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Slow economic recovery slows digital menu board deployments
- Scott Sharon
Many of us have been working hard on the development of digital menu boards (and digital signage) and investing capital for several years because we believe they are valuable marketing/merchandising tools.
Now that the products have been developed and ready for implementation it's very frustrating to learn that their use is being delayed because of the bad economy. Some large projects have not been implemented because of the lack of capital and others because management is too unsure of the future economic conditions to make a large investment. Many are on hold in a "wait-and-see" position.
Unfortunately, this is only one small example. The same is true of many other hard working people and the exciting new products they have developed. The lack of investment in new technology has a devastating effect on the companies developing the technology, as well as the overall economy. Some go out of business or consolidate with stronger or larger companies. Many employees lose their jobs because of this, which further delays the recovery. Hopefully, we will see this trend stop soon and a recovery take place.
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Digital signage is an objective technology, but its core (the digital contents) is too subjective, and so to "risky" to invest (it is the most expensive aspect of this business).
So, instead of complaining about the "bad economy", digital signage professionals should be happy for the opportunities the market is giving to them to learn about their customers, to cultivate relationships understanding that what customers need comes first than what the industry needs.
Besides, it is a moment to learn to be creative, to use our brains. I will give you a simple example. I helped a Brazilian brand of cosmetics to open a few hundred business accounts in the first year without any money. First I found out the trade shows they were participating in Brazil, them found a trade show organizer here in the US, willing to be part of that show overseas. With the authorization of both parties I exchanged a booth in Brazil for two in Puerto Rico. From the two booths in Puerto Rico, one I exchanged by a full page in a magazine. The other booth I bargained with a local distributor giving him the free booth and a full page in a magazine for a purchase of a certain quantity of the products I was representing. Done deal, 10K sold in one hour, one distributor account opened, one trade show with thousands of people and one magazine reaching other thousands, without spending one cent.
The value of our services, in a simplistic way, is the quotient of the real results we deliver by the cost we present.
So, expensive solutions, have to bring a huge return, in order to that value be significant. My motto: "Share brightness, save energy"!