How to Effectively Assess All Aspects of ROI for Digital Signage
March 5, 2019
Our truDigital signage team, based here in Sandy Utah, have regular discussions with clients to help ensure they are maximizing the ROI from their investment in digital signage. Leading management consultant, Gary Hamel, has expanded the subject area with his thought that: 'what matters in the new economy is not return on investment, but return on imagination'.
In terms of effective use of digital signage, we'd agree that quickly engaging with the target audience certainly plays a vital part. Let's examine the possibilities for achieving terrific results for both of these strands of 'ROI'...
Setting clearly reasoned objectives for your digital signage activities
We appreciate that your goals are specific to how you operate, be this a retail or manufacturing operation, or through the delivery of services, or the provision of hospitality or education. Your digital signage activities will help in appropriate ways. These are many and varied, from delivering action-inducing promotional messages to the provision of important information for either staff or public areas. These might help increase sales, deliver higher levels of workplace safety, or make your operation more time-efficient for those using it, whether internally or as customers. Assessing all of these areas helps you to set clear ROI objectives, whether simply on actual investment, or by improving vital and engaging contact with your users' imaginations.
Setting your ROI measures
For some businesses, it may clearly be in dollar sales increases. However, flexible digital signage can offer improved traffic flow, thus increasing the use the public makes of your services. It can achieve this while reducing the time your staff spends in offering directions or advice. Equally, improved, increased or swifter access to important internal information might increase employee satisfaction and involvement levels, thus reducing staff turnover with its accompanying costs.
Appreciating the improvements offered by digital signage comes through assessing how best to measure the effects. An agile, cloud-based digital signage system can offer up-to-the-moment advice, to be quickly acted upon. Measured, for example, against the considerable time lag when updating traditional print-based signage, digital signage is repeatedly shown to be rich in both its cost and time savings!
Taking digital signage measurement a stage further
Actively seeking feedback can be undertaken by carefully assessing the amount of time spent by customers interacting with swiftly-changing signage, or in their response to directive messages. These might steer them towards specific products or help to avoid location traffic-flow difficulties. Further analysis can be conducted through surveys or interviews, including both customers and staff who are using your digital signage. This both measures its effectiveness and allows you to make swift response-gaining improvements. With such a flexible and fluid system, such changes can be affected in moments, either to single or multiple screens and locations. This is achieved at virtually no accrued cost, compared to making substantial changes to older-style static signage.
Talk digital signage ROI with our experts
Whether starting from scratch, or when considering the enhancement and expansion of your current capabilities, our experienced truDigital signage team are eager to work with you. We are keen to understand how to maximize your return on both an initial investment, and on the interaction with the users' imaginations through this rapidly growing and increasingly popular medium. For an obligation free conversation, simply call us on 1-801-852-9898...