If you’re eyeing unique ways to boost local foot traffic and sales for your business, you’ve probably considered hiring a sign spinner. You’ve seen them—those talented individuals flipping, twirling, and dancing with signs at busy intersections, drawing attention and sometimes applause. But the big question remains: How do you measure the ROI from hiring a sign spinner? In this blog post, we’ll outline a creative, yet straightforward guide to track and calculate the return on your sign spinner investment.
Why Measuring ROI from Sign Spinners is Crucial
In a world swamped with digital advertising, the classic art of sign spinning offers a refreshing, eye-catching alternative. However, like any other marketing strategy, it comes with costs, making it essential to measure the ROI (Return on Investment) to ensure it’s a viable option for your business. Understanding ROI can help you refine your marketing tactics, allocate budget effectively, and maximize results.
The Initial Costs of Hiring a Sign Spinner
Before we dive into measuring ROI, let’s understand what goes into the initial costs of hiring a sign spinner. The typical costs involved are:
- Hourly Rate: Usually between $30 to $40 per hour.
- The Sign: A durable, attractive sign could cost between $50 to $200.
- Additional Costs: These could include permits, uniforms, and transportation.
Unique Ideas to Track Revenue from Sign Spinners
Measuring ROI from hiring a sign spinner requires a tad more creativity in tracking revenue since it’s an offline marketing method. Here are some inventive ways to measure the impact:
1.Special Promotional Codes
Create a unique promotional code that is displayed on the sign itself. This way, you can track exactly how many customers used that specific code for a discount, helping you attribute revenue directly to your sign spinner campaign.
2. QR Code Magic
Add a QR code to your sign that directs traffic to a specific landing page on your website. Not only can you measure how many people visited the page but also track any resulting sales.
3.‘Spin to Win’ Incentive
Incorporate a game-like incentive like a ‘spin to win’ option where customers can spin a wheel for various prizes or discounts. Place this wheel near the sign spinner and track how many people engage with it and make a purchase.
When customers make a purchase, offer them a quick survey asking how they heard about you. Make “Saw your sign spinner” one of the options.
Encourage passerby to check-in at your location via GPS-enabled apps for a small incentive. This creative approach can help you track foot traffic generated by your sign spinner.
How to Calculate ROI from a Sign Spinner Campaign
The ROI formula is straightforward:
ROI=(Net Profit) x 100 / (Total Cost)
- Calculate Revenue: Tally up the revenue generated through the promotional codes, QR scans, ‘spin to win’ engagements, customer surveys, and GPS check-ins.
- Calculate Net Profit: Take the total revenue generated and subtract the total cost of the campaign to get the net profit.
- Calculate ROI: Use the formula to get the percentage ROI.
Understanding the ROI Outcome
A positive ROI means that your sign spinner campaign was successful in generating more revenue than it cost to run. Even if the ROI is marginally positive, remember to account for other qualitative benefits like increased brand awareness and customer engagement.
Hiring a sign spinner is not just a unique but also an effective way to draw attention to your business. However, like any investment, it’s crucial to measure the ROI to gauge its success. With a dash of creativity in tracking methods, you can get a comprehensive understanding of how effective your sign spinner campaign has been, and how you can fine-tune it for even greater success in the future.