If you’re shopping for on-premise signage displays, you’ve probably already heard it a thousand times: signs make you money!
But most salespeople making those claims don’t have the data to back them up. We do.
Today’s post overviews two major meta-analyses of studies measuring the actual economic value of on-premise sign displays. Read on to learn how Signworld displays could be all you need to take your business to the next level.
Measuring The Economic Value Of On-premise Signage
In 1997, the University of San Diego conducted a landmark study for the sign industry. It would be the first time that statistical analysis was used to measure the effect on-premise signage had on sales.
Researchers reviewed data from three case studies involving signage displays at a large fast food chain, a national home decor retailer, and a group of auto dealers.
In 2012, researchers at the University of Cincinnati’s Economics Center recreated the seminal 1997 study. All the same metrics and analytic processes were used, but the results were updated with data from many new case studies spanning all new industries.
What follows is a no-nonsense review of some of their key findings.
8 Ways On-premise Signage Displays Boost Sales:
Creates better first impressions of your brand. 34% of North American shoppers looked to a brand’s on-premise signage to inform their opinions of store and product quality.
Attracts more impulse shoppers. Not everyone plans out their shopping outings. 29% of North American shoppers choose where to shop based on the information communicated by store signs.
Partly automates the sales process. Across multiple case studies, researchers determined that on-premise signage functioned as “silent salespeople” that increase consumers’ knowledge of branding, products and services, in-store offers, and business locations.
Directly boosts revenue. Researchers determined that the addition of one on-premise display at every fast-food outlet in Los Angeles would increase business revenues by roughly $132 million.
Roughly 60% of the businesses included in meta-analysis reported a direct increase in average sales of 10% as a result of their on-premise signage displays.
In one case study, displaying one additional sign yielded an average of 4.75% revenue increase. Greater impacts were observed for businesses who kept their signage displays up for longer.
Gives struggling stores a fighting chance. Across all case studies, struggling stores benefited most from the addition of on-premise signage.
For example, updates and improvements to existing on-premise signage displays yielded a 5% increase in weekly sales on average for many stores. But struggling stores experienced a 15% increase.
Boost community goodwill. Digital on-premise signage displays were found to boost revenue and customer traffic. Somewhat surprisingly, these signs also increased community goodwill by serving as a place to broadcast community-related public service messages.
Help potential buyers find your business. 50% of American consumers have driven by a business they intended to visit due to insufficient on-premise signage.
Explore On-premise Displays With A Signworld Partner Near You
Want to bring these signage benefits to your business?
Visit http://www.signworld.org or call 888-765-7446 to locate a Signworld partner in your area.
References
Ellis, S., Johnson, R., & Murphy, R. (1997). The Economic Value of On-Premise Signage. Study conducted at University of San Diego in cooperation with the California Electric Sign Association). Washington, DC: International Sign Association.
Rexhausen, J., Hildebrandt, H., & Auffrey, C. (2012). The economic value of on-premise signage. University of Cincinnati. Retrieved from https://signresearch.org/wp-content/uploads/Economic-Value-of-On-Premise-Signage-University-of-Cincinnati-2012-1.pdf
