How can businesses boost their profits? While there’s no one-size-fits-all approach to increasing business revenue, there are specific actions that, if executed properly, will always boost business cash flow. Convincing customers to spend more money, boosting profit margins, and creating additional revenue streams will bring additional profits to any business. So how can you accomplish these objectives with speed and ease? By implementing digital wayfinding technology inside your brick-and-mortar store. Express Image Digital discusses three ways digital signage can help you boost your business profits.
Boost Customer Visit Frequency
Digital wayfinding technology allows you to build and strengthen customer loyalty, which ultimately brings enthusiastic buyers back to your business. To build loyalty, you must deliver value, whether that’s in the form of exclusive perks, a stimulating in-store experience, or additional information about your brand. Here are a few ideas to get you started:
● Build an email list. Digital signage encourages shoppers to interact with on-screen content, so while you have their attention, capture their email addresses. To encourage sign-ups, you can offer exclusive coupons, insider deals, contest participation, etc. In doing this, you build a direct connection with your customers and create an additional advertising channel for your business.
● Create an impressive in-store experience. Make your business stand out from the competition by creating a visually stimulating experience with your digital signage. Customers who love their in-store experience are more likely to make future purchases.
● Gather social followers. Encourage your customers to follow your social accounts, where you can deliver additional valuable information about your products or services. Social media keeps you connected to your customer base, which further establishes loyalty and encourages repeat visits.
Increase Upselling and Cross-Selling
Plenty of customers avoid interaction with salespeople. Perhaps they perceive upselling and cross-selling as pushy or sleazy, or maybe they’re just introverts—whatever the case may be, avoidant customers are limiting your profits.
With digital wayfinding, you can circumvent the in-person sales process by implementing upsells and cross-sells via digital signage. Even autonomous customers need additional information to make a purchase. Digital signage allows you to create value around complementary products in an appealing, easy-to-digest, hands-off manner. Customers can make comfortable purchase decisions at their own pace rather than feeling pressured to cave in to in-person sales tactics.
Develop Additional Revenue Streams
Digital wayfinding technology offers a unique ability to create additional revenue streams through strategic advertising partnerships with other local businesses. You have the advertising real estate at your fingertips, so why not sell some of that space to local businesses that complement your products or services?
To generate additional income from this opportunity, make sure the ads you choose to display offer value to your viewers. The idea isn’t to use your ad real estate for the sole purpose of advertising; rather, it’s to create additional value for both the advertiser and the customer.
For example, a women’s clothing store might sell advertising space to a cosmetics retailer. The apparel retailer knows that her customer base is also interested in purchasing cosmetics. She offers her customers additional value by directing them to a local partner where they can fulfill their needs. Both brands benefit from the exchange, as do the customers who take action.
Interactive Digital Signage from Express Image Digital
At Express Image Digital, we help business owners throughout the Twin Cities boost their revenue through the use of custom-designed, interactive software. We pride ourselves on building solution-driven, collaborative relationships with business owners so we can design and implement the custom technology that will best serve their needs. For more information about our services, give us a call at 651-237-6577, or you can request a free demo here.