Construction Hoarding ROI
Tracking your construction hoarding ROI can be difficult as marketing efforts and budgets vary greatly from company to company. One thing is common however; the desire to understand their return on investment, or ROI. That’s because if you don’t know your ROI, you can’t know what to focus on.
Some forms of marketing are easy to track. Coupon redemption, for example, is tangible and can be easily measured, but how do you assess the ROI for a medium such as hoarding advertising? How can you tell if it was your hoarding advertisement that convinced someone to buy? Tracking ROI for out-of-home mediums such as hoarding advertising is a challenge, but with careful planning, it can be done. Here’s how:
- Define your marketing goal — what do you wish to achieve through your marketing effort? Is it an increase in sales, or a heightened brand awareness? Perhaps it is some other objective.
- Choose the corresponding KPI — key performance indicators (KPIs), are measurable values such as website visits, phone calls, email sign-ups, brochure downloads, and revenue generated. KPIs must be easy to track and align with the marketing goal.
- Define your target audience — who will pass by your hoarding advertisement? What are their demographics? For example, are they mostly business people who commute to the area to work, or young families who live nearby? Is there a university in the community? If so, a good percentage of those who see your hoarding may be students.
- Create your message — once you’ve determined your marketing goal, how it will be measured, who your target audience is, and where to reach them, you can create a persuasive message that resonates with them.
- Calculate your construction hoarding budget — be sure to factor in all costs. This could include design, printing, the cost of hoarding material, installation, and engineer permits. Also, decide if the creative work will be done in-house or outsourced to your advertising agency for a fee.
By taking these steps you can determine how well your hoarding advertising worked for you and the value of your ROI. These steps can be applied to other forms of outdoor media, too.