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Understanding The Economics Of Signs
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Signs are the most obvious requirement for any brick and mortar store. To reiterate this fact would be silly! But did you know that well designed signs can influence marketing and even drive profits? A survey conducted by FedEx found that almost 76% of the 1000 people interviewed were drawn to a store because of its sign. Here’s how it works;
a) The number of signs in a particular site impacts annual sales and annual customer transactions:
A study titled, ‘Research on Signage Performance’ by University of San Diego concluded that one additional sign on a site increases its annual sale by 4.75%. Thus, a store with annual revenue of $500,000 would witness an increase of around $23,750 that year. As for customer transactions, one additional sign increased the store’s annual transactions by 3.93%. Thus, a store with an annual transaction of 100,000 witnessed 3,900 additional that year.
b) Replacing old signs with new ones or adding one where there was none also has a positive impact on revenue:
The same study indicated that when old signs were replaced by new ones, or when signs were added where there were none, the weekly sales in a store increased from 1 to 5 % from the prior year. Even small changes such as including additional directional signs increased weekly sales by 4 to 12% and increased revenue by around 10%. The University of Cincinnati’s recently concluded study reported that establishments that made changes to their signs reported an average of 12% increase in sales.
c) Signs fare better when compared to conventional advertising channels like newspapers, radios, television, etc. :
A study conducted by The International Sign Association found that newspaper advertising offer an exposure of around 24% (for national newspapers) to 65% (for local newspapers). But on premise signs offer an exposure of around 100%. In marketing parlance, exposure refers to the number of people who have seen an ad even if they are not a part of the targeted market.
d) Poorly designed or badly spelled signs can have a negative influence on the business:
People tend to associate a sign with the image of a business. They automatically assume that signs with a poor design would offer poor value. Spelling mistakes too can have a very bad influence on a brand image. The ones that use a smart tag line or make use of attractive color scheme and logo design attract people.
At our Kansas City sign business, we have observed how businesses tend to neglect this most important and cost effective form of advertising. They don’t approach us until their signs are in total disrepair and need a complete overhaul. As the saying goes, “A Business without a Sign is a Sign of No Business”!
If you’re looking for a result oriented marketing strategy, then business sign in Kansas City is the best option. This article is published by an author who expertize in sign manufacturing. He makes you aware how signs help you in the business.
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