Advertising can be an expensive item in a small business budget.
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In a tight economy, small business owners look for ways to promote their products without draining their bottom line. Elevator advertising holds promise as a cost-efficient marketing tool. But if you don't know what you're getting into, it could also be the straw that breaks your company's back.
Elevator ads have some unique benefits for small business. Instead of throwing big bucks at an unfocused, haphazard advertising campaign, you can target your marketing dollars toward reaching a very precise segment of the marketplace. As long as you understand that your reach will be more limited than it is for other forms of advertising, the ROI can be enticing.
Still, the typical costs for elevator ads involve certain nuances that can dramatically affect your total investment. Whether you're a first-time elevator advertiser or a veteran interested in making your dollars go farther, here are some things you need to consider:
- Cost per location vs. cost per campaign. The relatively low cost per location can be misleading. For somewhere around $20 per month you can buy a basic ad that will run in a single location. But for most advertising campaigns, a single location isn't going to cut it. Even though the cost per location goes down with each additional site, an effective elevator campaign can ultimately run several hundred dollars a month.
- Design fees. Elevator advertising has a reputation for attracting highly creative ad concepts. High quality designs are standard even for smaller ads. On top of the monthly advertising costs, you'll have to factor in design and production expenses.
- Contract periods. It's rare to purchase elevator ads for a single month. Instead, elevator advertisers will expect you to sign a contract for a three, six or even 12 month time period. It's important to understand the details of the contract including whether or not you will be able to edit your ad during the contract period.
- Type of ad. You have a lot of choices when it comes to selecting the type of ad for your elevator campaign. In addition to a basic display frame ad, you can also opt for digital display ads or sophisticated elevator wraps. Of course, the more complicated the ad, the higher the design and monthly advertising expenses.
- Minimums & setup fees. It's very common for elevator advertising companies to require a minimum number of locations and a minimum contract term. They may also charge an initial setup fee and require 60 days notice for cancellation of the ad contract.