Big Picture - March 2017 - 16
Digital Signage ROI
Having actionable data is essential for any new technology; how you obtain that
data is just as important. | by Beth Osborne
igital signage is everywhere, from retail to
healthcare and almost any environment in
between. Yet, there are still many reluctant
adopters. Why? Because hesitant prospective
clients continue to ask the same question: How
will it grow my brand? They want numbers before they can
consider the investment. They have a high level of doubt,
despite the fact that digital signage continues to grow with
the market growth estimated to hit $27.34 billion by 2022.
What they really want to know is what they can expect
to get out of their investment. The good news is ROI is not
as elusive as it once was; there are many ways to interpret
and measure it. The literal interpretation of ROI is dollars
returned versus those invested, either by actual revenue
increases or by reduced costs. Other ways to quantify ROI
are through brand awareness and impact on the customer
experience. Sometimes, signage can actually do all of these
things. Wayfinding signage in a shopping center is a good
example because it can promote certain products that are on
sale, increase brand awareness by integrating social media,
and improve the customer experience by answering easy
questions, like where to find the restroom.
Let's look at some specific examples at each stage of the
ROI process: goal setting, what to measure, how to measure it,
* Relevant: Does it pertain to the larger set of goals?
* Timely: Set a deadline.
Let's look at a specific dollar-related goal that your
customer might set: increase sales of item X by 20 percent
in the next three months. This can be defined as SMART as
long as the client has data about current and past sales
figures for the item.
A branding goal could be to increase mentions of the
client's brand on Twitter by 10 percent in the next 30 days.
Again, the client would need to know their current monthly
mentions, or number of times other Twitter accounts tag the
client's brand in their tweets for all of their followers to see,
to measure this.
An example for improving customer experience might be
to reduce average wait time by 60 seconds during lunch in the
next 14 days. The client would need to know current wait time
to initiate this goal.
STEP 1: DEFINE A GOAL
It's impossible to measure success without a goal. Start with a
BETH OSBORNE is a consultant with many years' experience working with end users,
providers, and stakeholders in dynamic and large-format signage. She resides in
Charlotte, North Carolina. Contact her at email@example.com or find her
on Twitter @bethfosborne.
* Specific: Real numbers.
* Measurable: Can the goal be quantified?
* Attainable: Is it realistic? Make it challenging but not