How Does Wayfinding Produce an ROI?
Every significant investment requires a successful Return-on-Investment (ROI) in order to truly assess whether such an expenditure was worth funding. The same logic applies for digital wayfinding solutions, as more and more industries are implementing new wayfinding services into their current business operations.
Research indicates that the digital wayfinding market size is projected to expand from $234.62 million in 2021 to around $664.95 million by 2028, signaling a massive demand from consumers for innovative navigational technologies.
If you’ve got big plans to invest into a digital wayfinding system, you’re going to want to see some kind of return on that investment. So what does a return look like when it comes to digital wayfinding? Well, luckily there are a few ways to increase ROI with a wayfinding system.
Let’s dive into the big ones!
The most direct source of income you can get from a system like this is through advertising on it. Whether it’s playing ads on waiting screens, small push ads on mobile phone integrations, or even displaying relevant promotions for your destination, there are plenty of lucrative and relevant ways to generate income from wayfinding advertising.
You can not only drive advertising with large screens and mobile integration but also tie it into your business location. Targeted specific ads or promotions for relevant locations around your property can lead to increased conversions and even more on-site spending.
Have you ever considered how much money is wasted by simply failing to provide your customers, patients, or staff with appropriate navigational resources? Whether it’s shoppers leaving after feeling overwhelmed by the size of your location or its hospital staff taking time out of their busy days to tend to helping patients get pointed in the right direction, the cost of inefficient wayfinding services can quickly add up over time.
This especially applies to healthcare facilities, as studies have found that wayfinding shortcomings can cost hospitals up to $220,000 per year due to inadequate navigational resources.
By implementing accommodating digital wayfinding resources into your business operations, you’ll do wonders for improving workplace efficiency that will translate into saving you significant dollars in the long run.
Perhaps the most overlooked aspect to how wayfinding systems produce ROI is how businesses can take advantage of all the detailed analytics and performance reports they have to offer. By overseeing all your Key Performance Indicators (KPIs), you can monitor, assess, and adjust a wide variety of usage analytics, such as email captures, lead conversions, ad revenue, etc.
By having more insight into how effective your digital wayfinding system is performing, you can make all the necessary adjustments to maximize the performance potential of your wayfinding services, as well as learn how you can better cater to all your customers or clients’ needs.
Frustration is Public Enemy No. 1 when it comes to customer conversion. Getting lost, delays, or even connectivity issues are all very real reasons for customers to grow impatient or dissatisfied.
With digital wayfinding, you’re making accessibility more convenient for the user, therefore relieving any frustrations they’re experiencing at your destination. By providing your guests more options for navigation and accessibility, you’re helping make the experience more enjoyable, and building trust.
This trust is also key to creating conversions. It’s easy for many consumers to be stressed out by a large mall destination, or overwhelmed when surrounded by tons of busy shoppers. But if they’re given a clear route to where they want to go and are provided with promotional incentives to where they want to shop, chances are they’re going to be more satisfied and can be easily converted.
Customer satisfaction is the main reason you installed your digital wayfinding system, and that enhanced experience will reward you with a prime return on your investment.
Maximize Your Wayfinding Investment With Oppna Digital
As you can see there are indirect and direct ways you’re going to see a return with digital wayfinding. But overall, your main incentive to implement a wayfinding system is to ease the customer journey and give them a guiding hand along the way.
At Oppna Digital, we work with businesses of all sizes and industries to ensure they receive digital wayfinding solutions that are suitable to their budgetary and performance needs. Contact us today to learn more about how you can maximize your digital wayfinding investment.