The three most vital metrics of achieving success in any business are: a good business plan, efficient marketing efforts and an exceptional management strategy. These three factors are interlinked and one cannot work without successful implementation of the other. If you’ve developed a marketing strategy to make your business stand out and invested in a digital signage project, then you must know how to track the effectiveness of your marketing plan. Because an old management adage says that ‘If You Can’t Measure It, You Can’t Manage It.’
How do you know whether your signage advertising is paying off or not? Is your marketing results aligned to business goals? How do you determine the impact of signage advertising on your business revenue? Well, to measure the ROI of your advertising project, you need to understand the marketing funnel and then create measurement indicators.
Marketing Funnel and Digital Signage
It is a system which helps to understand the journey of your customer towards the buying decision. Marketing Funnel consists of four stages: Awareness, Recognition, Preference, and Purchase Decision. Digital signage is one of the most cost-effective ways to create brand awareness among potential customers. This highly flexible advertising technology can help you influence your customer through to the buying stage of the marketing funnel. If your customers prefer your brand products over your competitors, then you can even control their purchase moments via in-store digital signs.
Digital Signage ROI Measurement Indicators
Today, return on investment (ROI) measurement is being used by every business in each industry vertical. The main reason why companies are using measurement indicators is that they enable them to change the marketing strategy as per the market demands and use digital signage more effectively to communicate business message to the targeted audience. Here are some ROI measurement indicators that may help you in your digital signage campaign:
- Sales lift: Compare the change in sales volume over a period when your business used digital signage with the period when you didn’t use digital signage.
- Measure cost savings: Since digital signage technology provides you the ability to create, publish and schedule your content wherever and whenever you want, so you can use it again and again for your advertising campaign. This helps you save advertising dollars.
- Measure real-time signage impact: Various custom sign company in Florida provides digital signage solutions that can actually measure how many customers saw the content being displayed on the screen or came in proximity to it.
- Interact with customers: The best way to do this is to ask visitors to your store to fill a survey displayed on interactive kiosks or digital display screens.
Your business can justify the advertising dollars spent on digital signage only when you determine your ROI. Measuring ROI will not only improve your future digital signage deployment but will also increase your sales channel & business revenue.