In an advertising world where ROI isn’t one of a raft of important factors to consider – but increasingly the one number that everyone wants to optimize – you can’t gloss over the impact that vehicle wraps can have on your marketing effectiveness.
Vehicle’s Wrap, ROI and Customer Acquisition Cost
We’re not about to throw a whole bunch of marketing terminology your way. There are really just two concepts – return on investment and customer acquisition cost – that drive home the benefits offered by one of the most affordable, effective forms of mobile advertising.
Why ROI is Important
Vehicle wraps might, in fact, be the most affordable and ROI-generating form of advertising going today since you’re talking about a one-time investment that reaches potentially tens of thousands of customers every day.
The whole concept of return on investment really got popular traction when companies started measuring the marketing potency of their websites, email marketing campaigns, and social media advertising initiatives.
Before these things – and before the age of Big Data – you were really in the dark when it came to assessing how well you were doing marketing-wise at reaching out to and closing the deal with new customers.
Importantly, more digitized and trackable marketing data meant that you could determine what was working and what wasn’t…and scrap the second.
Again, without numbers to back things up you were just talking about an “intuition” or a “gut feeling” that one form of advertising was better than another.
Create Thousands of New Customers
Thankfully, vehicle wraps as a form of advertising actually have a mountain of hard evidence in their corner since they can allow you to reach tens of thousands of customers on a daily basis…all without exploding your marketing coffers.
The trick behind vehicle wraps is their ability to efficiently reach out to customers as you go about your everyday business.
It’s a very elegant setup, actually, when you think about it. You’re essentially flying your company flag as you go about making house calls – if, say, you’re in the trades – and benefiting from anyone who happens to pass you driving to work, waiting in traffic, riding the bus or out for a jog on the sidewalk.
Putting yourself in the shoes of someone who might need your help, if you’re going about your business and you happen to see a company that can assist with a problem you have – e.g., maybe you need your son’s graduation party catered or you need a serviceman to come by and check out your garage – why wouldn’t you pop the number on the side of a vehicle wrap right into your SMARTPHONE. Well, you probably would!
Keeping CAC Low and Sales Soaring!
Now, we promised earlier that we weren’t going to turn this into an Economics 101 course…and we’re not.
Knowing about customer acquisition cost, though, can save you a ton of time, hassle and energy (not to mention money) over the long term. In short, your customer acquisition cost (sometimes abbreviated CAC) is the amount of money it takes to get a customer to go with your product or service.
So, if you spend $1,000 on advertising for the year and gain an extra 1,000 customers in that year because of that advertising, then you’re talking about a customer acquisition cost of $1 per customer.
That’s pretty good considering your line of work, and with vehicle wraps you might be able to achieve even better since vehicle wraps last for years, profoundly increase name recognition, entail a manageable one-time cost and meet customers where they’re currently at. It doesn’t get much better than that therefore contact us so we can help you explore your marketing opportunities.