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- The current state of digital signage advertising
- Benefits of digital signage in advertising
- Current trends and predictions for the future
The current state of digital signage advertising
In 2021, the size of the global market for digital signage was assessed to be $23.12 billion (USD). It is anticipated to rise at a compound annual growth rate (CAGR) of 7.7% from 2022 to 2030. This market expansion can be attributed to the rising demand for the computerized promotion of goods and services, which is necessary to successfully attract the focus of the intended audience efficiently. In addition, the need for 4K digitized sign displays that include embedded software and media players is growing. This is because these displays provide consumers with an inexpensive ultra-HD digital signage alternative, which is also projected to increase demand. Some of the factors expected to drive product demand include developing innovative products, such as leak detector systems, or complicated monetary products, such as forex cards. These new technologies require advertising content that is both informative and concise. Another challenge is the introduction of new competitors in the market. The market for digital signage advertising remains immense, especially considering that most people exposed to outdoor digital signage advertising consider buying the advertised product.Benefits of digital signage in advertising
High-tech advertising media displays like digital signage come with various advantages, which include:Boosts in revenue
Considering that 60% of all purchasing decisions are made at the point of sale, it stands to reason that a combination of compelling text, graphics and videos would substantially impact consumers’ final selections. Additionally, roughly 80% of brands that deploy digital signage displays see a 33% rise in sales. By quickly modifying and providing compelling content when and where it matters, digital signage can offer an immersive customer experience, increasing the possibility for cross-sells, up-sells and spontaneous purchases.Affordability
Digital signage displays can save businesses money on printed marketing materials like menu boards, conventional billboards and giant posters. Companies can save money and time using digital signage since it eliminates the need for physical storage space for promotional materials. Instead of spending money (and time) on printing and materials, firms can put those savings toward producing more and better content and visuals.Digital connectivity
Digital signage can combine social network content and show RSS feeds and weather reports while selling products and services. They can also be used to transmit videos on products and services to promote the brand message as a whole. With this breakthrough, businesses now have a fresh avenue for soliciting and responding to feedback from their clientele. Also, digital signage enables customers to provide rapid feedback. Linking social media assets to your product details will not only build your business but can also bolster consumer trust, given that most consumers prefer peer-to-peer referrals over traditional advertising.Easily deployable
In a matter of seconds, your ads can be updated to reflect your audience’s preferences. It takes only a few minutes to send the design to another location and implement it there. Even more impressively, platforms provide a streamlined interface for the production, distribution and upkeep of current and future content.Increased recall and retention rate
Digital displays capture more attention than static displays. Their recall rate is also substantially higher than that of any traditional media. Eight out of ten customers approach a business just because a sign grabs their eye, indicating that additional foot traffic and new customers are nearly guaranteed. The implementation of time-in-line update monitors in financial institutions, health care facilities, and other service-oriented businesses has reduced the time that customers perceive they wait to be served. This improvement in operational efficiency has enabled businesses to keep more of their existing customers. Consequently, the number of customer complaints is reduced, and customers are more inclined to visit again, increasing revenue from the same stores.Improved social media presence
Entrepreneurs can utilize social media to solve customer service problems, promote customer loyalty, find new clients, and expand their client base. Stores can increase their profits, attract new members to their loyalty programs, and showcase digital endorsements from social media platforms like Facebook and Twitter by using digital signage to relay relevant and timely information directly to their customers. There are many benefits of digital signage advertising. As advertising changes, it is hard to know the future of this form of advertising – but today, the benefits are valuable to your business.Current trends and predictions for the future
The future of advertising is always evolving – there is a constant push for the new and exciting. Here are a few trends that could shape the future of digital signage:- Automation using artificial intelligence.
- Interactivity, especially in the hotel industry
- Cloud-based deployment updates of signage instead of using physical storage
- The proliferation of screens to provide a customer journey
- Touch screen innovations
- Streaming live content on digital signage
