For many businesses, the thought of implementing new technology can be scary. This fear is caused by one concept: return on investment (ROI). If you run a business or know someone who does, you know that this irrational fear is quite real.
More businesses are beginning to utilize digital signage as a content deliverable. Since digital signage is new (and expensive) tech, executives want to make sure they are achieving ROI from the investment. Additionally, they are also looking for a system that is low stress, low maintenance.
We’ve outlined a few common problems and solutions you might face when achieving ROI for your digital signage.
Problem #1: There is no designated content creator for digital signage
When organizations decided to add digital signage to their organization, many times, they overlook the work needed to create content that is consistent. Oftentimes, this content is not linked to communication (or content) strategy. It isn’t until after adding digital signage when organizations realize that they don’t have designated content creators.
This results in assigning an additional amount of work to an individual or department to create content. Not only does it take time away from these individuals or departments; it also causes additional stress. For these individuals, content strategy for digital signage isn’t their main priority. They create content quickly as opposed to creating a strategy around it, as it is view as just another task to complete. This is not only harmful to the quality of the content but in turn, the ROI.
Solution: Designate someone to create & maintain your content
Survey all possible departments who could possibly take over the creation and maintenance of your digital signage content. Maybe instead of the creative team, consider your organization’s content team. This group is your best option go-to to create content for your digital signage. While you might only think of your content team as copywriters, they really act as content strategists. They use their expertise to help marketing groups guide their content creation decisions.
If you don’t have anyone internal, you can always try an external third party. These businesses are experts in content creation and strategy. They are more than willing to work with you in order to come up with a consistent content strategy that is on brand and on message for your business. As a result, your teams will have more free time to pursue other projects. Additionally, your ROI will skyrocket due to better written and well-thought out content.
Problem #2: Employees aren’t educated about the benefits of digital signage to the business
It’s very common for employees to be against new technology because they don’t understand the benefits it can bring to the organization. And oftentimes, not all employees at all levels are involved in the decision-making process. This can result in a shift in employee morale, discouraging them from supporting the initiative.
Additionally, not all employees may be aware that the organization purchased digital signage as a tool that employees across the company can utilize. Oftentimes, acquisitions like that are announced on a departmental level as opposed to a company-wide level. Interest can be perceived as only being relative to a few groups. Both of these instances can cause ROI to take a hit. Educate employees on how they can use digital signage for their own projects and the benefits it brings to the business as a whole.
Solution: Educate employees on the benefits and usage of digital signage
There are a number of ways you can educate your employees on the benefits and usage of digital signage without making it a long, boring, drawn-out process. Collaborate with the digital signage experts within the company (a.k.a. the go-to people for all things digital signage) to put together materials. These materials can be as formal a PDF “how to” guide to as informal as a Google Doc or email with instructions and best practices.
Take it one step further; have an enablement session over video conferencing or on-site training. Employees can have the chance to have all of their questions answered right then and there from the people who proposed the initiative in the first place. The more educated that employees are on the benefits and usage of digital signage, the more likely they are going to utilize it. Thus, this will lead to a significant increase in ROI.
Problem #3: Putting together quantitative metrics for ROI
Quantitative metrics are one of the most significant indicators of ROI for a company. Executives want to see the numbers as a confirmation that the purchase was indeed beneficial for the company. Whether it comes in the form of impressions, opportunities influenced, or engagement rates, managers and senior leadership want to see results. This can often be hard to achieve unless you have the proper tools to do so. Chances are when you were getting a quote for digital signage, the salesperson told you an estimated number of traffic and impressions based on location, size, etc. But you need to dig deeper.
Solution: Gather metrics to show digital signage ROI
Take some time and put together some reports that show different metrics for measuring ROI. These metrics might be beyond what you already expect. Take a look at different metrics that could be related. How do your sales/marketing leads look? Can you track the source? Has your content been read on or clicked on more? Metrics like these can give you a good idea if your digital signage investment is paying off. Bonus points if you create a functional dashboard for your executive team using analytics software.
Metrics can give you an idea of performance, trends, and if the digital signage is doing its job. Conversely, you can identify problem areas that you can fix within the next quarter or the next year. Maybe you don’t have strong content or maybe the location was bad. Either way, metrics will guide your next decisions and show if you do indeed have ROI.
Digital signage is a great content delivery tool to implement into your business. But it does come with its own set of concerns when it comes to ROI. With a few best practices put in place, you will not only achieve ROI but save yourself a lot of time and stress.