The question most marketers and SMEs ask when deciding whether to use outdoor advertising or not is “How do I measure ROI?” In my previous post, I mentioned measurement of ROI as one of the factors shaping the outdoor advertising industry globally.
Unlike other advertising media, outdoor advertising is still lagging behind when it comes to presenting hard data used by most marketers or agencies in tracking or measuring their returns on ad spend. Nevertheless, that doesn’t undermine the effectiveness of the medium as there are other creative yet efficient ways to measure ROI in Out-Of-Home advertising.
According to Adsmart, here are 3 ways advertisers and marketers can measure returns on investment for their advertising buck:
Choose the right location: Advertising in a wrong location and to the wrong set of audience would defeat the purpose of any outdoor advertising campaign. Choosing the right location to advertise your products and services is a very important factor in measuring ROI. In other to choose the right location,
- You need to identify and define your ideal target audience. What are their demographics? Are you targeting males or females? Young, middle-aged or aged? What household income level is your ideal customer? The more you know about your target demographic, the easier they are to reach, message, and convert.
- Another factor to consider in choosing the right location is analyzing customer data. Who is buying your product? Who are they buying it for? Where are they buying it? What need does your product fulfill? Analyzing your current customer data can be a great starting point to better understanding your customer demographics.
- Once you’ve determined your target market, work closely with your advertising agency and provide them with your target demographics. Request out-of-home media locations that have the greatest number of people in your target market. VacantBoards helps you with this by presenting number of daily and weekly foot/vehicular traffic on listed boards on the platform.
Craft the right message: Out-of-home media is characterized by its short time frame to catch the attention of consumers. Since consumers come in contact with OOH messages on-the-go, it is important to catch their attention with attractive, unique and catchy messages. Ambient Out-of-Home does this trick in achieving this. Your message should be brief, impactful, and contain a call to action. Minimize text and leverage images and graphics to get your point across. Also, make sure your message resonates with your target market. Test your message digitally first through tools like landing pages, Google AdWords, or social media channels like Facebook, LinkedIn, blogs, and Twitter.
Develop a digital trail: A good strategy for showing the effectiveness of an out-of-home ad, and in turn demonstrating a hard ROI, is to create a digital trail to track revenue and obtain leads. This can include any of the following:
- Promotion code. Include a promotion in your ad for an exclusive discount or special offer. Ask consumers to mention a keyword when placing their order, or enter a code when purchasing online. These can be tracked to demonstrate the ad’s effectiveness.
- Landing page. Create a unique landing page with a clear call to action related to your ad, and then track your page visits, leads, and conversions. Keep in mind that consumers may be driving when first viewing the ad, and may not have a pen and paper handy to write down a long URL. Make the Web address of the landing page simple and easy to remember.
- Social media. Promote your message or call to action via your social media channels, and then track your engagement metrics (likes, shares, comments, etc.).
There you have it. 3 effective ways to measure ROI on your ad spend. Give it a try and lets know how well it worked for you.