The retail world has not had an easy ride these last couple of years. Many customers favored webshops with their low prices and fast delivery and on top of that we were hit by an economic crisis that snapped many consumers’ wallets tightly shut. So now more than ever it has become important to boost sales effectively. Also, with cash so hard to come by, any investment has to pay back quickly. So how do instore media fare in that respect?
It all comes down to the proper selection of the best media for your formula. Music, visuals, scent and interactive solutions can all help, but you need to figure out which will support your specific formula and goals. Next, you need to implement them congruently and effectively. Luckily, there are experts out there who can help you with that. Check out my previous article on the development of your own instore media strategy if you like.
Multiple scientific studies have shown that, when implemented properly, instore media can boost sales and improve customer satisfaction and loyalty. In fact, double figures emerge in these studies quite often. Music has been proven to boost sales by up to 30% in one instance. Scent marketing has been tested to boost sales by 64% in one case. And when put together, congruently, different media are proven to boost each other’s effectivity even further.
Obviously you should not expect to see your sales go up by 30% from one day to another once you implement instore music. There are so many variables at play, that it is extremely hard to link sales to a single variable reliably. Still, the proper implementation of instore media is very likely to do something for your sales and customer satisfaction.
The last time I have measured the actual fluctuation in sales after implementing music, we saw a rise of 15,7%. So do it right and great things can definitely happen.
The question remains, are instore media worth your investment?
Most instore media aren’t too expensive to implement. Usually there is the cost of the required technical installation such as loudspeakers or screens. Then there is usually a monthly fee for the content you play. You can make this as expensive as you like. A subscription to a standard music stream is very cheap, the custom production of video material on the other hand might not be.
Still, we have calculated the return on investment for clients and found them realistically to be between 200 and 1000%.
So yes, I am biased. But the evidence is hard to ignore. When implemented properly, instore media are definitely an investment in the performance of your shop(s). And considering their costs and potential gains, they are most definitely worth it!