While there is no simple, plug-and-play plan for increasing revenue, there are events that always increase the amount of money flowing into an organization.
More customers spending more money more often, selling more high-margin items, and adding extra income streams always increase revenue. But knowing broad strategies for funneling cash into a business isn’t how you bring in extra income. You need to have clear strategies to trigger the extra income activities.
One way you can encourage these events is through the use of digital signage. Using engaging multimedia screens in your business helps trigger the actions that increase revenue. Here are a few ways you can increase revenue with digital signage.
1. Increase the Number of Customers in Your Store
If you want to increase the amount of revenue coming into your store, it helps to have more people in your store.
With digital signage, you can attract more people into your store by placing captivating digital signage on the exterior side of your entrance.
Displays that show off your products, services, and brand messages are an excellent way to catch the attention of people walking by your store. If your location is in an area with heavy foot traffic such as on a busy street or in a mall, displays will capture attention and pull new customers into your store.
2. Increase the Amount of Money Customers Spend
Another way to increase revenue is to get your customers to spend more while they are in your store or shop. Digital signage is an effective way to promote your products and increase the amount of money that is spent during each customer transaction. You can use content for a variety of promotions.
- Highlight products and services through captivating content. Instead of using boring static signage, highlight your products and services through engaging content like video, animation, music, and graphics.
- Deliver product demos. Give your customers a complete look at your products or services by showing videos that reveal features, before and afters, demonstrations, and testimonials.
- Connect with people who don’t like to talk to salespeople. Shoppers are becoming more autonomous when they shop. They prefer to shop without the assistance of a salesperson. This group may not want to talk to salespeople, but they still need information. So, use digital signage to educate customers the way a salesperson would. This gives customers the autonomy and information they need to comfortably make purchasing decisions.
- Highlight complementary products and services. Use your signage to show how other products and services pair with other items. Increasing awareness can guide customers to make purchases on items they didn’t know they needed.
- Advertise packages. Make it even easier for your customers to see the benefit of buying complementary services and products by bundling items into packages.
Place signage near check-out counters and product displays so customers can easily see the supplemental information and upgrade their purchases.
3. Sell More Products that Increase Your Profits
Featuring rotating products and services on digital screens is another way to increase your revenue. You can strategically feature items that bring the most benefit to your business.
Because digital signs are easy to update and revise, you can quickly and easily change content to promote best-selling, high-margin, or sale items. Being able to quickly revise your promotions allows you to control your inventory and move products that need to sell quickly.
4. Increase the Frequency of Customer Visits
You increase revenue when customers regularly return to your location to make additional purchases. Digital signage can help you bring customers back for repeat visits.
- Deliver a unique and exciting in-store experience. With digital signage, you can entertain your customers while they are in your store. You can create an impressive environment that they enjoying being in and will want to return to.
- Collect email address. Interactive digital signs allow users to interact with content and enter their contact information. You can use signage to encourage customers to enter their information (in return for coupons, entering a contest, etc.) and build a direct connection to the customer. When you have their contact information, you can send promotions that encourage them to return.
- Encourage customers to follow social media accounts. You can also encourage your customers to follow you on social media to create another link to their daily activities. Use digital signage to promote your brand’s social media profiles so customers know where to connect with you.
Engaging digital signage allows you stand out from your competitors while forming a deeper connection with your customers. This encourages customers to return more frequently and perhaps even spread the word about your brand to their friends.
5. Create Additional Revenue Streams
Digital signage increases revenue by bringing in more customers who visit more often and spend more money while in the store. But there is also a way to use digital signs to increase your revenue without getting your customers involved.
Through digital signage, you can offer space in your programming to third-party advertisers. By including advertisements from non-competing, complementary brands, you create an additional revenue stream for your business.
But keep in mind that the sole purpose of your signage isn’t to advertise to your customers. Respect their attention and only share content from brands that you feel will be relevant to your customer base. Be sure that it serves them as well as your advertisers.
The trick to drastically increasing your revenue will always be getting more people to spend more money with your organization. With digital signage, you can do that and more.
To learn more about how digital signage can increase revenue and increase customer satisfaction, save your business money, and improve the communication within your organization, download our free guide. It includes a full look at what it takes to set up digital signage in your business (it’s easier than you think) and a complete list of benefits that signage can bring to your employees, customers, and organization.