Indoor Digital Signage Placement: The Best Places To Put Your Sign
Purchasing an advanced digital signage solution from an LED display company is an investment for your business. To make sure the investment is worthwhile, you must be able to calculate precisely how your sign is serving your business. Tracking your return on investment (ROI) and return on objective (ROO) allows you to analyze what is and isn’t working for your signage and content. Learn more about measuring digital signage with this guide to the difference between ROI and ROO.
Determining Return on Investment
ROI revolves around sales and cost savings. These are clear numbers that you can calculate and analyze to see how much money you are making with your digital signage. To calculate ROI, subtract the cost of the initial investment of your sign from the profits you make because of the display.
Examples of useful ROI measurements include the number of products sold, frequency of sales, and conversions from new and returning customers due to your sign. You can also factor in cost savings, such as money you save through better communication, streamlined operations, and less reliance on other marketing sources.
Determining Return on Objective
While ROI focuses on money and profits, ROO looks at the broader spectrum of your company’s goals. This can include profits, but it also refers to productivity, efficiency, brand or product awareness, customer satisfaction, employee or customer engagement, and more.
Calculate ROO through qualitative means, such as customer satisfaction surveys, employee feedback, and similar measures. Identifying clear objectives and tracking goals throughout the lifespan of your digital signage are also crucial factors in determining your return on objective.
Use ROI and ROO Side by Side
Understanding the difference between ROI and ROO is an important part of measuring digital signage, but it’s essential to use both when determining the efficacy of your LED display. Paying attention to both ROI and ROO gives you a more comprehensive analysis of how your signage helps your business. This allows you to track successes and areas of improvement with sales and profits while simultaneously evaluating your overall operations, customer satisfaction, and more.
If you want to get the most out of your signage solution, make sure you work with an experienced LED display company. Optec Displays has the knowledge and expertise you need to choose the best indoor or outdoor LED sign for your property.
engagement, conversion, and customer satisfaction.