Vehicle wrapping is a unique and attention-grabbing advertising strategy that has gained popularity among businesses of all sizes. However, before investing in vehicle wraps, companies often want to know if the ROI justifies the expenditure.
In this article, we will delve into the expected ROI for businesses considering vehicle wrapping as an advertising strategy and provide insights into maximizing that return on investment.
Expected ROI for Vehicle Wrapping:
Increased Brand Exposure: One of the primary benefits of vehicle wrapping is increased brand exposure. Studies have shown that wrapped vehicles can generate thousands of impressions per day. This increased visibility can lead to greater brand recognition and, ultimately, increased sales.
Cost-Effective Advertising: Vehicle wraps are a cost-effective form of advertising when compared to traditional methods like billboards or TV commercials. The initial investment in vehicle wrapping tends to be lower, and the exposure is ongoing.
Local Advertising Impact: For businesses that rely on local customers, vehicle wraps can have a significant impact. The ROI is often higher when businesses can target specific geographic areas with their wrapped vehicles.
To maximize ROI with vehicle wrapping, businesses should consider the following strategies:
Strategic Location Selection: Analyze data to identify the most high-traffic and relevant areas for your wrapped vehicles. Parking them near events, competitors, or areas with your target audience can significantly boost ROI.
Quality Materials: Investing in high-quality wrapping materials can ensure the wrap remains vibrant and durable for an extended period, maximizing the exposure time and reducing maintenance costs.
Consistent Branding: Ensure that the vehicle wrap design aligns with your overall branding strategy. Consistency in branding increases brand recall among potential customers.
Tracking and Analytics: Use tracking tools and analytics to measure the effectiveness of your vehicle wrapping campaign. Monitor impressions, website traffic, and sales leads generated from the wrapped vehicles.
An example of tracking and analytics for your vehicle wrap is generating a phone number specific to the vehicle wrap, or a specific promo that you only advertise on your company vehicle. This way you can track which leads are coming from your company vehicle and what other sources are working in your advertising strategy.
Let's look at a few real-world examples of businesses that achieved a positive ROI through vehicle wrapping:
Food Truck Success: A food truck in a busy urban area wrapped its vehicle with an eye-catching design and saw a 30% increase in daily sales within the first month.
Local Service Business: A plumbing company used vehicle wraps on its service vans and experienced a 20% increase in service inquiries from neighborhoods where the vans were frequently parked.
National Brand Expansion: A national brand expanded its local presence by wrapping a fleet of vehicles strategically, resulting in a 15% boost in local market share.
With the right strategy and execution, vehicles can become powerful mobile billboards, creating lasting impressions and driving business growth. The case studies mentioned above illustrate that a well-thought-out vehicle wrapping strategy can indeed lead to a positive ROI and long-term brand success.
With a vehicle wrap on your business truck or a fleet of vehicles you can keep your brand in front of potential customers. Studies have found that a vehicle wrap can generate up to 70,000 views per day! This is an opportune way to increase the visibility of your business without breaking the bank.
Another study has shown that you can expect over $120,000 worth of free advertising per vehicle! Sound too good to be true?
Your investment of approximately $1000 – 5,000* in applying mobile advertising to your vehicle could generate, on average, $120,000 in advertising value over four years** – a spectacular 3400% return on investment.
Based on this analysis, these mobile advertisements have the potential to pay for itself within the first three months!
*Not including Branding or Advertising Design **According to a recent 3M study
For more examples, or to talk to one of our vehicle wrap experts contact Wraphx today. If you're looking to get started, head over to our website and fill out the form for a free quote. Our design team will reach out and can help guide you on the process.