I have never tried it, but gut instincts after 17 years in the real estate business tells me that it would be a monumental waste of money. That kind of marketing is much too passive. People respond to active marketing. Stick to flyers, road signs, and post cards. For $1250 per month you can advertise on cable TV, but I am not sure how effective that is, but it would certainly be more effective than your message on the top of cabs.
In thinking about different marketing strategies and in working with an advertising company, I received a proposal to do taxi top/trunk advertising. I live in a fairly large metropolitan city - 3 million people - and the taxis would pretty much be running in my target area. The cost to run these signs on 10 taxis running 24/7 would be $1250/mo for a six month contract.
Does anyone have experience or information on the success rate with taxi cab advertising? I’d like to get some feedback before making such an investment.