There are several examples of sales increases for products that have been featured in a digital menu board, or a digital feature in-store. Having some kind of analysis to calculate the size of the opportunity gives one the sense of total available revenue. How many people are passing by a location without going inside? How many people are buying product ‘A,’ but not product ‘B’? How many people are browsing, but not buying or signing up for the loyalty program?
A potential revenue figure can be generated from all of these insights and data. Working backwards, one can identify a budget for the solution that will provide the desired return rate. Assuming a solution is possible, the project moves forward with a pilot that includes all the elements of the actual program to test the content strategy and its ability to achieve the desired conversion rates. Tweaks can then be made before an ultimate go or no-go decision is determined.
OK, so where are the ‘gotchas?’
An analysis of historical point-of-sale (POS) data provides an indication of a sales increase resulting from different campaigns.
This is not an exact science as there are continual emerging factors that influence the decision people make. While there is always an attempt to isolate the measurement to those results driven by the solution, it is not always possible. The best campaign can be derailed by an inadvertent outside influence, particularly given how the world is ultra-connected. Understanding and accounting for these outside influences is a huge benefit. One of the biggest advantages of digital signage is, should something extraordinary occur, the message can be changed immediately to reflect what just happened. For example, the objective may become damage control as a result of a high-profile athlete blowing out a sneaker as opposed to launching a new shoe line.
