Calculating The Cost Per Impression and CPM for Digital Signage Advertising
With so many options for advertising available, how does one know where to start? You may feel utterly confounded by the prospect of choosing a marketing strategy that is both cost-effective and successful. With advertising in general you get what you pay for. Many times an inexpensive marketing opportunity will likely produce very little results if any at all. Calculating the Cost Per Impression or CPM of your Digital Signage Advertising Campaign (or any advertising campaign for that matter) can help to determine your return on investment (ROI).
Here is a calculator to help you determine your Cost Per Impression for your Digital Signage Advertising Campaign
In today’s world, it seems our society is completely immersed in the culture of technology. With that comes endless advertising possibilities!
Digital signage advertising is targeted to a specific demographic. It also has very high retention and recall rates when compared with most other advertising mediums. Because Digital signage advertising is so targeted and effective it can be very beneficial to include digital signage advertising in your current and future advertising campaigns.
If you are looking to advertise on digital signage here is some important information to consider.
The Basics of Calculating the Cost Per Impression for Digital Signage
Do Your Research
Look for other marketing and advertising opportunities in the geographical area you are looking to advertise in. Local Newspapers, Magazines, and even roadside billboards can give you a good idea of the cost to advertise. You can contact these providers in the area and get a good idea of the costs in that area. If you are already advertising in the area with other print or digital ads look at your cost per impression. Compare it to the cost per impression for a potential digital signage advertising campaign.
If you are targeting a new area or demographic then it is important to do your research in that area. This will allow you to see what other advertising mediums would cost. Cost per impression for ads in local newspapers for example can help you determine if you are getting a good bang for your buck. On average a CPM for online advertising starts around $3. While digital signage advertising can have a CPM of $9 to $32. Although digital signage advertising usually has a much higher CPM it is much more targeted and much more effective. But we will save that discussion for a different post about the benefits of Digital Signage Advertising.
Get Traffic Analytics
The purpose of digital signage is to reach a broad and yet targeted audience. It is extremely important to know and understand your customers and target audience. This will help you to design an ad and campaign that effectively reaches and triggers your target audience to buy your products or use your services. Compare the value of your digital signage advertising in terms of viewership to that of other more traditional mediums. Typically, digital signage advertising offers more exposure to a broader demographic than that of traditional advertising mediums like advertisements in newspapers for example.
Content Design is one of if not the biggest thing to consider when planning a digital signage advertising campaign. Unlike more traditional advertisements like print that require a single static image, digital signage requires more creativity and responsiveness in the ad copy. The cost for design services can vary greatly depending on how often you are wanting to change your ad. Search for professional content creators for your digital signage advertising needs that specialize in digital signage campaigns. It is important to find a designer that has experience in creating digital signage content. because it is very different than say content for a magazine or even online advertising. You can read more about our Content Management and Content Design Services here.
Tracking Digital Signage Campaigns
Ad tracking on digital signage may seem like a simple task but can be more difficult than you think. A good example of this could be digital billboards on the side of the road. Someone driving past and seeing your ad for the first time on a digital billboard may not trigger them. They will likely not pick up the phone and call your business and say “I saw your ad and I want to buy”. But, that same person who drives past and sees your ad on that digital billboard 3 to 5 times per week will. They will likely think of your ad when they are ready to purchase. This is because they have seen it so many times and it is basically embedded in their brain.
Not all digital signage campaigns are that difficult to track though. Digital signage placed at an entrance of a business can be easily tracked. Using QR Codes or text messaging to track the response rate of the ad is simple and effective. But keep in mind that most digital signage campaigns work in a similar manner to the digital billboard example in the previous paragraph. You will likely not see a mass influx of business on the first day of your digital signage advertising campaign. But when are ready to purchase your products or services they will think of you because they have seen your ad many times.
More About Calculating The Cost Per Impression for Digital Signage
Calculating your cost per impression for a digital signage advertising campaign can be easy for a business advertising on a digital signage network. But what if you are a retail store or other location that is trying to figure out if your in-store digital signage is producing results for your business. As discussed earlier typically ad copy that converts on print and online advertising campaigns does not always work the same on digital signage. This can result in a low ROI for your in-store digital signage marketing and may leave you frustrated and feeling that digital signage does not work for you. Fortunately, it is very simple to change and modify ad copy on digital signage making it extremely easy to modify your ads to get them to produce results.
Get in Touch with Us!
Fit1Media is a leading provider of Digital Signage Advertising in gyms and fitness centers. We strategically place our screens in high traffic areas of each location giving the best exposure for both the gym’s content like class schedules and announcements and our advertisers. If you are looking for digital signage advertising or digital signage displays for your location Contact Us now.