Learn about the benefits of utilizing taxi advertising compared to traditional and digital advertising.
Taxi advertising is deemed effective for businesses especially start-ups because it can get across the target market on a so-called “street level”. If utilized wisely, it can achieve desired results just like print and television ads at a lower cost. While progressive marketing strategies are widely used nowadays, small businesses can still go for the “tried and tested” conventional techniques including taxi ads.
One benefit of taxi ads is affordability. Likewise, it can deal with issues that other typical strategies like TV, radio, newspapers, billboards, and leaflets cannot do. Cabs go around different cities daily unlike these advertising vehicles which are limited to certain areas. Commuters with “buying power” (middle/high-income classes) prefer riding in taxis compared to low-income families that ride buses and subway trains.
On the other hand, taxi drivers patronize plush neighborhoods so wealthy consumers learn about the advertised merchandise easily. Taxis also reach neighborhoods and places where there are few billboards. Potential customers do not even have to buy local papers, watch television or listen to radio broadcasts. The ads are right on top of taxi cabs or wrapped around the car body. These are additional benefits of using taxi ads.
Cost Per Mile Factor
Cost per Mile (CPM) is a common denominator in marketing campaigns. CPM refers to the cost for every 1, 000 impressions. A CPM cost of $1 denotes that 1, 000 impressions cost $1. Internet marketing is credited for reduced cost per mile. In 2012, FACEBOOK CPM had an average of $0.38 lower than expenses for taxi ads. The increasing popularity of FB also caused the price to reach more than $1 the following year. Meanwhile, CPM in NYC taxicabs only ranged from $0.71 to $0.84. This pricing depends on volume. In other words, taxi advertising has become more economical. It can be an option for budget advertisers.
Other Advantages of Taxi Ads
Taxi units operate within a particular geographic location. Advertisers can target possible customers though topographical radius. People see taxi ads more often with fewer distractions compared to other medium. It guarantees the best value for advertisers’ budgets. Furthermore, competition is not as tight as online and offline advertisements. There are only a handful of taxicab companies in each city of the United States. The ads are seen whenever the taxi drives around anywhere especially if the advertiser ha a longer contract.
Guidance for Advertisers
Web-based advertising also has multiple benefits. In fact, it is a highly recommended technique particularly for start-up enterprises in this technology-obsessed world. There is no doubt that a mix of internet and traditional marketing initiatives produce a compelling message for consumers. Taxi ads can be as powerful provided creativity is added to contend with the demands of modern end users. It only calls for a bit of innovation and tweaking. The advertiser only needs to come up with out-of-the-box ideas. In this way, you can expect better results for as long as the strategy is implemented correctly.