Ever wonder how effective your billboard advertising is at bringing in new business? In this article, we'll discuss the ROI of billboard advertising and how it compares to digital marketing.
So, how do billboard advertising and digital marketing compare when it comes to cost?
Let's get right into it.
Here’s how much it would cost to advertise on a billboard in Columbus, Ohio.
Prices are monthly:
So, at the very least, you’re spending $300/month on a small billboard, which is apparently used to target one local community. Those big billboards in town or on the side of the highway will set you back at least $1500 (and as much as $5,000!) while digital billboards go as high as $8,000.
I don’t know about you, but that sounds like a lot of money to me — especially considering what you could get for the same amount of money if you spent it on digital marketing.
Let’s break that down.
Here's what you could get with $300 in digital marketing services:
For $1500 or $8000, you could add on review marketing, paid advertising and social media to build a full-scale digital marketing strategy that is not only personalized to you but targets a much larger population, rendering those billboards (at best) less effective than your digital marketing plan.
We’ve talked about tracking offline conversions before, and while some drivers claim to have called or visited a business they saw on a billboard, actually tracking this number could be tough.
Some billboard advertising companies will give you a breakdown of the number of people who drive by your billboard each day week or month, but there’s no way to know if those people are looking at your billboard or Snapchatting and driving.
But, if you have a billboard out there, the best way to track the number of people who choose your business based on your outdoor advertising efforts is to ask each customer or client how they found your business.
After a couple of months, add up the sales you've received from customers who found you through a billboard. On average, does this pay for your billboard advertising?
Be sure to ask those same customers if they did any follow-up research once they saw your billboard. Did they search for your business on Google? Look for you on Facebook?
Depending on what you want to track, you’ll need to look at these insights:
This really varies depending on where you’re focusing your digital marketing efforts and what you have time for. If you’re a RevLocal client and you want to talk about tracking your digital marketing success, your best bet is to get a hold of your marketing strategist or go into Reveal to see how you’re doing.
Even billboard advertising experts tend to say billboards are better for large businesses with big budgets that want to build brand awareness.
But, in the end, whether you advertise on a billboard will depend on your business's budget. And, you'll still need a digital marketing strategy so that when those customers who find you on a billboard want to research your business online, they find accurate, consistent information about you.