It's Smart To Showcase Company KPIs on Your Digital Signage
Human beings like to keep score. If you want to motivate employees to improve performance, a perfect way to do this is to broadcast key performance indicators on the company's digital signage system.
What are Key Performance Indicators?
Key performance indicators (KPIs) are numbers that indicate some important information about how a firm is doing. They can be things like sales, the cost of new customer acquisitions, the conversion rates for web pages, and more.
Every KPI must have four things:
- Measurement: An item that is measured.
- Target: A goal to achieve.
- Data: A data source.
- Report: A system for updates.
There are many useful KPIs for customers, sales, marketing, operations, and financials. Here are some examples of KPIs for each of these categories:
- Number of Customers Approached/Acquired/Retained
- Net Promotor Score: This score comes from asking customers how likely they are to recommend your product or service to a friend or colleague.
- Average Customer Support Resolution Time
- Number of New Contracts
- Dollar Value of New Contracts
- Average Time for Conversion
- Net Sales – Dollar or Percentage Growth
- Monthly Website Traffic
- Conversion Rate
- Number of Qualified Leads
- Order Fulfillment Time
- Employee Satisfaction Rating
- Time Since a Work-Related Accident or Injury
- Gross Profit Margin
- Net Profit Margin
Broadcasting Your KPIs on Digital Signage
With a digital signage system, it is possible to link real-time data sources that generate KPIs to the broadcast system. In this way, you automate the presentation of the KPIs, and the information is fresh, like an up-to-date newsfeed. The customized display of the KPI information may appear in various formats to suit the needs of any organization.
You might, for example, want to present the current sales figures for the month to the staff in the lunchroom. You may wish to show rewards for reaching goals to generate enthusiasm for making sales.
Reasons for Sharing KPIs with Employees Using Digital Signage
The main reason to share KPIs is for motivation. Real-time KPI display on digital signage provides immediate information to the workforce about how well the firm is doing and other key considerations.
Imagine how often people look at their mobile phones. Now, consider if they had access to immediate feedback about company operations for critical path functions. Once you set up the digital signage system using automation for data display and scheduling, it produces fresh, updated content without human intervention.
There is flexibility in how the data displays in terms of how it shows as tables, bar charts, pie charts, etc. If you try to show some KPIs and do not get the intended effect, you can shift to other KPIs until you find the combination of information display style and frequency that creates the desired response.
Displaying data to employees, when done strategically, may improve employee morale, efficiency, and understanding of the company's productivity goals.
Consistent Internal Communications
Employee satisfaction surveys note that one common complaint is that employees do not feel that internal communications are sufficient to keep them well-informed about the company's operations.
Many employees feel left out of the loop when it comes to accessing important company information. Digital signage helps alleviate this problem with consistent messages and timely information delivered across all the company's communication channels.
Humanize the Employee Experience
Along with KPIs, Digital signage is a useful tool to introduce employees to each other. This technique helps support the company's culture and enhances team spirit.
New hires can be introduced to existing workers and made to feel welcomed. Employee profiles with their photos can inform other workers of their roles within the organization. Personal congratulations for birthdays and life milestones, such as an employee having a new baby or the recognition of an anniversary, help to humanize coworkers.
The digital signage system can train the employees on the persona of a target customer with KPIs about them. This insight helps them focus on finding the best candidates for new customers based on a customer profile representing the persona of the best customers.
The system may show customer reviews, testimonials, and feedback. Customers' pain points and reasons to buy your product or services are great to present in this fashion, making the sales process easier to understand.
Digital signage effectively communicates messages that enhance employee training with KPIs regarding ongoing education. Training videos may be broadcast on the system with KPIs showing the staff's progress in the training courses and test score results. Digital displays may be placed in strategic areas such as staff lunchrooms or lounges to reinforce the training messages and performance levels.
Customized KPI Dashboards
KPI dashboards may have a customized configuration for each department. Digital signage displays whatever can show on a monitor screen.
The sales department dashboard might show the sales growth and targets, the identified audience segments, and customer acquisition costs.
Marketing KPI Dashboard
The marketing dashboard may show the marketing calendar, Google Analytics, social media analytics, cost per click (CPC), cost per action (CPA), and click-through rate (CTR).
Financial KPI Dashboard
The financial dashboard might show the revenue growth and return on assets.
Customer KPI Dashboard
The customer dashboard can show the customers in the sales funnel, their acquisition cost and estimated lifetime value.
Company Overview Dashboard
The company dashboard can show the business news, events schedules, and the company's recognition of top employees.
The Power of Tracking KPIs on Digital Signage
Employees with immediate access to performance-driven information tend to have improved performance. If there is a problem, it comes into focus when awareness and attention follow the KPI.
If a KPI is doing poorly, everyone needs to pitch in to improve the results. When done well, KPIs motivate when the goals are within reach and slightly out of reach. Rewarding these "stretch" goals that are slightly out of reach and showing the KPIs in real-time is a proven way to build employee enthusiasm for creating positive results.