Over the past few months, Lagosians driving to work via third mainland bridge will recall seeing a humongous structure being erected on the right hand side along Adeniji Adele. It is now clear to all that it isn't a bridge but a spectacular LED board erected by Invent media.
This I believe now stands as the largest LED board in Nigeria; delivering maximum visibility and impact to clients. You can't miss it and it definitely leaves you stunned the first time you see it.
However, is it all worth it?
Let's do the maths shall we? In Lagos approximately 5 cars drive past that billboard per second, that 300 cars per minute, 18,000 cars per hour, 270,000 cars per day (assuming 15hrs of constant traffic). Stay with me guys! :-) Now, lets assume an average of 2 people per vehicle - hence, 540,000 people exposed to your advertising daily!
Multiply that by the total no. of working days in a year and you get 145,260,000 people or impressions annually.
We can therefore calculate GRPs delivered by this site by dividing total impressions by total population in Lagos (7,585,135 Source: MPS Diaries May 2011).
Therefore, the board can deliver approximately 1915 GRPs annually! impressive!
There are speculations that each of the four advertiser paid N57m to be on display, that brings the CPRP to N29,764. Pretty good! even better than some Network programmes on TV!
So...is it worth it?!
But wait!! there are 4 clients, so each advertiser has a 1 in 4 chance of being seen! so, divide your erroneous rating calculation of 1915 by 4! Hence, in reality, it will deliver 478 GRPs annually with a CPRP of N119,056!
Now the question again, is it worth it??
It may not be cost effective but does it deliver on impact and recall? Probably Yes.
Unfortunately, OOH companies in Nigeria will never invest in marketing research hence, we may never know.
Until such a time, the OOH conversation will continue to be won based on sensational presentations and subjective rationale.
this is very impressive, but like you asked is it worth it? unfortunately unless marketing research migrates from dealing with traditional media (TV/Radio) into other vague areas like OOH, we can't say for certain.i luv what you are doing here "Guru" looking forward to other interesting posts.
ReplyDeleteIf you read my recent proposal you will something interesting. Some of are thinking and ready to justify our ratings.
ReplyDeleteWaiting to hear from you.