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Data is the new oil.
Just as oil fueled the industrial revolution, performance data has been proven to be the arsenal behind the success of targeted advertising campaigns.
Simply put, the success of a marketing campaign depends on three main things:
- Creativity: The creative approach we take towards creating the truck ads that will help us hit the right emotions in our target audience.
- Strategy: The strategic placement of the trucks in busy neighbourhoods, cities and local events to maximize the exposure of these mobile billboard ads.
- and Data: Comprises data from previous campaigns, consumer behaviour, current market trends and more.
If we are to define the success of a truck campaign, we should first start by calculating the total number of people who have at least seen the truck ads at some point during the campaign, followed by analyzing these people– how many have interacted with these truck ads in some manner. How many have taken some sort of the desired action that these truck ads were intended to make? Did the truck campaign yield good ROI?
By analysing your campaign data, you can make strategic data-driven decisions which can provide much more of a personalized experience to your target audience. And this will play a major role in helping you create successful truck campaigns in the future.
But in order to achieve so, it is crucial to track and analyse the key metrics that will help measure the effectiveness and ROI of these truck ads.
Now that we understand the three essential factors for measuring the success of a marketing campaign, let us delve into the key performance indicators (KPIs) that will help us effectively track and analyze the effectiveness and the ROI of truck ads.
7 SMART KPIs to Track for Truck Advertising
- Conversion Rates
- Cost per Acquisition (CPA)
In marketing terms, impressions can be defined as the total number of opportunities a viewer had to view your marketing campaign.
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To make it more simple for you, let us imagine you’re promoting the launch of your new restaurant with a kickass digital out-of-home (DOOH) campaign in New York, and your billboards are being shown in one of New York’s busiest places- the times square. Every day, hundreds of cars and people pass by this traffic hotspot– getting the chance to see your delicious billboard digital ad many times. Some of these people might even pass by this location many times during their daily commute.
So in this case the impressions would be the total count of all those moments when individuals passed by, regardless of whether they glanced at your ad for a split second or took too long.
It is highly likely, that some of the trucks will be constantly on the move. By combining geolocation, GPS & demographics data, you can easily estimate the total count of viewers your truck campaign might have.
For example, by factoring in the population density data onto the route map of the trucks, you can easily gauge an estimate of the number of people who had the chance to spot your truck ads. Imagine the level of brand awareness any business can achieve with such a targeted out-of-home strategy.
Why evaluating impressions for Truck ads is important
Think of impressions as a fundamental metric that lays the groundwork to help understand other important analytics, such as the total number of conversions.
Even though impressions cannot on their own paint the whole picture of the effectiveness of the truck campaign, they offer valuable information and key insights which can ultimately help complement your truck advertising strategy when combined with other smart KPIs such as engagement rate and conversions.
It’s all about capturing those precious chances to grab attention and make an impact.
Reach is a measure of the total number of unique passersby who saw your truck ad. Even if a person saw your truck ad ten times, it would only contribute as one unique view towards the total reach count.
As of now, in the world of out-of-home advertising, measuring reach to the exact count is not possible yet. But we can still accurately get an estimate.
By partnering up with third-party data intelligence companies, you can get access to resources that can provide you with insights with historical and real-time data in the cities, and the specific routes you wish to roam your trucks in.
If you want to know more about the impact data and analytics can have on mobile billboard advertising, we’ve written an informative post on it. You can find it here.
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Why evaluating reach for Truck ads is important
Measuring reach allows advertisers to identify high-traffic locations and optimal routes for their truck ads. By understanding where and when their target audience is most likely to be present, advertisers can strategically plan their truck routes to ensure maximum exposure.
If your main purpose is to increase your brand awareness through truck ads, measuring reach is going to be one of your key metrics.
Nevertheless, reach is a great way to figure out the potential exposure your truck campaign can achieve. And by getting hold of this kind of data, you can strategically select the right locations to place your mobile billboard trucks.
The importance of having great brand awareness is impeccable. It is the bridge that connects your
Frequency measures the average number of times an individual is exposed to your truck ad. A higher frequency can reinforce brand recall and increase the likelihood of engagement.
You might think that impressions and frequency seem the same. However, that is not the case.
Impressions focus on the overall reach and potential visibility of your ad, counting every instance it is displayed or has the chance to be seen by someone. On the other hand, frequency delves into the repetition of exposure for individual viewers.
For example, let’s say your truck ad passes by times square in New York ten times throughout the day. Now if a person happens to witness the ad on three different occasions, then the impressions would be ten, while the frequency would be three for that person.
Why Evaluating Reach for Truck Ads is Important
Frequency plays a crucial role in truck advertising because it determines how often your target audience comes across your messages. The more frequently your truck ads are seen, the increased the likelihood of brand recall amongst the viewers.
It’s like seeing such a bus ad for Macdonald’s advertising their fries over and over again.
Looks so tempting doesn’t it?
Next time you want fries, guess which place you think of first naturally?
Seeing a message over and over again drives memorable advertising and positive brand recall, it’s what marketing is all about.
Measuring engagement for truck advertising campaigns? Talk about taking the road to success, one data-driven detour at a time!
Engagement rate is another smart KPI that marketers always look forward to measuring. It involves measuring the total interaction the audience has had with a brand campaign. On social media, it usually means evaluating the engagement numbers across clicks, likes, comments and shares and more.
The data points can be how the target audience interacts with these truck ads, their interest, and the action taken by them. These metrics can include actions such as QR code scans (if there are any on the truck ads), website visits or landing page website visits (in case a specific URL is provided on the mobile billboards), social media interactions, inquiry calls, or tracking response rate of campaign-specific hashtags on social media.
Why Evaluating Engagement for Truck Ads is Important
Measuring engagement metrics is crucial to the success of a truck advertising campaign for several reasons. Firstly, it provides insights into the effectiveness of the campaign in capturing viewers’ attention and interest. This information helps advertisers optimize their messaging, creative elements associated with these ads, and the overall campaign strategy.
Secondly, tracking engagement metrics allows advertisers to gauge the level of audience involvement, which can influence brand recall, customer loyalty, and the likelihood of further interactions or conversions. Lastly, measuring engagement metrics provides actionable data which helps make informed decisions, refine marketing strategies, and enhance the overall impact and return on investment (ROI) of the truck advertising campaign.
To paint the complete picture, Truck advertising isn’t going to be the only place for all your marketing endeavours. Social media is also going to be very influential and complement your truck campaigns. Encouraging viewers to engage with your brand on social media platforms, such as liking, sharing, or commenting on posts related to your truck ad will help you figure out how your target audience interacts with your brand online and help you change your strategy if necessary.
One more point to consider is that a compelling truck ad can prompt viewers to directly contact your business for more information or to make inquiries. And tracking the number of phone inquiries as a result of these truck adverts can help measure the campaign’s effectiveness in generating direct customer engagement.
5. Conversion Rates:
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Conversion rates play a pivotal role in evaluating the success of a truck ad campaign. Imagine your truck ads being seen in different neighbourhoods around a city, catching the attention of passersby. But that doesn’t cut it for you at all. You want these people to take some kind of desired action that will bring your business some sort of benefit, either monetary or something passive such as helping you build a database of potential leads.
By tracking conversion rates, you gain valuable insights into the campaign’s ability to drive tangible results and achieve its objectives. It allows you to measure the impact of your truck ad in terms of real-world actions taken by your audience.
Why Evaluating Conversion Rates for Truck Ads is Important
Measuring conversion rates is essential for several reasons. Firstly, it helps you evaluate the return on investment (ROI) of your truck ad campaign. By understanding how many individuals actually converted into customers or engaged with your truck advertisement in some manner, you can assess the campaign’s cost-effectiveness.
Secondly, tracking conversion rates enables you to identify areas for improvement in your campaign strategy and messaging. If the conversion rate is low, it indicates that either your ads were not so appealing to the user or there is some sort of other issue. Maybe the website they are being redirected to through QR code scans, or the one provided on the ads is not providing the user with a great experience.
It is always crucial to remember that truck advertising acts as the stepping stone towards making your audience make a purchase with your brand. It is essential that you think of their user experience at each touchpoint they are going to have with your brand online.
Furthermore, measuring conversion rates provides valuable data for future campaign planning. It helps you identify the most successful tactics and messaging that resonate with your audience, allowing you to replicate and build upon those strategies in subsequent campaigns.
6. Cost per Acquisition (CPA):
CPA is a vital metric that measures the average cost incurred to acquire a new customer or generate a specific desired action through your truck advertising campaign. It serves as a crucial indicator of the campaign’s cost-effectiveness and efficiency. Basically, when you calculate the CPA of your truck campaign, you can assess how much you spent acquiring a customer.
For example, a food delivery service might track the CPA to determine the cost of acquiring new customers who place their first order through a unique promo code displayed on the truck ad. By comparing the CPA against the average order value and customer lifetime value, they can gauge the profitability of their campaign and make informed decisions on budget allocation and targeting strategies.
Why Evaluating Conversion Rates for Truck Ads is Important
If you have a small business or operate on a limited budget, measuring CPA becomes even more crucial. It is essential to ensure that every advertising dollar is utilized effectively. By tracking and analyzing CPA for your truck advertising campaign, you can gain valuable insights into how much you did it cost you to acquire new customers or generate the desired actions.
When you evaluate your CPA for truck ads, you’re not working in the blind anymore. If your CPA is through the roof, you know you have to refine your marketing strategy to decrease this cost. And when you understand the cost-effectiveness of your advertising efforts, you can make data-driven decisions to sustainably achieve your marketing objectives.
7. Return on Investment (ROI):
Last, but not the least, this might be one of the most important KPIs you should measure. When it comes to marketing, every company dreams of achieving the maximum ROI.
Let’s say you invest $10,000 in a truck advertising campaign for your business. Over the course of the campaign, you generate $25,000 in revenue directly attributed to the truck ads. Now to calculate the ROI, you subtract the initial investment from the revenue generated ($25,000 – $10,000 = $15,000), and then divide that by the initial investment. In this case, the ROI would be ($15,000 / $10,000) * 100 = 150%.
Keep in mind that your ROI can vary depending on your goals and other expenses associated with your truck campaign.
Why Evaluating ROI for Truck Ads is Important
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Imagine you’re playing a game of “Guess the Profits” without keeping score. It’s like shooting arrows in the dark, hoping they hit the bullseye of profitability.
Measuring ROI is like turning on the lights, giving you a clear view of your financial triumphs and losses. Evaluating ROI for truck ads is crucial because it provides a simple assessment of whether your truck campaign has been profitable or not.
In a nutshell, measuring the ROI of your truck ad campaigns is like having a compass in the vast sea of advertising. It helps you navigate in the right direction by providing you with a solid foundation for making informed decisions, optimizing your strategies, and steering your truck ads towards tangible results.
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Drive Success: Unleash the Power of Smart KPIs for Truck Campaigns
Now you know the smart KPIs that are important to measure for truck ad campaigns. By tracking and analyzing metrics like reach, engagement, conversion rates, and ROI, you can better understand what worked and what didn’t for your truck ads.
This approach will help you fine-tune your marketing strategy so that you can steer your future mobile billboard campaigns towards success.