When making business purchase decisions for a company, it is common for business owners to make decisions based on an item or ad`s return on investment (ROI). In other words, business owners generally only want to spend money on digital signage if it will increase their profits in return. This is a smart business practice, and it is used widely all around the world.
When it comes to digital signage, however, there is another data statistic that is equally as important, if not more so: return on objective (ROO). While ROI only measures how much money business owners bring in, ROO measures how many people take the company owner`s desired action. Business owners considering upgrading to digital signage will want to measure not only ROI, but ROO as well.
Why should your business consider not just the ROI on digital signage, but the ROO? We have the details below!
Why a Business Owner Would Measure Return on Objective
While making money is one of the main goals of nearly every business, it isn`t always the main or immediate goal of every marketing campaign. For example, a company might choose instead to collect email addresses or simply to get the word out about an upcoming product, and they may use digital signage to do so.
In these instances, measuring ROI will not be possible, as the goal isn`t to make the consumer spend money. Hence, measuring ROO becomes the key, especially when you`re devising a marketing strategy that touches customers throughout the cycle of purchasing, not right at the end when it`s time to buy.
Ways to Measure Return on Objective
There are many ways companies can measure their campaigns` ROO. For example, business owners might count the number of people who come into their store and compare it to their previous averages. They may count the number of phone calls they receive about a product, the number of new social media followers they receive or the number of times someone scans a certain QR code.
ROI or ROO: Which Matters Most for Digital Signage?
Which number should your company measure: ROI or ROO? It depends on your digital signage goals. While you will usually want to measure both ROI and ROO, if your goal is to have your customers complete an action, rather than make a purchase, your digital signage ROO may be a better benchmark for success.
Boost Your ROI & ROO With Digital Signage From CCS Midwest
CCS Midwest can help you select and integrate the right digital signage that will net a great ROI and ROO! To get started, call (402) 913-3700 today.