Every business strives to find low cost ways to drive sales. Because of their affordability and minimal maintenance, outdoor signs are a great way to lower your monthly advertising costs while still driving sales. In today’s post, we’ll support the significance of using outdoor signage in your business with some statistics that have been gathered by reputable institutions such as the University of Cincinnati.
1. 50% of a start-up business’ new customers are drawn in by on-premises signage. According to this statistic, at least half of your new company’s profit will come from the signs you place in and outside your business. When considering how much signage (or how high of quality) to place on your storefront, keep in mind that having well placed, well designed signage should be your priority over quantity.
2. 35% of customers know about a local business because they passed by the sign. Still don’t believe that outdoor signage is important for grabbing the interest of new customers? This statistic shows that quite a few shoppers use company signage to take note of where local businesses are in their community. Why is this important? Once consumers know where your location is, this creates the potential for them to come back to visit if they ever need your service, or recommend you to their friends in the meantime.
3. A single on-site sign costs only $.02 per one thousand views (opposed to $9.82 per 1000 views for a TV ad, which may or may not even reach your intended market). Some companies choose to expand their reach by using television or radio without considering other options. Businesses who are still focused on a local market should consider using more affordable advertising methods like signage to reach their target demographic before testing costlier methods like television and radio.
4. About 85% of customers live or work within a 5-mile radius of your business. Another great reason you should invest in outdoor signage for your business is because most customers live or work near your business, meaning they can easily pass by your building on a regular basis.
5. Simply replacing a store front sign with a larger sign has been shown to increase profit by 7.7% Larger signs draw people in better because they simply capture more attention. Having a larger than life picture of your products or logo can increase traffic because it peaks the interest of passerby. If you need a boost in sales or have made it a goal to engage with new customers, replacing your company’s front sign can be a perfect place to start.
6. 33% of people learn about your business through word of mouth (which is more than any other type of advertising!). What does this statistic have to do with signage? Reputation can make or break a business, and a good reputation can raise sales quickly. Keeping your customers happy and (your store inviting) should be a top priority, and maintaining your shop’s interior and exterior is the first place to start. Be sure your office is clean, and any signage you are using as advertising material is visible, vibrant, and relatable.
7. 35% of passerby wouldn’t know your business was there without a sign. Spreading the word about your brand is the first step to driving a loyal customer following, and spreading your company’s reach to include new customers. If you’re a new business considering whether or not signage is the right choice for an immediate investment, it’s important to know that you could be missing out on a large number of sales if you choose to invest your start-up funds elsewhere.
8. 13% to 20% of the population moves each year, which means you have more people to attract with your signs. New people are constantly coming into contact with your signage. Each year, your signs bring in a lot of fresh faces. How do you optimize your signage to entice new customers?
Solid facts about how effective signage can be is difficult to find, despite the amount of information now available on the internet. We hope you use these statistics to help you make an educated regarding the future of your company’s advertising campaigns; if you need help designing signage in the meantime, don’t hesitate to contact us anytime.