Digital signage is offering businesses new invigorating ways to brand and really showcase their products. Here's how it can make you money.
The explosion of digital devices in the last decade alone has created for a number of new innovations and channels to market your business and its services.
As digital technology invades practically every aspect of our lives, so does the need to migrate business infrastructure within this cutting-edge space.
According to a Businesswire.com analysis, the global digital signage market will be growing from 14.89 billion in 2015 to 21.92 billion by 2020.
The demand for a digital signage solution is gaining interest and growing investments. When you visit public places like a shopping mall, sports stadium, retail store, waiting area, or an airport, chances are high you have encountered a high-resolution digital display.
Some great examples of the different ways digital signage are used and deployed by retailers (Tommy Hilfiger, Nordstrom, New Balance, Nike FuelStation, Primark, Apple, and others). From this list, each has taken a very different approach to showcasing their original products or services lining up with their typical branding presentations through these displays.
Related Article: Does Your Company Need a Digital Makeover?
So, how can digital signage boost business opportunities? The below Visual.ly infographic explains what digital signage enhances for restaurants and retailers alike. In particular, digital menu boards improves some of the following metric for restaurants:
- 47 percent increased customer satisfaction
- 38 percent increased promotional item sales
- 21 percent increased check averages
- 49 percent decreased cost of menu changes
Through the use of interactive kiosks and displays, digital signage has improved retail stores in the following areas:
- 32 percent increased overall sales volume
- 35 percent decreased perceived wait times
- 200 percent increased information retention
- 33 percent increased repeat buyers
The bottom line is there are some additional aspects that are cost-effective by adopting the digital signage technology and making the business environmentally friendly. A Visix illustration clearly outlines how going green benefits your business outreach:
- Reduce paper needs
- No need to pay a designer
- Increased productivity of employees
- Printing needs are minimized
The United States produces 3.7 million tons of copy paper each year. The digital signage avenue can help eliminate the hundreds of flyers printed, paperwork and with other printed materials. Furthermore, digital signage software comes with an easy-to-use interface and not too technical editing tools so you can do the designing work yourself and allocate a designer's salary towards greener investments.
Lastly, communicating with staff via digital displays increases productivity to a whopping 300 percent. So, employees cost a business $600 per year in printing and no need about budgeting this expense after implementing digital signage. Getting the ball rolling with this medium is a no brainer.
Harnessing the Digital Signage Market
According to eMarketer, the number of smartphone users around the globe will surpass two billion in 2016. Mobile marketing has grown immensely, but it's likely we haven't seen the half of it.
If we shift gears to looking for revenue opportunities, consider utilizing the digital signage market. The estimates by an analysis from Marketandmarkets.com is that the figure was $14.63 billion in 2014 for digital signage, and it's expected to increase to $23.76 billion by 2020. In other words, the growth will maintain a compound annual growth rate (CAGR) of 8.18 percent between 2015 and 2020.
“The digital signage option is often disregarded but is a good long-term strategy for digital marketing. Most of the time the conversation seems to frequently revolve around social networking services and native ads within the mobile space. As it turns out you can exploit and WOW audiences with a digital signage as an alternative solution,” says Australian-based FM Digital Group.
Digital signage stats and metrics to bear in mind:
- Digital displays capture 400 percent more views than static displays.
- Eight out of every ten customers entered a store because of a sign catching their interest.
- A retailer confirmed a 24 percent increase in footfall after implementing digital signage technologies.
- Exactly 80 percent of brands experienced an increase of up to 33 percent in additional sales through the use of digital signage.
- First 90 percent of new customers are acquired in bank branches.
There is a return on investment (ROI) with a digital signage plan and will enable you to drum up business. In addition, the costs of digital signage are illustrated by HigherEd TechDecisions (B2B publication) with the associated costs: business, content, hardware, software, connectivity, design and operations.
No matter what industry you find yourself in (retail, government, education, healthcare, retail) digital signage is a good option to explore and attract audiences through these high-definition screen displays (LCD, LED, etc).
Takeaways and Conclusions
Marketing your content is no easy task but it comes down to find a unique narrative to pitch via this channel. It needs to align with the business mission and company history, so your future customers can resonate with you have to say and eventually sell. Maintain a great level of authenticity, a polished reputation, great visibility and a solid perception of your brand.
Digital signage has proven to raise brand awareness by 48 percent. When consumers are concerned 68 percent of them are influenced to buy advertised products through digital signage. Last but certainly not the least 70 percent of the public is exposed to digital signage on a monthly basis.
To recap in 2016, your business should review budgets to allocate the necessary investment for outdoor marketing and sales plans. A detailed analysis by Cirrusled.com, as a result, goes over the top ten trends in digital signage.