One of the most popular questions asked by business owners who are considering to invest in digital signage is “How can I measure my return on investment?” It’s an understandable query. After all, the success of any business is largely dependent on ROI. ROI is represented by a percentage that is calculated by taking the profit a company makes, subtracting the cost of the investment, dividing that number by the cost again and multiplying the number by 100.
For example, a $1000 profit minus a $500 investment is $500. 500 divided by 1000 is 0.5. Multiplying that number by 100 gives you 50, making 50% your ROI. So, in order to answer the earlier-asked question that may be on your mind, let’s look into some of the best ways to measure digital signage ROI.
Make note of changes in your sales numbers.
There is arguably no more obvious way to measure digital signage ROI to than to pay attention to your sales numbers. In most cases, companies that post product-related content, news of upcoming sales events and current discount offers on their in-store digital signs enjoy significant sales boosts.
After just two months of using digital signs, “Culver City Toyota had a record-breaking month in sales,” reports Cassie Paton of Enplug. She also notes that after installing digital signage, “popular San Francisco restaurant La Taqueria increased their sales by 28%.”
Listen intently to customer feedback.
Is there a better source to receive information from than the proverbial “horse’s mouth”? Since one of the primary objectives of digital signage is to grab attention and keep people engaged, it’s wise to find out directly from your customers if your efforts are effective. If they’re not coming up to you and asking about the information your digital signs have provided them, be sure to ask if they have been noticing the messages you’ve been displaying.
“Sometimes the obvious answer about the digital signage ROI can be answered by a simple customer survey,” notes Maler Digital Signage in the U.K., “Asking where the customer saw the information about the product or how they recognized the brand can lead to discovering what influenced the customer’s overall decision to buy.”
Throw up hashtags on your digital signs and monitor your social media buzz.
Let’s say, for example, you decide to advertise an upcoming spring sale using your digital signage. If each of your screens includes the hashtag #SuperSweetSpringSale in addition to your social media account handles, you’ll be given a clear route to discovering just how engaging and impactful your digital signs can be.
As Paton reveals, “for a global campaign, popular fitness club Equinox measured the number of social media interactions and impressions with their hashtag from each of the 73 locations. Just four of those locations…generated more than 65% of all the campaign’s impressions. That’s 118,593 impressions at four locations versus 40,335 impressions at the other 69 venues without digital signage, to be precise.”
Consider the money you can save by abandoning old customs.
How much has it cost you to continually replace the traditional signage you’ve had to update in your place of business? Since printed posters and boards clearly can’t change themselves, it requires both money and manpower to take down old signs and then redesign and install new ones. With digital signage, the ability to revise, renew and redisplay new messages is as easy as opening up a dashboard and uploading a new file.
Isn’t it time you take advantage of digital signage? For information about how Screenfluence can help you, please don’t hesitate to contact us by calling 1-844-772-7336 or emailing email@example.com.