To achieve profitability in their business, it is crucial for business owners to strive for maximum ROI through their advertising and promotional efforts. The amount of revenue generated is not the sole determinant of success, as the expenses incurred in attaining that revenue also play a critical role. Therefore, businesses must ensure a positive return on investment to secure long-term success.
There are several investment opportunities and marketing channels available for businesses to expand and flourish. However, sometimes even small investments can yield substantial outcomes. Retail store signage, for instance, has a much higher ROI than anticipated and could contribute significantly to boosting sales. The implementation of custom store signage can positively impact profits and should be considered an effective marketing strategy for businesses.
Signs are an integral part of any business strategy, as they have the potential to increase your ROI significantly. Let’s explore six ways that signs can help your business achieve that:
1. Increase Foot Traffic & Gain More Customers
One of the most obvious benefits of signage is its ability to attract more customers and increase foot traffic. Studies have shown that around 20% of consumers are drawn into new stores based on the quality of their signage. When selecting new retail store signage, it’s important to prioritize quality above all other factors, as the upfront cost will be recovered over time thanks to the potential ROI increase from long-term use of the sign.
2. Establish Your Brand
Another key advantage of signage is its ability to build brand awareness. By being clear about what your brand stands for and who you are trying to reach, you can increase your chances for success. It’s important to know your brand’s personality and stay consistent with your brand voice to identify the customers who will benefit most from your product or service.
3. Receive Crucial Client Feedback
Signage can also provide a valuable source of customer feedback. Every customer has a story to tell and an opinion to share, and by listening to them you can see what you are doing right and how you can improve your business. QR codes can make signs interactive and allow you to link to a quick survey to get customer feedback. You can incentivize customers to take the survey by offering a discount or free product.
4. Set Aligned Expectations
Consistency is key when it comes to branding, and using custom store signage that is “in tune” with your brand lets customers know what to expect when they enter your store. If your business benefits from repeat customers, consistency with your interior and exterior branding will work to boost customer retention rates.
5. Enhance Store Value
In addition to these benefits, design-oriented firms that feature proper signage have been shown to increase in value at a faster rate than their counterparts. The use of your brand image to establish a design language is possible when you understand the design thinking process. The first impression someone has of your business is often the storefront sign that provides your name or describes your products and services to the public. It is also your brand and the physical representation of your business. Your interior and exterior sign packages identify your brand through design that accelerates growth and increases ROI.
6. Increase Profit
Signage can directly impact your business’s profit. According to the Sign Research Foundation, 60% of businesses see an increase in revenue (by 10% or more) after they install proper business signs. While there is no hidden formula to increase sales overnight, keep in mind that the above tips all impact business sales directly daily. A professionally designed sign can pay for itself multiple times over and is a worthwhile investment in the long run.
Different Types Of Retail Business Signs That Can Boost Your ROI
Many retailers fail to recognize the various options available to them when it comes to retail signage. While outdoor signs are common and include hanging window signs, lighted storefront signs, custom open and closed signs, and store hour signs, there are also many indoor options, such as advertising signs, logo signs, and custom point-of-sale signs. With so many sign options available, you are sure to find something that fits your budget.
Retail signs serve to promote and establish your brand, allowing you to increase your sales by up to 30% by highlighting unique selling points that catch customers’ attention. Investing in quality signage can provide many benefits for your business, including attracting new customers, establishing brand awareness, gathering crucial client feedback, setting aligned expectations, enhancing store value, and ultimately increasing profit. By prioritizing quality and consistency in your signage, you can improve your business’s ROI and set yourself up for long-term success.