How to Monetize Stores With Your Digital Signage Network
Your digital signage network could be an untapped source of additional revenue. If you’re already using in-store screens to promote your products and services to customers, you could be missing an opportunity to monetize stores with digital signage. . By offering slots in your media playlist to advertisers, you can generate extra cash, which means the screens will effectively pay for themselves! In this guide, we’re going to look how to monetize your store’s digital signage. And four reasons why you should.
What is Retail Media Monetization?
In digital signage, the term monetization is used to refer to the ability to generate an income through the screens by affiliate programs or by advertising. By strategically placing screens and displaying relevant ads, you can monetize stores with digital signage, turning your physical retail space into a platform for third-party advertisers.
Retail stores or even other industries can use their screens to share relevant information for the target audience, and advertise products that are also relevant to them. Many retail media groups run advertising campaigns that align with their customer demographics, making it an effective way to monetize in-store screens.
Benefits of Creating an In-Store Advertising Network
In its simplest form, a digital signage network is a group of screens used to share a message with the audience. Retailers use them to engage with existing shoppers and reach potential new customers with information regarding their products, sales, and more. If managed correctly, these screens have the power to improve the customer experience and influence consumer behavior. Thus, influencing purchasing decisions. Targeted promotions are the most effective. So, to increase sales, use your screens to promote the products or offers that are most relevant to your customer base.
Additional revenue can be generated by partnering with brands/advertisers who are relevant to your customers. Making room in your media playlist for third-party ads transforms your digital signage network into a digital signage advertising network. Which can have the purpose of growing your income through advertising. Retail brands like Sam’s Club are using this strategy to monetize their digital signage network and cover the costs of running their screens.
Take a closer look to find out the key success criteria for chain-wide digital installations at leading US retailers like Sam’s Club.
4 Key Ways to Monetize Stores with Digital Signage
1. Strategic Scheduling and Targeting
Having digital screens in-store is a great way to grab your customers’ attention. The human eye is drawn towards movement. And our brains retain far more of what we see than what we read. Research shows viewers remember 95% of a message when they watch it in a video vs. just 10% when they read it in text. Showcase your latest products and advertise promotions on digital billboards to increase sales.
WovenManager allows you to target your ads to the right audience and location remotely, which is critical to successfully monetizing stores with digital signage. For stores with multiple branches, you can create playlists, channels, and campaigns. Which you can then schedule to play on a specific screen at a particular time. Creating playlists with curated ads allows you to stream content to your screens directly from the Content Management System (CMS).
2. Optimizing Content for Monetization
To monetize your store with digital signage, it’s key to balance between promotional content and third-party advertising. By offering a mix of diverse and entertaining and informative content, you can engage shoppers while also generating additional income through ad placements.
WovenContent is the largest online library of rights-cleared, third-party, broadcast-quality digital signage content, anywhere. Elevate your brand and customer experience with highly relevant and engaging media (6+ hours of brand-new content added every week). We’ve curated content from over 150 premium content providers to bring you the best of entertainment, sports, health, family, bilingual, and 4K. Build your own digital signage programming according to the interests of your customers.
3. Proof-of-Play Reporting for Advertisers
Your brand partners will want to know when and where (which stores) their ads are being played and how often they’re being shown. Proof-of-play reporting is available in WovenManager, enabling you to keep track of this information, share it with your advertisers, set your pricing, and promote your network to potential new partners. Our powerful cloud CMS allows users to track live screens across the entire network to make sure they are operational. You can use these reports to show ad frequency, display locations, and audience engagement, reinforcing the value of investing in a digital signage in your store.
4. Understanding Your Store’s Audience
To effectively monetize your store with a digital signage network, you need to be playing ads that are relevant to your target audience. To know which advertisers would be a good fit, you really need to understand your own consumer base needs and interests. Find out:
- How big is your audience?
- How many people visit your store(s) every day? Does this vary from location to location?
- When are the busy periods in your store(s)?
- How many screens do you have in-store? What types (TV wall, projections, etc.)?
- How much time do your customers spend looking at these screens?
Who’s watching? Learn how to measure the effectiveness of your digital screens and measure the ROI of your digital signage advertising network with Wovenmedia. Download your eBook.
Ready to Monetize Stores with a Digital Signage Network?
By focusing on monetizing stores with digital signage, you can transform your retail space into a powerful revenue-generating tool. Use Wovenmedia’s platform to create a retail media monetization strategy, partner with advertisers, and grow your business.
