Raising Rent: Using Digital Wayfinding Data To Boost Your Bottom Line
If you’re familiar with the concept of digital wayfinding, you know it offers facility owners a tremendous opportunity to improve guest experience by providing easy-to-use, efficient navigation. Certainly, impressive guest experiences can go a long way in boosting business profits, but are you aware of the direct, rent-based revenue opportunities an omnichannel digital wayfinding solution offers?
At Oppna Digital, our wayfinding solutions offer facility owners the ability to track customer data and use that data to their advantage, and today, we’re talking foot traffic. So, how can tracking customer behavior help you create additional rent revenue? Let’s take a look at two income-increasing tactics:
Adjusting Tenant Rent Using Route Traffic Data
Once your digital wayfinding solution is in place, it offers a variety of revenue opportunities for you to explore, one of the most direct being additional tenant revenue. Using customer behavior data gathered from your wayfinding software solution, you can track the most frequented routes throughout your facility and adjust tenant rent accordingly.
If your facility has a particular route that sees substantial foot traffic on a consistent basis, you need to know about it. Where are those guests going? Is there a particular retailer they gravitate toward? Are they checking out other retailers along the way? Where are they dwelling?
With digital wayfinding data at your fingertips, you can use analytics reports to easily determine which locations your guests frequent, their dwell times, and the routes they use to reach their destinations. By analyzing tracking data with geospatially accurate mapping, your wayfinding solution gives your data spatial meaning. Just as billboard advertising space is priced according to vehicle traffic in a specific location, your facility rent can be adjusted to reflect the number of feet passing by.
Charging Ad Leasing Based on Wayfinding Software Data
Interactive digital wayfinding isn’t simply advanced mapping— it offers you the ability to create an immersive EXPERIENCE for your guests, one that keeps them coming back for more. How? Through synchronizable displays, digital advertising, and customer data tracking.
What do we mean by synchronizable displays? Let’s say a customer views a product ad outside of your wayfinding system. She then enters your retail location and sees that same ad in your wayfinding kiosk, in your associated mobile app, and on digital signage throughout the facility. The more times her eyeballs land on that ad, the more likely she is to purchase the associated product. Then, after she’s made her purchase, you can use the data you’ve collected on that customer to foster continued engagement through:
● In-app ads
● Email campaigns
● Loyalty programs
● Special offers
The possibilities are endless.
With fierce competition from the ever-growing eCommerce sector, driving brand engagement and loyalty through digital means is a powerful method of connecting with your customer base. Retailers are well aware of the tremendous power of consistent advertising, which means your advertising space should be priced accordingly. Just as television ads are priced according to the number of network viewers at any given time, display advertising space should also be priced according to route traffic data (a.k.a. the number of eyeballs moving through the space).
Oppna Digital: Your End-to-End Digital Wayfinding Solutions Provider
At Oppna Digital, we design, implement, and maintain omnichannel interactive digital wayfinding solutions that drive business results. As a full-service, single-source digital solutions provider, we specialize in wayfinding software, hardware procurement, content management systems, mobile app development software, and web app development. To learn more about how our digital wayfinding solutions can enhance your business and boost your bottom line, contact our team today. Ready to see what our solutions can do? Request your demo today!