Digital signage ROI can be difficult to calculate, as it’s not always directly linked to sales.
More and more businesses are recognising the value digital signage can bring, and embracing it as a major force in their marketing efforts.
But in today’s digital-led, ultra-competitive market, it’s crucial for businesses to know what return they’re getting on their investment.
Here are five things to think about when measuring digital signage ROI:
Define your goals at the beginning
Clearly defined goals are the cornerstone of any digital signage marketing strategy.
In order to gauge how effective your digital signage campaign is, you need to establish your goals before you start.
Think about why you invested in digital signage. Was it to reach new audiences and increase brand recognition, or to communicate with employees? Maybe your aim was to boost sales?
Whatever your aim, solid ROI depends on defining these goals at the beginning.
Use your goals to evaluate success
Once you’ve established your goals, you can use them to evaluate success throughout your digital signage campaign. For example, if your goal was to increase sales, you’d need to compare the increase in revenue to the cost of the digital signage to determine its ROI.
However, sometimes the ROI is less tangible. For example, if your goal is to keep your employees informed, you won’t be able to measure this monetarily. You’d need to find another way to evaluate the impact of your digital signage – in this case, you could use an employee survey.
Calculate your sales ROI
If the aim of your digital signage campaign is to boost sales, you’ll need to calculate your sales ROI – the effect your digital signage has on sales.
Do this by comparing the value of transactions in a defined period (three months, for example) before you launched your digital signage to the corresponding figures after the launch.
If you find a distinct increase that correlates with the launch of your digital signage campaign, your digital signage is delivering. If not, you may need to rethink your strategy.
Measure your savings ROI
Digital signage can also deliver ROI by reducing costs.
It can reduce operational costs by freeing up staff time. For example, an informational display could reduce time spent answering customer queries, leaving employees free to attend to other tasks.
It can also decrease advertising costs by generating word-of-mouth marketing. This can be invaluable for improving brand recognition and gaining new customers.
Get customer feedback
One of the most effective ways to measure digital signage ROI is also one of the simplest: ask customers!
Asking for customer feedback will not only make customers feel valued, it will also provide important insights into the effectiveness of your digital signage campaign.
Interactive displays can be a great way to engage customers – but only if customers find them appealing. Ask your customers what works and what doesn’t, and use their feedback to evaluate the success of your campaign – and improve it.
Digital signage ROI: a summary
Measuring your digital signage ROI is a key step in running a successful marketing campaign.
These considerations should help you evaluate your digital signage ROI effectively, which in turn should help you plan for future campaigns.