To Measure the ROI Of Electronic Signs requires a bit of creativity. Since there isn’t a direct way to see exactly how much revenue you’re pulling with your new sign you’ve got to think outside the box. Now that you have your new sign and have hired a designer to create targeted messages and promotions it’s time to measure the return on your investment. Your return-on-investment, or, ROI will vary greatly by the type of business you operate, the placement of the sign, and the purpose you want your sign to achieve. With the right strategy in place your electronic signs will pay for themselves for years to come.
Boost In Promotional Sales
Your new sign may serve a variety of functions and if one of those functions is marketing and promotions, track your sales. For example, do you have more BOGO or happy hour sales this time around than you did before your new electronic signs? Or does your gas station have more promotional sales after adding a current sale to your scrolling sign? Does your car dealership sell used cars faster after placing them on your digital billboard? Once you identify what works, tweak it to see if you can make it better. And if performance starts to drop test a new strategy.
In addition to a boost in promotions, utilize your new sign to boost regularly-priced upsells and add-ons—kind of like how Amazon features “often sold together” items but your sign will feature items less directly and more artfully. This might include electronic warranties, more sides dishes ordered, accessories, seasonal menu items, and more.
While you want to boost your sales, you must not count out the importance of walk-ins. Outdoor electronic signs can be viewed from many blocks away increasing consumer awareness. This might mean that you notice more people walking in, or that more of who come in comment on your sign. Maybe they want to know if the sign is new, if your business is new, or are inquiring about the message or promotion?
If you have a digital survey that you send via text or email, be sure to add “digital sign” to the “how did you hear about us?” section. While not every walk-in will make a purchase, now that they know you are there, you’ll be top of mind the next time they need what you have to offer. Walk-ins also increase your word of mouth referrals. For example, “Did you know there was a cupcake shop in the downtown shopping center?” Walk-in referrals are of even greater value if they made a purchase and love what you have to offer.
Increased Online Traffic
In addition to physical walk-ins, keep an eye on your online traffic. This includes the traffic to your website, eCommerce shop, social media, or the direct URL featured on your sign. Just like walk-ins, not all of your online traffic will result in a sale—but may result in more visitors, followers, comments, and likes. Or more email subscribers. Also, once someone has visited your website or social media platform you can utilize paid digital re-targeting to help keep your company top of mind.
Measure the ROI Of Electronic Signs – Fewer Questions And Calls
Consider ways to use both your indoor and outdoor electronic signs to add value. For example, your lobby sign could serve as a directory so that fewer people need to ask your front desk where to go. If your government building has long lines or large waiting areas your sign can answer your most frequently asked questions. Your school can post reminders and announcements to reduce your incoming calls. Your church can post a schedule of daily events and church service times. Your government-sponsored billboard can post emergency alerts. While you never want your sign to replace human contact, you can find ways to communicate more effectively and in real-time.
More Comments On Your Signs
Another way to measure the ROI of your new electronics signs is whether people are commenting on them. Everything from how beautiful it looks to whether they liked the images or videos to asking specific questions about the information presented on the sign. If the sign has people talking than it’s doing its job. Since some of the promotions and messages you post are only there short-term, keep a list of which designs and messages deliver the most comments and overall engagement so that you can reuse or create similar displays in the future.
There it is – a few ways to Measure the ROI Of Electronic Signs. As you can see electronic signs are more than just a sign. If you would like to learn more we invite you to reach out to Mega LED Technology today!