The first thing that you need to do in this regard is define your objectives behind using digital signage and then articulate them. No two organizations have the same goal and this is why their requirements are also quite different from each other. This is especially applicable in the context of the return that they expect to procure from the investment. At times, it has also been seen that the aims behind installing digital signage may vary within an organization itself. As an example it can be said that in some case digital signage is used just for providing critical information to employees in the shortest time possible.
In other cases, digital signage may be used for assisting customers. To start with, it is important that the organization in question clearly knows what it wants from using digital signs. Do they wish their sales volume to increase? Do they want to become more efficient thus saving time – and money in the process – in delivering their products and services to their clients and customers? It is basically this clarity of thought that can play a major role in determining how the signage is going to be used.
Return on objectives and return on investment – understanding the concepts
At the very basic level the term return on investment signifies the amount of dollars earned against the amount of dollars invested. However, there is much more to this concept. Both ROI and return on objectives are closely related to each other. As an example, it can be said that if you have installed digital signs in order to help people find the way to your store you cannot tie it directly to the revenue you are earning – even if it is more than what you were earning in the previous month. However, just imagine that you were using a couple of your staff members just for this purpose.
However, when you use digital signage you are freeing up these people for other work that is more important and more productive for your company. It can directly contribute to your store’s performance making it much better than before and this will make sure you earn more money in the process. So, there you have it! This is how – in this case – digital signage has contributed to greater revenues. When you are thinking of return on investment the first thing that you need to take into account is the timeframe.
In case of technology-oriented investments such as digital signage you need to look at the longer-term. You also need to factor in the entire cost of ownership in this case as well. In the short term the cost of hiring a couple of employees and posters may be far less than installing a digital signage. However, the benefits of installing digital signage are many. You can actually update your screen on a real-time basis. You may have many screens at different locations and you may want to update or change only one of them. You will be able to do that. You might wish to achieve a specific purpose with regards to a certain location – you can do with an update on your digital signage. You can also update your whole network at the same time. Now think you are doing the same thing in its printed version. Imagine the costs that it would incur and the amount of people you would have to hire to get the job done! The return on digital investment is much better with digital signage.
You should know what you need to measure
This is a very subjective way of looking at return on investment. It is also equally as important. In this case you need to look at the feedback that you are getting from guests after you have installed digital signage and compare it with the feedback that you had been getting prior to the same. This way you will be able to gauge the success of your work – the digital installation in this case – and determine if you have achieved what you wanted to. You might not even have to go and physically ask or interact with people. You may just as well observe them quietly and you will get your answers. You can look at factors like the amount of time being spent in front of a digital sign by the customers. You can also look at the number of people who have availed your products or services after seeing a digital sign at your shop.
Looking at the latest methods to measure
If you are not satisfied with these two simple ways to measure return on investment on your digital signage you can look at the latest ways in which this is done. These days, the technology is such that you are able to perform even the most detailed and minute measurements. You can integrate electric sensors in order to look at foot traffic or use touchscreen responses that are interactive in nature. You may even take recourse to surveys and interviews in order to find out the exact details in this case. This way you will also get a feel of how people are responding to your new decisions. You can ask questions like if people have seen digital signs and – more importantly – if they found them to be useful. The most important thing however is to act on your findings. You should always look for improvement.