Quick Ways to Boost Profits With Your Vending Machines
Want a way to increase vending machine profits without adding more locations to your route? Follow these ideas to maximize the amount you earn from each machine.
The vending industry involves a lot of competition and you need to stay out in front of other company owners if you want to make money. This involves not only hard work but also fast thinking. Sometimes, it is the little things that make the biggest difference on your road to a successful company and higher profits.
The strategies listed below will improve your bottom line in two important ways:
- Each vending machine on your route will make more money.
- More potential customers will notice and use the vending machines.
Use Promotions to Increase Overall Machine Profits
The easiest way to handle the price of items in each vending machine is to have an online telemetry system installed. There is no need for a special trip out to the site to change the prices on any and all products within. People will notice if you lower the price of their favorite snack or drink for a limited time and they will tend to buy more. Also, people who frequently buy one product may be tempted to try a different one if the price is lowered. This may reduce the profit per sale but will increase sales overall. Lowering the price can also help shift a product that is not selling well or has a short shelf life. When you reduce waste you increase profits automatically.
Make Your Vending Machine Grab Attention
Many locations have multiple vending machines from different suppliers available to the buying public or employees. If you want to increase profits for your machine, you need to make it grab the attention of potential customers. Simple ways to do this include replacing the lightbulb for the front of the machine to keep it shining brightly, always keeping the machine clean and replacing the internal lighting with LED strips. These are inexpensive and easy to install and are also much brighter than regular light bulbs. Make sure to angle them to highlight the products and not shine in a customer’s eyes. All of these quick tips will help potential customers notice your machine before the other ones, which will make them more likely to choose one of your selections as well. The more attention you grab, the more profits you make.
Convince People to Make a Purchase
Glass front vending machines like the Dixie Narco BevMax model allow potential customers easily see everything available and make a choice from a reasonable selection. These types of machines can be a great advantage when trying to convince people to make a purchase. Every time you go to restock or service it, be sure to wipe the glass clean so people have a good impression and are more likely to buy.
Convincing people to buy from your vending machine sometimes takes a little bit extra effort. Some unique tricks to get them to buy more offer them something in return. For example, attach a dollar bill to one of the drink cans or bottles with shrink wrap and place it randomly in the machine. If people can see this as they go to buy a drink, they may just buy more in order to get the prize. Even if a dollar bill is not visible from the outside, whoever wins the prize when they put in their money will spread the rumor and more customers will flock to your machine. You can do this with bills or even gift certificates or gift cards.
Adding a little bit something extra in each restocking is like a loyalty program for the customers who use your vending machine the most. It will increase profits as people love to get lucky.
Stock Vending Machine Shelves for Optimum Sales
The more products you have in a vending machine, the more potential profit you can make. This does not mean you should squash things together so it looks unsightly or damages the product. When you choose which items to stock consider the size and shape and use the shelf space efficiently. For example, stocking five or six larger instant soup bowls or tray meals will bring you less profit than a dozen candy bars or snack bags. In general, stocking more of an item brings more sales and more profits. However, if one larger item is sold out week after week, you should not stop stocking it. Pay attention to your customers’ buying habits.
Additional Tips for Increased Vending Profits
While the other tips involve some basic actions that will increase profits in relatively easy ways, bringing your vending machine business to the next level requires additional involvement. An automated inventory management system can help you use your money or effectively, reduce waste and keep things running smoothly. After all, if you purchase the wrong products or too many of them, they will not be sold and will go bad before you have a chance to use them. If you have multiple vending machines or routes, managing inventory across all of them can be time-consuming and complicated. The vending management software VendSoft can help make the process much easier and beneficial toward your company’s success.