October 27, 2022

Calculating ROI for Your Scoreboard Ads

Calculating ROI for Your Scoreboard Ads

Creative outdoor advertising for your business simply isn’t enough to compete these days. In local markets, which are often saturated with similar businesses and industries, you will want your ads to not only stand out from the crowd, but perform well in front of it, too. 

Defining success, industry to industry, in digital billboard advertising may vary, but measuring it is still best achieved through calculating return on investment, or ROI.

You may be asking, “how ROI is calculated when measuring digital billboard ads?” and we couldn’t blame you. We have the facts, figures, and answers you’re looking for. 

Calculating ROI for Your Industry

ROI is defined as, “a measure of profitability and success,” but what is it, really? Return on investment is a way to measure the profitability of what you invest in, and in this case, that’s a digital scoreboard advertisement.

Across all industries, ROI can be easily calculated by subtracting the amount gained from an investment from the cost of the investment and then dividing the total by the cost of the investment. Want to put it into practice? Try out this ROI calculator.

With this in mind, it makes sense that a local doctor and realtor may have different, specific goals for their school scoreboard sponsorship, but despite industry differences, their individual success will almost certainly depend on the ROI of their local, digital advertisement.

Doctor’s, Dentists, and Orthodontists

If your industry is in the medical field, local school scoreboard advertising is just what the doctor ordered. After all, between shots, braces, and physicals, you are likely to see many students and families pass through your office. 

According to Debt.org, the value of a single patient visiting a doctor’s office can range from $68.00-$234.00 or more, with $151.00 being the average. And, if a patient visits your office once a year over 5 years, that’s $755 in income.

Looking for a fresh way to reach those potential patients and even gain an entire household as new clients? That’s where school scoreboard sponsorship delivers. Think of it this way: each new client is worth $755, on average, and the average number of persons in a home is 4. If you spend $1000 on LED or digital billboard advertising and influence just one household decision maker, you have the potential to gain an entire household’s business, you’ll gain $3,020.00.

Because we know ROI is calculated by subtracting the amount gained from an investment ($3,020.00) by the cost of the investment ($1,000.00) and then dividing by the cost of the investment ($1,000.00), you would see a 202% ROI

If you think a 202% ROI is good, just wait until you read our insights on impressions, or the number of views your ad might garner.

Eyes on the Prize: Impressions

At a sample high school, we calculated the average attendance per game in girls’ volleyball. We also calculated games played per year and the number of times a single scoreboard advertisement was displayed per game with a 6-second display time. Check out the numbers:

Single Sport: Girl’s Volleyball 

Tickets sold per game: 430

Games played per season: 14

Displays of a single ad per game: 99

In this scenario, for an entire season of girls’ volleyball, your ad would meet local fans more than half a million times, with 595,727 impressions, to be exact. Now consider, this is just one sport, but schools often have boys and girls basketball, soccer, and football and more. If you have a school with 6 sports, your opportunity for impressions, based on this case study, would equate to more than 3,574,362 impressions in just a single season across 6 sports! Of those potential clients now aware of your brand, having seen your local scoreboard advertisement, how many might convert to buying customers? A look at car dealerships, realtors, and stats from a recent survey have the answers.

Stats, Realtors, & Car Dealers

According to a recent study, out-of-home (OOH) advertisements, like those on billboards and scoreboards, are rated as the, “most memorable forms of OOH advertisements” for realtors and car dealerships, across gender and generation.

More than this, with digital billboards, businesses like local car dealerships and realtors no longer have to convey their creative outdoor advertising messages through a single, static image. With state-of-the-art scoreboards from Scoreboard Media, businesses can update their ads at any time or deliver multiple advertising messages throughout a school’s game.

Cars and homes are definitely “big ticket items,” but items people need, nonetheless. And those searching for vehicles and new homes are oftentimes families with children that play high school sports. According to a 2022 study by Rocket Mortgage, the majority of homebuyers will be families, or those with one or more children under the age of 18 in their care. In fact, 61% of buyers ages 31-40 had a child

For car dealerships, the numbers are just as staggering. According to Fortunly, 17 million new vehicles are sold in the US every year to both individuals and families.

This is all to say, that while the price tag in these industries may vastly outweigh the costs of products and services in other industries, the demand here remains high.

Knowing there is a high demand is only part of the equation, though. Luckily, we know the other important factor: where to put your digital advertisement to garner the highest ROI calculation.

To convert people to customers, you must first create awareness of your brand, and that starts with putting your ad in the places your ICPs, or ideal customer profiles, are likely to view them. For car dealerships and realtors, that advertising ROI will almost certainly be higher when calculated from local scoreboard advertising sponsorship. 

Low ROI Channels Aren’t Cutting It

Deciding where to allocate marketing dollars is one of the most important decisions a business owner or marketing manager can make. Statista.com, a renown platform for their insights, polled marketers worldwide to determine the highest and lowest performing marketing channels for ROI.

Bottom of the list: Organic social media, with 33% of respondents attributing it with the lowest ROI of any channel.

Among the top of the list: Display advertising, with 41% of respondents marking these channels, like digital scoreboards, with medium or highest levels of ROI.

While there are no shortage of options for your advertising dollars, there is a shortage of success with specific mediums or channels. With digital scoreboard advertising, it’s a swoosh, a home run, and a knockout.

Scoring the Win

Go for the gold, literally. From investment to return on investment, for local businesses, wins (AKA new customers) are scored with digital scoreboard advertising. 

Not a car dealership, doctor, or realtor? Scoreboard advertising is also the ideal marketing channel for private athletic facilities, auto repair shops, and more. 

Sponsorships are first come, first serve, so contact Charlie Megan at https://scoreboardmedia.com/sponsor to find out how to score big with scoreboards.