Technology is the only ship that will take businesses to a successful future. In order to stay competitive, all businesses are embracing some use of technology in their businesses to increase value. For this very reason, fast-casual restaurants are in a race to adopt modern technological trends. Even though digital menu boards are not a very recent technology, but their usage can make them unique. The usage comes down to the restaurant owner’s creativity and aesthetic. A concept that works well for any food business establishment is a having balanced digital menu boards that oscillate between video advertisements and strategic imagery. Before investing, the restaurant owners must consider the cost versus returns of using a digital menu board.
Digital menu boards are always worth their cost, no questions raised. It has never been observed that a digital menu board results in negative Return On Investment for a food related business establishment. However, a better way of realizing the Return On Investment of digital menu boards is through research based on facts and figures. So, we get down to the real question. How much do digital menu boards cost? Are they worth the price they are charged? The answer varies on price, but not on value. The value is always a steady inflow.
Talking Numbers: Price Ranges of Digital Menu Boards
Smaller sized menu-board displays (that do not use high technology) usually cost up to £500. This is equating to more than $600 USD. This type of display screen is not extraordinary and do not have high-quality pixel screens or image display. Another cheaper, low-quality alternative is to turn an old television screen into smart TV display. This process of technological conversion costs under £200, which equates to more than $250 USD. One thing to keep in mind is that this option should only be used when you want every screen to display the same message.
Moving on to the More advanced category of menu boards, these are the ones often manufactured by LG. They are priced at a couple to a few thousand USD to be bought and installed. Price quotations range from £1,000 (more than $1200 USD) for a single board to more than £7,000 (almost $9000 USD) for a collection of boards. The high price is due to electric fail-proof safeguards that make sure the screen is always working despite power surges. These screens have their own power supply generator when electric power supply fails, as well as an automatic software and bug fixer to correct software glitches. This bug fixer protects these screens from being hacked online.
Return On Investment: Cost Versus Value
When making expensive asset purchases, businesses often are looking at the Return on Investment. This is a more fail-proof method because rather than looking at price alone, the business owner is also looking at the value this expenditure is going to bring to his business. Digital menu boards are definitely worth the price and effort of acquisition.
First of all, a digital menu board eliminates the cost of reprinting menus and paper advertisements (such as flyers). Second of all, a digital menu board influences a buyer’s decision by showing him/her the alternatives, price bundles, product bundles, value meals such as combos. Thirdly, a business with a digital menu board looks like a modern, cutting-edge establishment. You will be sending a clear message to your customers that you know your way around technology. It also sends a confident message to your customer that your establishment is doing well financially, and you’re not afraid to spend your earnings to increase value for your loyal and new customers. Fourthly, if you are in need of testing out a new menu item, your digital menu board will come to your rescue. It will instantly attract your customers’ attention and your front counter employees can sell the product better that way. Without a doubt, digital menu boards drive up sales. Fourthly, during your closed hours or holidays, you may use your board as a screen with instructions to train your staff. The screen will come to the rescue if you find unique uses for it. Hence, more value in return for the money you spent in acquiring it! Fifthly, you will be doing a great service to the environment by going paper-free. Modern eco-friendly theories are hyping the concepts of a paper-less, digital economy. As an eco-friendly restaurant business owner, you can play your part by going paper-free. One may argue that a digital screen uses power to work and electric power generation harms the environment. In response to that, a person may use clean energy generated and sourced from eco-friendly energy generation alternatives.
The cost for a digital menu board may be pricey, but you may opt for cheaper initial options (such as televisions screens displaying single images). You may upgrade later, or you may decide that you want to go all-in and make a splurge at the very beginning. Each case study on the fast-casual restaurant business agrees that digital menu boards are the future of business establishments. There is great Return On Investment with digital menu boards, and the benefits far compensate the costs.