Deciding to invest in billboards is a big decision. Depending on where your billboard is located, it could cost you anywhere from a few hundred to thousands of dollars per month. So, what’s the return on investment (ROI) for billboards? The good news is, most statistics point toward billboard ROI being nothing short of impressive!
Billboard ROI Statistics
All kinds of exciting billboard ROI statistics motivate businesses to explore this option.
For starters, this 2017 report shares that out of home advertising delivers $5.97 in revenue ROI:
“For each dollar spent on out of home (OOH) advertising, an average of $5.97 is generated in product sales, according to a new report released today by the Outdoor Advertising Association of America (OAAA). While radio, print, and digital display advertising receive a greater share of campaign dollars in the average media mix, OOH produces a higher return on investment (ROI).
The report, conducted by Omnicom Media Group’s Benchmarketing, found that when OOH is incorporated into the media mix, it improves overall campaign revenue ROI. OOH increases the effectiveness of digital search by over 40 percent and print by over 14 percent.”
A 2012 USA Touchpoints Study from the Media Behavior Institute also found that adding billboards to other media can potentially increase reach by up to 300%.
Next, in this 2013 OAAA report, they share the results from a study done by Wells Fargo and Nielsen:
“Research studies have repeatedly shown that OOH significantly lowers the cost of advertising. To reach 1,000 people, online can cost up to $17.50 per thousand impressions, magazines can cost up to $21.00 per thousand, and spot broadcast or cable can cost $22.00 – $25.00 per thousand. At $3.38 – $8.65 per thousand impressions, OOH delivers the same audience at significantly lower cost.”
Other Billboard ROI Statistics
Other impressive billboard ROI statistics from that report include:
- “OOH is an effective local media. About 7 out of 10 OOH ads promote local businesses
- OOH provides the most cost effective reach at the lowest CPM’s in advertising. At a range of $3.38-$8.65 per thousand impressions nationally, the only medium that comes close is radio.
- People like OOH advertising. 85% believe OOH advertising is useful, 83% think OOH is informative, and 82% say OOH helps create jobs and stimulate the economy.”
As exciting as these numbers are, there are certain billboard ROI factors you should keep in mind before making your final decision.
(Curious about billboard advertising vs. online advertising? Head to this article next)
Important Factors to Consider for Billboard ROI
Billboard ROI will vary depending on a number of things, such as:
- The size of the billboard
- The location of the billboard
- The length of the billboard lease
- The type of billboard (static or digital)
- The number of people who see the billboard every day
(We also talk about how these factors influence billboard costs in this article)
Keep all of these billboard ROI factors in mind as you make your decision – and get ready to be impressed by the results!
3 Tips for Boosting Your Billboard ROI
While it’s impossible to determine what the exact billboard ROI will be for your campaign, there are certain things you can do to improve your chances of success.
Here are three billboard advertising tips that will help you get the most out of your investment:
Make sure your billboard is visible
This may seem like a no-brainer, but you’d be surprised how many businesses make the mistake of investing in a billboard that’s hidden away or difficult to see. If your billboard is tucked away in a corner, it will not do you much good. So instead, choose a location that’s highly visible and easy for people to spot.
Use eye-catching visuals
You should design your billboard to grab attention and hold it. That means using high-quality visuals that are both eye-catching and relevant to your target audience. You only have a few seconds to make an impression, so make them count!
(We share tips for how to choose the best billboard design for your company here)
Keep your message simple
Don’t try to cram too much information onto your billboard. Instead, keep your message short and sweet, and make sure it’s easy for people to understand at a glance.
Remember, you’re not trying to tell your entire brand story – you’re just trying to pique curiosity and get people interested in learning more about what you do.
By following these billboard ROI tips, you can ensure that your investment pays off in a big way. So go ahead and explore this exciting advertising option – you won’t be disappointed! But, of course, we’re here to help too.
Contact Marquis Advertising, British Columbia’s trusted outdoor billboard and airport advertising agency, to learn more.