“That much? For a screen and some software?!” A sentiment heard far too often from franchise corporate offices nationwide. But the individuals expressing these feelings aren’t completely wrong. Digital signage is expensive at first; there is no way around that. But what’s even more expensive is eating your competitors’ metaphorical dust. As your competitors adopt digital signage technology, your customers will flock to them. And you will lose your place as their most sought after brand.
But you’re in luck, even if you’re on a tight budget. Research shows that it hardly takes any time at all to recoup your digital signage investment. According to QSRWeb.com, it takes, on average, 7-12 months to see ROI on digital signage. Also, 25% of brands who use digital signage see a 1-3% increase in sales thanks to the technology. Digital signage doesn’t seem so expensive now, does it?
So, how exactly are you making money by using digital signage? Keep reading to find out.
A Better Trained Staff = Better Sales and Profits
Digital signage isn’t just for creating video walls and ever-moving advertisements. The technology is multipurpose and can perform many different functions.
One key function of digital signage is after hours employee training. Let’s face it, training needs to be entertaining for employees to pay attention. Those videos from 1992 and black and white training manuals aren’t cutting it anymore. Employees are more likely to adopt the training messages when they enjoy the presentation. And employees who understand the training messages are more likely to be better performers. These employees will realize the impact their job has on the brand, and thus deliver better customer service.
Because of this increased customer service, an increase in customer loyalty will occur. Customer service is important to customers. In fact, according to an American Express survey, 78% of consumers have bailed on a transaction or not made an intended purchase because of a poor service experience. And 7 in 10 Americans say they are willing to spend more with companies they believe provide excellent customer service.
Multiple Promotions, Zero Problems
Imagine this rut: You’ve worked hard whipping up the most delicious recipe for your new egg sandwich and you want to promote it in your restaurant. But you don’t have the kitchen capabilities or inventory to serve this sandwich after 10 AM. What do you do?
For one, you could create print signage and display it in your restaurant. But your lunch customers may ask you to make them the egg sandwich at 12 PM. It looks so good in the picture, after all! You either have to tell them no or go out of your way to make it for them, reducing your speed of service and ruining your lunchtime flow.
Or, you could solve this problem with digital signage. One of the great things about digital signage is dayparting. This basically means breaking the days into “parts” (breakfast, lunch, dinner) and promoting only those “parts” during those times. When most people think dayparting, they just think of the menu changing. But advertisements and promotions can change as well!
With digital signage, you can promote your egg sandwich in the morning and your turkey sandwich in the afternoon. This way, you are promoting your most popular (and profitable) items during their correct “part”. This ensures that your speed of service and inventory aren’t compromised and you are giving your customers what they want when they want it!
Take Control of Your Inventory
We can also apply the egg breakfast sandwich example when talking about inventory control. Imagine this: Your breakfast sales are off the charts and your egg sandwich is selling like crazy. But what if you run out of eggs?
Without digital signage, you would have to inform (and disappoint) every customer about your lack of eggs. Annoyance could overcome these customers (they wanted that egg sandwich, after all) and they would have to order a new item. But, the search for a new menu item may take a while. It requires the customer to take a closer look at your menu, weigh their options, and choose which item will most satisfy their egg sandwich craving. This long wait time decreases your speed of service and doesn’t allow you to serve as many breakfast customers as you would like.
With digital signage, if there are no eggs there is no problem. Instead of showcasing the egg sandwich as your featured promotion, you could replace it with another popular (and profitable) item at a moment’s notice. Since this product can be made with your available ingredients, your speed of service won't suffer and your breakfast sales won’t take a hit.
Cool? Check. Innovative? Check. Attention-Grabbing? Check.
It seems as if every brand today wants to be seen as more hip and more innovative than their competitors. Brands are beginning to focus more and more on attracting millennial customers by catering to their technology-savvy minds. There aren’t 13.9 billion Google search results for “how to market to millennials” for nothing.
Unfortunately, flying cars don’t yet exist. And the only hoverboard we have still has wheels. But we do have digital signage technology that is capable of some amazing things.
Digital signage isn’t just for static promotions. It isn’t just for PowerPoint style presentations or video walls. And it isn’t just for digital menu boards. It’s for wayfinding, to allow customers to interactively find their way around a department store or mall. It’s for audience aware technology, to customize the promotion displays based on the user who is viewing the screen. It’s for lift and learn technology, allowing customers to learn more and compare products when picked up in a retail store. And that’s just the beginning of the list of digital signage’s cool capabilities.
Also, with digital signage you are saving money because you will have to print less promotional signage for your store or restaurant. You can use these savings to print other cool products, like textured wall graphics, eye-catching floor graphics, and attention-grabbing dimensional signage. These printed items are the perfect complement to your digital screens and allow you to get your message across to your customers in a variety of mediums.