An article written by Steve Aust for the May 30, 2017, Cima Network newsletter cites Blog Millionaire research and two other studies that document the value of signs. One Blog millionaire study cites the on-premise sign as having been the way 50% of new customers found a business. The next most-effective method (33%) was word of mouth. The second Blog Millionaire study indicated 85% of a business' customers live within a five-mile radius and would see its on-premise sign an average of 60 times per month.
The article also cites a California study that compared the CPM (cost per thousand) of TV, newspapers, billboards and the on-premise sign with a $16,500 budget. Because the first three media could only display their messages for a month, their CPMs ranged from $1.65 to $13.20. Assuming the on-premise sign would last for 12 years, its cumulative CPM would be $0.13.
You can read the full article at http://www.cimanetwork.com/signs-are-good/