On the front end, digital signage offers many cost-cutting benefits (i.e. reducing spend on traditional marketing methods). You can see the impact on your bottom line right away, manual labor to put up the signs and take them down. Timing on delivering the updated messages (cost of shipping) . But beyond your initial savings, how do truly measure the ROI for digital signage?
The exact methods through which you measure ROI may differ based on your industry or goals. So, before you start compiling data, be clear about what you want to achieve.
- Choose a measurable and time-specific goal
- Decide how you’ll measure that goal
- Calculate total cost of ownership (i.e. training to use new signage, maintenance, upgrades, etc.) to ensure your goals account for this expenditure
Then, you’ll likely measure your ROI in one of three ways:
- Impressions: Similar to social media, impressions are a measure of how many times people see your message. You can set a number (say, 20,000) and monitor how your signage performs. Could be challenging if you don’t have an automated eye-counter, but traffic flow information for different areas in your building is a common statistic to get ahold of based on # of employees and visitors on average.
Different messaging relevant to the time of day can be a great engagement philosophy. If impressions drop off after a certain period, perhaps you need to work in new elements to keep it fresh.
- Retention: Retention measures how well people retain the information from your message. You can measure this through a survey, QR code or the like. Strong retention indicates you’re using the right combination of design and information.
- Action: This is the most tangible measurement. Whether you’ve instructed customers to text a number, download an app, schedule an appointment or access a website with a QR code you can determine if they’re following your suggestions. Of course, this action is what ultimately converts your target audience into loyal customers and happy employees. If your conversion is low, adjustments can be made easily with your digital signage.
It’s easy to focus on the significant savings provided by using digital signage. But to truly measure ROI- impressions, retention, and action should provide the bulk of information you need to prove your numbers.
