The ROI of Digital Signage: How it Can Help Maximize Business Growth

For businesses, solutions that enhance daily business operations are a no-brainer investment. 

One such innovative solution responsible for high business returns is digital signage. Whether it’s in-store displays in retail stores or wayfinding solutions in hospitals, digital signage is becoming an essential marketing and communication tool for businesses across industries.

Fun fact: Using digital displays can capture 400 times more attention than static ones!

This is a massive opportunity to engage customers with dynamic content and attract them towards your products and services.

In this blog, we’ll deep dive into the ROI and impact of digital signage on businesses across industries. Read ahead to discover how you can employ it for your business too!

How Digital Signage Can Impact Your Business

Digital signage makes communicating with your employees and customers simple and effective. Unlike traditional signage, digital signage can be managed remotely, anytime and anywhere. 

Let’s discuss the major digital signage ROIs and see how this solution can maximize business growth!

1. Improves corporate communication

Digital communication simplifies communication by displaying real-time updates and alerts to employees. This ensures they don’t miss any important information like deadlines, schedules and best practices in their daily operations. 

With the right information at the right time, employees are empowered with the information they need to perform their tasks well, thereby increasing productivity and efficiency.

2. Minimizes perceived wait times

In the book “The Psychology of Waiting Times,” David Maister states “Occupied time feels shorter than unoccupied times.” Many businesses use digital signage to engage customers during longer waiting times and minimize boredom in long queues. 

By strategically placing video walls and screens, you can display news updates, weather reports, and other dynamic content to keep your customers from getting restless while waiting. 

3. Offers a cost-effective solution

While traditional signs take more time, energy, and effort to put up, digital signage is easier to manage and maintain. They can be controlled from a single dashboard, irrespective of location and time zones, offering more flexibility and convenience. 

While the initial cost of procuring and installing the hardware and software can be high, the cost-benefits of digital signage solutions are more sustainable in the long run due to their durability and longevity.

4. Increases customer engagement

Humans respond to visuals fast. About 90% of the information transmitted to the brain is visual. Dynamic content, vibrant colours, and intriguing visuals create immersive experiences that humans respond to positively and increase engagement.

5. Enhances brand awareness

The right digital ad, when targeted strategically, can grab eyeballs instantly. And the clearer your message, the higher the engagement rate. Even research shows a 47.7% effectiveness on brand awareness using digital signage!

6. Gives real-time reports and insights

One game-changing advantage of using digital signage is that it gives you real insights into how digital displays perform. This way, you can take a device health check and run maintenance services to ensure optimal performance.

Digital Signage: Industry Use Cases and Benefits

Let’s take a closer look at how digital signage can impact your industry — from mending fragmented communication to elevating customer experience.

Healthcare

In a sensitive and fast-paced environment like healthcare, having the right information at the right time is crucial for quality patient care. 

Digital signage plays a critical role in disseminating important information to staff and creating more welcoming experiences for patients and visitors.

Benefits of digital signage in healthcare:

• 35% reduction in perceived wait times for patients with on-screen displays

• Improves staff communication with real-time updates of shift schedules, healthcare best practices, and protocols

• Engages patients with dynamic content like live streams and news updates in waiting rooms

• Simplifies wayfinding across hospital infrastructure with digital maps and interactive kiosks 

• Streamlines registration and queue management with QR code scanning and digital registration 

• Boosts patient morale by showing patient success stories

Education

More than 95% of students agree that videos elevate the learning experience. You can leverage digital displays to create engaging and interactive learning experiences in an age where attention deficit is real.

Benefits of digital signage in schools and universities:

• Enables effective communication with real-time updates across campus

• Streamlines wayfinding for students and visitors across campus.

• Enhances cafeteria operations and experience with digital menu boards 

• Creates engaging classroom experiences with dynamic content like videos and tutorials 

• Fosters community spirit and team building with consistent branding, recognition of awards and milestones

Retail

If you need proof of the benefits of interactive digital signage, look no further than its impact on retail businesses. Digital displays have created a whooping 31.8% upswing in overall sales volumes, potentially increasing footfall by 24% in retail stores.

Benefits of digital signage in retail:

• Increases customer engagement for better in-store experiences

• Reduces perceived wait times in long queues and check-out points

• Promotes brand awareness through dynamic displays 

• Offers the opportunity to upsell and cross-sell across strategic customer touchpoints

• Simplifies data syncing and price updates via electronic shelf labels

• Energized employees with breakroom TVs during downtime

Manufacturing

In fast-paced and high-risk environments like manufacturing plants, digital signage has been a game-changer in streamlining employee communication, increasing employee productivity, and implementing safety protocols.

Benefits of digital signage in manufacturing:

• A 20% reduction in injury rates is credited to the use of digital displays

• Streamlines employee communication with real-time updates and alerts

• Simplifies inventory management with electronic shelf labels and stock updates 

• Tracks critical KPIs and metrics on BI dashboards for accurate decision-making

• Enhances skill development with regular training materials like tutorials, best practices, and how-to videos

Enterprises 

In corporate enterprises, clear and crisp communication has a profound impact on employee engagement, which then directly impacts productivity and business performance. That’s why forward-thinking companies are leveraging digital communication to improve information-sharing and decision-making.

Benefits of digital signage in enterprises:

• Provides important information and updates in real-time

• Streamlines workflows with best practices and quick tips 

• Visualizes complex data into easy-to-consume formats using BI dashboards 

• Boosts employee morale by streaming accomplishments and awards 

• Energizes employees using break room TVs

Hospitality

When it comes to hospitality, enhancing guest experience is a priority. Up to 65% of hotel guests agree that digital signs have enhanced their stay. This is because digital signs play a crucial role in informing and engaging hotel guests across touchpoints, keeping them in the loop at all times.

Benefits of digital signage in hotels:

• Engages guests in waiting areas and lobbies with dynamic content 

• Simplifies wayfinding across hotel property with on-screen layouts 

• Informs guests of any rules, updates, and events to keep them updated 

• Share information with staff in real-time to improve internal communication

Wrapping Up

Digital communication solutions can massively increase how your brand engages employees and customers. Some of the key benefits of digital signage solutions are streamlined employee communication, increased customer engagement, improved brand awareness, and simplified wayfinding.

As businesses fight to stand out and attract more customers, digital signage can give you the edge you need to scale your business and meet customers where they are.

If you’re ready to transform digital communication for your business, contact us at info@LSquared.com.