Digital signage is becoming increasingly popular as a marketing and advertising tool. While many businesses are willing to invest in this technology, cost remains a crucial factor. Although digital signage system cost is likely to reduce generally, several factors such as installation and maintenance and the size of displays still determine digital signage system pricing.
Factors influencing digital signage costs in 2024
Several factors affect the cost of digital signage, including:
Hardware costs
Before integrating digital signage into your organization, you need several hardware components, including cables, mounts, displays, and media players. The price of these components depends on their features, size, and resolution. You can expect more advanced digital signage displays as technology advances, which may come with a hefty price tag. When choosing the hardware components for your signage, you should consider your company's specific needs and requirements. For instance, if you have a smaller workspace, consider investing in smaller displays with a reasonable resolution which costs between $298 and $1500, unlike commercial displays with high resolution, which cost $2000 and above. Carefully assessing your company's needs when selecting your hardware can help you reduce hardware costs and enjoy cost-effective digital solution software.
Software costs
As businesses continue embracing digital signage as an integral part of communication and marketing, the demand for high-quality digital signage will likely increase. Many software providers, such as LOOK DS, have moved to a subscription-based model with digital signage prices ranging from $10 to $30, making it more cost-efficient for businesses to leverage this technology. This shift can help you manage your monthly or annual signage costs. The subscription-based model also provides regular technical support and software updates, further cutting down digital signage costs. The introduction of cloud-based solutions makes it possible for your company to use this technology to purchase or maintain your servers, reducing your hardware costs. The cloud-based model also allows you to easily scale up or down your digital signage requirements per your organization's requirements.
Content Costs
Content costs are the expenses you incur in developing and managing your digital signage content. In 2024, as you seek various ways to keep your customers and employees engaged, you will need to invest in high-quality, visually appealing, informative, and interactive content. To do so, you will require the expertise of content writers, graphic designers, and videographers, which will be on average between $15 to $20 per simple content item. Moreover, the ongoing management of your content will also increase the expenses. However, you have an option to save on this expense item in 2024 by using a set of free digital signage content templates available directly inside Look DS software. Besides, you can also always use free AI tools to generate your content. You will need to make regular updates to ensure your content is relevant and engaging, which may require more resources. Using data analytics to personalize digital content will also drive up costs.
Maintenance Costs
Digital signage maintenance costs include regular software and hardware updates, replacing outdated or damaged components, and ensuring the system functions flawlessly. The more complex the digital signage system, the higher the maintenance cost. Your monthly maintenance cost may range from $59 to $500. Therefore, consider your company’s ability to shoulder maintenance costs when selecting a digital signage solution. Additionally, these costs vary depending on the type of digital signage system. For instance, cloud-based digital signage systems have lower maintenance costs since they require fewer onsite maintenance visits. On the other hand, standalone digital signage systems require frequent maintenance visits, which can be more costly.
Installation costs
Installation costs vary depending on the signage's location, complexity, and size. For instance, the smallest and simplest digital signs installation may cost at least $200 and around $2000 for complex deployments in 2024. Installations requiring specialized expertise and equipment, such as outdoor signage, may also cost more. Systems that require integration with existing systems, like inventory management software or point of sale, may require complex procedures which can drive up installation costs.
Software onboarding
Software onboarding is the process of introducing your team to the new software and training them on how to use it. The software onboarding process is crucial since digital signage fully relies on software. The more complex the software, the more the training expenses. As the digital signage industry evolves, the demand for more advanced software will increase, requiring comprehensive onboarding processes. These onboarding programs are likely to be more expensive, impacting the cost of digital signage.
Cost summary for a digital signage screen
The cost of the digital signage hardware can range from $300 to $5,000, including the media players. Further, the subscription cost can range from $10 to $30 per month, depending on the services and degree of professionalism. Maintenance costs can range from $40 to $500 per year depending on the level of support your system needs. Installation costs may include labor, wiring, and any necessary permits or certifications and can range from $200 to $2000. Services from expert videographers, calligraphers and editors may cost $15 to $20 per content item. Thus, in 2024 you can expect an initial minimum cost starting from $600 per 1 digital signage installation.
How to get the best value for your money for digital signage
When selecting your digital signage solution, the following approaches can help you get the maximum value from your investment.
Set clear goals and objectives
Before selecting your digital signage solution, it can help to assess your marketing strategy, identify improvement areas and determine how the signage will help you achieve your goals. For instance, if you wish to increase traffic in your store, you can consider window digital signage displays. Still, if you want to improve internal communication, you can invest in digital signage software for Corporate TV.
Research and compare products
It pays more to dedicate your time to researching and comparing the digital sign pricing from different vendors. This research can help you compare features and costs, ensuring a relatively affordable digital signage price with relevant features. Remember to check the support agreements and warranties to ensure the software or hardware is reliable, and the maintenance costs are within your budget.
Develop compelling content
You can use high-quality videos, graphics, and images to capture the audience's attention and memorably communicate your message. Also, keep your content relevant and up-to-date by regularly displaying content that resonates with your audience to ensure your digital signage investment delivers the maximum value for your organization.
Conclusion
Digital signage costs will likely become more affordable in 2024 thanks to increased competition among providers and technological advances. However, the overall cost will still rely on the type and size of the displays, installation, maintenance and content creation. You can set clear goals, compare system prices and features from different vendors, and create engaging content to maximize your investment.
LOOK DS offers cloud-based solutions with a monthly/yearly subscription model and on-premise option under a non-exclusive license so that you can choose and get the most out of your investment, try the 14-day free version of digital signage software!
