UC(University of Cincinnati) ran a study on how the impact of signage can increase sales for businesses. The study concluded that pylon signs (similar to monument signs but usually shorter) increased sales at the bank by 15%.
Good signage yields information to buyers, reduces transaction costs, allows sellers and buyers to find each other for transactions and sign information moves toward efficient outcomes.
Bad signage yield inadequate information and more costs to the seller and buyer, Consumers are stuck searching inquiring higher costs and internet sellers gaining an advantage over other sellers.
A Bank with 500+ branches provided date for the study about their use of signage and how it pertains to performance.
Banking operations are very similar to those in retail trade and food service. The BMA said this “banks should think like retailers. Retailers know the value of great visibility. If customers can’s see your sign, they won’t visit your building” (Beery, 2002) Out of 100,000 shoppers, 29% of them said they tend to make store choices based on the information provided by the store signs.
The study UC ran used 47 bank locations in a popular metro area, which eliminated non-signage factors. The second part of the study focus on examining the impact each type of signage had.
Pylon Signs: Increased teller transactions by 15%.
Impact of Having The Highest Visibility
- Pylon Signs: .91 and were deemed to have high visibility
- Monument Signs: .38 and were deemed to have moderate visibility
- Wall Letter Vertically: .8 and were deemed to have identity but no visibility
- Wall Letters Other: .12 and were deemed to have identity but no visibility
Clearly pylon signs and monument signs are the best investment you can make for banks and retail businesses.
