We’ve all seen them at least once, whether it’s next to us at a stoplight or zooming around town—that’s right, we’re talking about vehicle wraps! And regardless of what your impression of vehicle wraps may be—clever, gaudy, attention-grabbing or a nuisance—there’s no denying that these advertising investments are certainly a cost effective way to get the word out because they simply can’t be missed.
But when it comes to plotting the quantitative value of a vehicle wrap, things might get a little fuzzy. Sure, it’s easy to get a quote on how much a wrap will cost or what your total cost will be to have one designed and printed up—what’s not easy to measure, however, is the value of the impressions you get while driving your vehicle around town or the value of every new customer that might be a result of these impressions. This brings about a very important question: “what’s the true value of a vehicle wrap and how do you measure it effectively?”
How to quantify a vehicle wrap’s value
Understanding the value in dollars that your vehicle wrap will bring your small business is based on a simple equation and a couple of variables:
- The original cost to have your vehicle wrap designed and printed.
- The number of miles your vehicle drives each day and where those miles take place (city/highway/rural) and how many impressions you’ll garner per day.
- The estimated dollar value per impression for your vehicle wrap.
Knowing the above variables is going to provide you with the crucial variables you need to create a formulaic equation that measures the ROI of your vehicle wrap. Let’s take a look at what that might look like using some example values:
-$1000 wrap cost + (15,000 daily impressions x $.15 per impressions) = $1,250 ROI
Now, the above variables are just examples, but they serve to illustrate just how quickly your ROI can add up—the equation measures daily ROI—and any ROI after the initial cost of the wrap is recouped is money back in your pocket: 100 percent pure profit based on new customers through your door!
A variable return that always trends high
Regardless of where your business is located or what driving radius you’ll be covering on a daily, weekly or monthly basis, it’s important to understand that each and every impression is an impression you might not have made with a static piece of advertising, or even a blanketed advertisement for that matter.
The key component to remember is that radio and television ads can be turned off, billboards can be ignored and paper advertisements can quickly be thrown away: vehicle wraps can’t be ignored when they share the road with other drivers. Take a look at some of the exceptional statistics that vehicle wraps have been known to produce:
- More than 95 percent of Americans are reached by some form of media targeting vehicle drivers and passengers.
- One vehicle wrap can generate between 30,000 and 70,000 impressions on average, daily.
- Fleet vehicle advertising has been proven to increase name recognition 15 times greater than any other form of advertising.
- Roughly 30 percent of mobile outdoor viewers indicate they would base a buying decision on the ad they see.
Combine these stats with the low cost of investing in a vehicle wrap and the prolific impression rate that comes with one and you’ve got a recipe for an advertising investment that’s far and above one of the best for bringing value back to where it matters most: your growing small business.