Once you have fully integrated a digital signage solution into your business, how do you measure its performance and effectiveness? A key performance indicator (KPI) is a metric used to determine if a system is running efficiently. The more KPIs you set and meet in a particular time, the more successful your signage.
A digital signage installation can be a highly involved process with many moving parts. Part of the planning process for any system integration is understanding what challenges may arise and what goals should be achieved. Prior to reaching any set metric or quantifiable indicator, it is critical to define the fundamental goals.
It’s impossible to measure success without first setting specific objectives. There are endless digital signage KPIs one can monitor depending upon what you are trying to accomplish. For example, if you are running vendor ad content, perhaps you should be looking at sales metrics, but if you are running a social media campaign, you might want to examine engagement.
At times, it can be challenging to truly delineate which KPIs to count so it’s best to look at the specific purpose of the project. What is the goal of the digital signage and how can it be accomplished? Answering those questions will reveal where to begin. Here are some common measurable objectives for establishing digital signage key performance indicators:
- Time saving
- Brand building
- Customer experience/engagement
- Ad revenue
- Tech Support queue management
- Lead Conversion status
The idea is that key performance indicators define a set of values to be measured. These values are then fed into a system that summarizes the information. This is the point when the data becomes an “indicator.” KPIs should always be SMART:
Digital signage streamlines many areas of business but if success is to be measured, the KPI’s must be established early on.
Common Digital Signage KPIs
Although digital signage key performance indicators may vary, it’s always a good idea to start with a few common ones. The following are some of the more popular metrics companies are collecting from their digital signage systems:
The customer ultimately drives revenue and their experience is typically at the forefront of objectives for any digital signage installation. Detailed information from what a passerby saw and for how long, can be gleaned from different types of digital signage hardware. The following are some common KPIs related to the customer experience.
- Viewer analytics
- Dwell time
- Screen touches per month
- Service calls in the queue
- Average time on a call
- Customer satisfaction scores
- Guest satisfaction surveys (for the hospitality industry)
Digital signage key performance indicators must be established for sales to determine if the system is ultimately worthwhile. Here are some key ways in which you can measure your digital signage performance financially:
- Conversion ratios
- Quarterly/monthly/yearly sales goals and % reached
- Utilization rates by person/team
- Qualified leads in the pipeline
- Deals set to close
- Stacked rankings of sales people
Evaluating the efficiency of an investment is important to understand how well your digital signage is performing and where the system may need to be tweaked.
You can even determine what specific KPIs to evaluate for whatever campaigns or test-cases you’d like to launch. You can easily change certain aspects of competing campaigns, then analyze the results to see which strategy is more effective. The following are a few examples in how you can quantify digital signage performance through test-cases:
- Return on objective
- Conversion rates
- Site visits
- Sign ups
- Specific hashtag usage
Evaluating the objective of the project is necessary to estimate the value. Key performance indicators are ultimately defined by specific business goals. Understanding the main objectives prior to installation will help a company streamline the system early on. It is important to measure performance in anything you do as a business, and thankfully, digital signage makes that an easy, repeatable process.
People everywhere are observing this type of technology wherever they go now, and they will always be looking for the best. If you start measuring your network’s impact at the outset of your installation, giving your audience the best experience digital signage can provide should be a piece of cake.