We know digital signage is effective in many ways, especially for retailers and other brick-and-mortar establishments looking to enhance the in-store experience. But sometimes, being able to measure its effectiveness – or at least approximate it – makes all the difference when it comes to justifying your investment in this technology. While it’s nearly impossible to calculate exact digital signage ROI, there are ways to measure your digital signage’s effectiveness in an approximate manner. This is by no means an exact science, but here are five methods that are worth a try.
1. Promo codes
Promotional codes are one of the oldest tricks in the book for measuring the success of a marketing or advertising campaign, and for good reason. Digital signage is no exception. Share a promo code on your digital signage screens that customers can use for a discount on their next purchase. Make sure you don’t use this promo code anywhere else, so customers can only obtain it by looking at your digital signage screens. It’s up to you if it should be applicable for in-store purchases, online or both. You could also make it a referral code to bring in new customers. Revenues associated with these promo codes can be attributed to digital signage and give you an approximation of digital signage ROI.
2. Unique URLs
An alternative to promo codes is directing customers to a URL that you only show on your digital signage screens. The URL can lead to a landing page specific to the campaign or just your website. You can use a URL shortener like Bitly to create a link that’s short and easy to remember, which is important since customers obviously can’t copy and paste it.
At the very least, you’re able to measure visits to the link and use that to give you an idea of your digital signage’s effectiveness. If you have sophisticated tracking tools, or a form on the destination page, you may be able to tie the link to conversions and revenues to estimate ROI.
We’ve written plenty about the power of an Instagram hashtag wall, in which posts using a hashtag you’ve specified will show up on your digital signage screens. It’s a great way to grow your social media following and engagement, but it can also help you assess digital signage effectiveness. Promote the usage of a certain hashtag only on your digital signage screens, as you would with a promo code or URL in the aforementioned examples.
Make it a unique hashtag that customers or social media users wouldn’t think of themselves; ideally it would be a branded one that incorporates your company name or tagline. Whoever uses the hashtag is likely to have seen it on your digital signage screens, so it gives you a sense of their effectiveness.
4. QR codes
QR codes are an innovative way to make your digital signage screens “clickable.” Here’s how it works: Use a free QR code generator to create a unique QR code for whatever URL you’d like to lead your customers to from your screens. Display the QR code only on your digital screens, and instruct customers to scan the code to access an exclusive offer. All customers have to do is scan the code with their smartphone camera, and the destination URL will open automatically – no QR code scanning app is necessary! As with #2, you can track visits to the destination URL and/or track conversions and revenues.
Sometimes the best way to measure digital signage ROI is to stop trying to quantify it at all. Instead, look to more qualitative measurements. One way to make these measurements is through customer surveys.
After a customer makes their purchase, direct them to an online survey asking about their shopping experience. It can be a link or QR code that’s on or attached to the receipt, or emailed to the customer if their email address is in your system. However you administer the survey, include questions such as: What drew you into our store? Did you take notice of the digital screens inside the store? Did you remember anything in particular you saw on them? Did they lead you to make a purchase? How engaging would you say your shopping experience was?
Answers to these questions can be given on a scale of 1 to 10, but ultimately, these are qualitative assessments that can tell you a lot about your digital signage’s effectiveness.
Think about your digital signage goals and objectives for your business. Whether they’re qualitative or quantitative, you’ll know whether or not your digital signage is cutting it for you and worth the investment. Figuring out an exact ROI may not be necessary to answer those questions, but otherwise, do your best with the methods offered in this blog.
Ready to give digital signage a try? Contact us today to learn more and get started.