Budgeting For Digital Signage
The end of the year always brings up that lovely question for a lot of companies, what is in our budget for next year?
Hours of time is spent in meeting after meeting playing with numbers and adding and cutting potential options and opportunities.
We hear from potential clients all the time that digital signage is often one of those items that are heavily weighed during those "budget" meetings.
As a company that is new to the digitial signage world, and before you debate over something in a meeting room, it is helpful to understand what goes into budgeting for it.
What are the questions I need answers to?
What is the purpose of my sign?
This is the number one question you need to answer as this will determine the setup or type of signage you will need. Informing, upselling, entertaining, wayfinding, communication; all of these provide a different solution.
Your why for your signage is what will determine it's success and it's reach to your audience. It will also help you determine the type of content you will include.
Who needs to be involved?
This question revolves more around your team than the solutions integrator. Meaning, for installation, will the project require additional assistance provided by your IT Department due to network security or simple internet connection? Or even the use of IT to maintain content.
Your design team may have to get involved if you decide to keep your content creation in house.
Maybe your Maintenance or Facilities team has to get involved because additional electrical outlets are required or walls and frames need built to accommodate the displays.
Possibly your company requires multiple sign offs for projects of a certain caliber, what kind of time is this going to take to accomplish and who does it need to go through?
It is critical to know who all has to be involved as all of this becomes part of your budget, not only financially, but in time cost.
What hard costs need to be considered?
There are 3 major components to the digital signage system. Hardware, Software, and Services.
Hardware includes the displays themselves and the media player that will run the content. With advancing technology, Smart Signage displays now are available that offer both the display with the media player built in.
Software is what is needed to run the content on your hardware. The amount of software options available is overwhelming. Check out our blog, A Starting Point For Digital Signage Software, for the best place to start with this. Software includes your content management software portion as well, which is exactly what it implies, it manages your content, basically the control center of your signage.
Services includes installation, data and electrical, content development, content management, support, etc. These are items that can all be done within your team, or your solutions integrator may offer these things. If you are looking for a white glove service team, Coffman Media is available to provide all of these services for you.
What about ROI or Savings?
Commercialintegrator.com highlights three specific stats that lead to a ROI when digital signage is implemented.
Studies show that installing a digital menu board can boost overall sales by 3 to 5 percent, and much higher on specific promoted items.15 percent of restaurants report an increase in number of customers after installing a digital menu.In fact, of adults who’ve seen a digital sign in the past month, 70 percent have made an unplanned purchase based on the information they received.
If you are considering adding digital signage to your budget, be sure to contact a solutions provider, such as Coffman Media, who can complete a Needs Assessment with you. This Needs Assessment will answer all of these questions for you to take to your budget meetings and give you an understanding of the process involved in starting your digital signage project.