How Can Signage Increase My Business Revenue?

Imagine having an employee in your marketing department who worked 24/7, never took any vacations, only had to be paid 1-2 years worth of salary for 5+ years of work, had decades of experience proving their value throughout the world, and can speak to passersby whether they’re on foot or in their vehicles. Sounds pretty good, right?

That 'employee' could be your business signage - it's working harder for you than you realize. 

Here at Signdealz, we understand the incredible value that business signage can bring because we help our customers create the best illuminated, outdoor signs to represent their brands and highlight their business' locations. 

But we get it, a sign can be a big investment, especially for smaller or newer businesses. That's why, today, we're taking a look at how signage provides your business with years of advertising that can result in increased revenue.

Building Brand & Location Awareness

First impressions are important! Even when customers first hear about a business through social media or word of mouth, they don't always mentally connect to the brand until they see the sign at the place of business. That's because human brains process visual information way better than data from other senses. In fact, 90% of the information transmitted to the brain is visual and human brains can process visual information 60,000 times better than text.¹ 

You can use this science to your advantage by leaning heavily on signage and strong visuals in your business' branding efforts.

In fact, a variety of studies have been compiled or conducted by the International Sign Association and the Sign Research Foundation to show the value of signage.

In one compilation of studies, the Sign Research Foundation found that a business' sign can signal a variety of things to potential customers.

These signals include:

• Location
• Price
• Quality
• Reliability
• Convenience

Consider one of the most common signs you see around town. 

Image via Photo by Joiarib Morales Uc on Unsplash

The McDonald's pylon sign featuring those 'golden arches.' These signs are often often tall to mark their location for potential diners. And the large yellow 'M' has become synonymous with convenient meals at affordable prices (this is usually further supported on their signage with the inclusion of a "Over # million served!" element below the letter mark). And finally, the ubiquity of the signage alone, provides a sense of reliability. After all, in just about every city in the US, even if you've never been there, odds are good that you can expect to find the golden arches glowing nearby. 

Bring in New Customers

Have you ever found yourself drawn to a particular business because of the business' signage? Apparently, it's not uncommon, especially in the 18-24 year old demographic.

According to a BrandSpark/ Better Homes and Gardens American Shopper Study™, researchers found that "33% of shoppers, a four-year study average, say they have been drawn into unfamiliar stores based on the quality of their signs." Conversely, 54% of shoppers said they have driven by and failed to find a business because the sign was too small or unclear. Both older and younger age groups have reported this problem.

If you're looking to increase the number of customers coming in to your store, then large, legible signage is a fantastic way to not only highlight your business' location but to pique the interest of passersby and potential customers.

Save Time & Money on Advertising

In using most other methods of advertising there's a time requirement. In the case of a news, magazine, or any other printed advertising effort; you're going to find yourself having to wait for your advert to be printed and distributed before your audience will see it. In the case of television or radio, your advert must be recorded, edited, and scheduled in advance. And in the case of digital marketing, if you're promoting your business through content or social media adverts, you still must wait for the content to be scheduled, for a search engine to crawl your page, etc. And in all cases, you must hope that your potential customers see your advert in a moment when they are receptive to it, and will actually act on it. 

However, through the use of signage, you are able to advertise your business to an audience that is in the immediate vicinity of your business and can act on it right away. 

Your business' signage is not there JUST to indicate the name of your business. It is advertising! And business owners must think of it as such. After all, signage would not have reached the level of ubiquity and popularity that it has, if it didn't do something more for business' other than label the building that you're in.

Putting a Number on It

It can be difficult to put a clear number to the ROI of a business' signage. 

It's doable (in fact, we recently published an article about calculating the value of your business' sign by tracking business traffic), but unfortunately, you can't hope for perfectly accurate numbers.

Anything in marketing having to do with 'awareness' tends to be a bit more qualitative than quantitative. This isn't a bad thing, it just means it can be a bit trickier to track.

However, you can determine whether or not your signage is increasing your business revenue or saving you money on advertising, by tracking metrics like:

• Number of Total Customers
• Number of New Customers
• Overall revenue rate before the installation of new signage vs. after
• Earned media attention (sometimes new or particularly unique signage installations catch the attention of local journalists).
• The cost of garnering the same number of impressions via different advertising outlets vs. the number of impressions you're likely gaining from your outdoor signage within the same amount of time

The Takeaways

Signage can be an incredibly valuable advertising and branding tool to help businesses bring in new customers, help them stand out from the crowd, and ultimately, increase business revenue.

You can save money and time on advertising through other outlets (like radio, tv, social, etc.) by opting to advertise your business through signage. Signage invites potential customers and passersby to immediately act and come into your business.

And finally, while it can be difficult to get a totally accurate qualitative measurement of your signage's resulting ROI, you can track a few metrics and look at foot and vehicle traffic data to help you get an idea of how your signage is helping your business.

Need help determining what kind of signage would help increase your business' revenue? Contact our team of helpful signage experts today!

Notes:

¹“Humans Process Visual Data Better,” Thermopylae Sciences + Technology, 08-Oct-2018. Available: http://www.t-sciences.com/news/humans-process-visual-data-better.