If you’re part of the decision-making process for a retail store, we have a vital message:
Stop sleeping on your signage!
Signs can play a critical role in your overall success with brand recognition, identity, and revenue. If you’ve put in the work that goes into creating a profitable business model, but you’ve neglected your retail signage, you aren’t giving your store every chance to succeed!
To be precise, there are three distinct ways signs can help to skyrocket your sales in the retail space:
- Bring in new customers.
- Generate more sales.
- Help customers find their way around a store.
Let’s take a closer examination of why designing your signs with a strategic approach is critical to your overall success!
1. Signs Bring in New Customers
Did you know that 50% of potential customers will drive by and not find a business because the signage was either small or unclear?
That statistic alone is reason enough to pay specific attention to the design of your signs!
You could miss out on starting a lifelong relationship with a customer just because your retail signage didn’t stand out or send the right message. If you assess the lifetime value of a customer, that could potentially cost you thousands of dollars per person over a sustained period.
Then, multiply that by how many other customers aren’t visiting your store because of a poorly conceived sign…the missed opportunities missed will keep you up at night.
But let’s not strictly focus on the negative here. People who never would have known about your store otherwise can be directed there via effective retail signage!
In fact, one-third of surveyed customers were drawn into a previously unknown store because of its signage.
Also, signs have a way to reinforce brand awareness even if they’re well established. There’s research citing that 35% to 46% of first-time customers learn about a well-known business because they saw a commercial sign in passing!
2. Signs Generate More Sales
Look at your signage as the first layer in your sales and marketing strategy.
When you get more people coming into your store, with appealing products and top-notch customer service, sales will increase exponentially.
It’s the natural flow of things. You can’t sell your products or services to keep those profit margins soaring if nobody’s visiting you!
Your messaging design gets people into the door, so they can be given a chance to fall in love with your retail business. In proving this point, sales increased from 2.5% to 7.1% when stores installed signage to sides of buildings that were previously without such messaging!
It’s a direct correlation and proves why store owners and leaders need to put significant amounts of energy into the design and written communications on signs.
There’s further research delving deep into how much a store’s signage impacts overall sales. There was a study from the University of San Diego on behalf of the California Electric Sign Association and the International Sign Association. Those involved ascertained that there was a 4.75% boost in annual sales for businesses that added one sign.
Now, imagine you’re earning $1,000,000 in overall revenue per year. One commercial sign could help generate $47,500 more in sales. From there, imagine if you add two or three new signs and the impact it could have!
3. Signs Help Customers Find their Way
Not only do signs help people arrive at your store, but they’re also integral to helping your customers once they’re on the premises.
Useful signage throughout your establishment can help people find departments and products they wouldn’t see without it.
Put yourself in the shoes of a consumer and think about all the times you’ve been at a store and given up finding a product because it was too confusing. Designing clear wayfinding signs mitigates that issue, ensuring a seamless shopping experience!
This kind of sign-related strategy can encourage customers to purchase items they weren’t initially planning to buy. There have been studies stating the around 50% of impulse purchases stem from wayfinding signs pointing customers to one location throughout a store.
Beyond that, you should contemplate the entirety of the customer experience at your store. It doesn’t begin and end with the products or services you’re selling!
As such, wayfinding signs are ideal when directing customers to amenities like parking, entrances, checkout, and customer service areas. Such measures alleviate much of the stress that can be prevalent while shopping, especially in a busy store (as yours will be with all your new signs!)
Taking This Blog Seriously is a Positive Sign
We understand that with all the moving parts that go into running your retail store, some aspects of your strategy can fall by the wayside.
However, some strategies are far too integral to your success to be overlooked – such as ensuring you have effective signage. There’s an exponential chance for growth and success when leveraging the value of well-designed signs.