Reaching Londoners on the move
Taxi advertising is proving an increasingly popular way for property agents and developers to keep their brand awareness high and their message prominent amongst an urban audience of buyers and sellers. In fact, people who regularly see taxi advertising are 47% more likely than the average person to expect to buy or sell in the next 12 months; they’re also 80% more likely to expect to buy their first home this year.
Despite recent dips at the top end of the market, London’s housing scene is robust, being the biggest in Europe and attracting £35bn in capital in the last quarter of 2015 alone. Excluding the top-end price drop (thanks to higher stamp duty), London prices actually rose by 11% year-on-year.
According to the Land Registry the average London home now costs £476,000; this will likely only continue to rise with more than 54,000 new homes planned, or being built in prime areas, many of them priced at more than £1m.
Prices might be high but there is still growth to be had, especially in some of the cheaper boroughs such as Newham, which saw a 23% growth in 2015.
Being the front-of-mind property agent or developer in this climate is of huge importance; the market moves quickly so keeping potential buyers and sellers informed about your services and properties is key to success.
We have seen a host of residential agencies use taxi advertising in the last 18 months, as well as developers looking to rapidly sell new builds in prime areas. As an advertising medium, taxis guarantee continuous growth in audience reach because they are always travelling down new streets, both residential and business. Over three months a campaign of 250 taxis will reach more than 3.5m greater London ABC1 adults; that’s 70% of the available audience.
More than 30% of the audience are career-driven, upwardly mobile professionals; 20% are established families, perhaps commuting in to London to earn and spend money, and a further 20% are affluent achievers – high earning executives. This is a valuable audience with money to invest with or settle down with.
Reaching London’s prosperous audience of house buyers, sellers and renters on the streets, via taxi advertising complements other media that might be running in targeted press or on radio; London’s ABC1 adults are hard-working and time-poor; they need to be reminded of your brand regularly, and taxi advertising will do just that, delivering on average 17 opportunities for the audience reached to see the campaign across the three months.
Vitally, this audience is also mobile-enabled and are quick to respond to outdoor advertising seen by researching the brand on their mobile. Many have property apps and will be looking at them daily in their quest to either find or sell a property in this fast-moving market.
Don’t miss out – be seen by this opportunity-rich audience both frequently and cost-efficiently via taxi advertising.
Sources: Route; Land Registry; The Guardian, City AM – 2016.