As more and more organizations are realizing its value, there has been a rapid increase in popularity of LED signs. Despite its great value, just throwing money into the investment is not going to give you best returns. Here is a guide to how you can measure your ROI for electronic signs:
- Define and express your objectives
Every organization may have different objectives to be achieved through digital signage. Therefore, an organization needs to first define the meaning of “return”: is it through higher sales, increased staff productivity, or any other such example.
- Understanding return on investment and return on objectives
ROI is basically how many dollars you have earned compared to the amount of dollars invested. Return on objectives is an indirect way of measuring return on investment. For example: LED signs used as restaurant menu and order boards frees up staff time spent on taking orders from customers. This extra time allows the staff to do something more productive which will lead to overall increase in revenue for the restaurant.
- Know what to measure
Another critical type of ROI is to measure feedback from customers before and after installing LED signs. This is a direct report of what kind of an impact your investment has created and whether or not your objectives are being met.
- Consider advanced methods of measurement
With the help of technology, you can look into more advanced methods of measuring ROI. One example is to integrate internet along with electronic sensors to measure interactive touch screen responses or foot traffic.
- Measure it, and manage it
If you don’t measure your returns, you will not be able to manage your network of digital signs. Therefore, make use of technology to track both short and long term performances of your LED signs. By keeping measurements of your ROI from the beginning, you will have a better solution on how to manage things in the future.