopt it as part of your marketing strategies will take your business to the next level.