Vending machines can be an excellent source of revenue in the modern-day consumer ecosystem. The public loves the convenience vending machines provide for them to purchase their favorite snack or beverage and vendor operators love the profitability high-foot traffic areas provide for them to sell these products.
Despite the evident advantages of a vending business, not all new ventures succeed. But success can be achieved if you have the right plan in place from the outset. This article covers five ways that can help vending businesses take a victory march.
Create a business plan
A marketing plan is a document that outlines your goals and how you intend to achieve them. It details how you will measure your efforts and your success. Creating such a plan can be as detailed or simple as you like, as long as you have a written plan. The more you commit to paper, the more likely you are to follow through with your plans.
A typical framework of your plan may include: –
- Where to place vending machines?
- What services and value will I provide to the location?
- The prices for the products you will be selling and the value proposition
- Deciding on the products that you would be selling through the vending machine
- Where will I get vending machines?
- Your target market and customer behavior in the chosen market
- Marketing and promotions
- Competitive analysis and preparation
- The payment methods to be incorporated
- The hours of operation for the vending machine
- Evaluating the sales generated by your vending machine
- And the steps to be taken if the result is not as anticipated.
Hire the right staff
You might assume that your vending machine business does not require any staff. However, if you have many vending machines, you might need the support of additional staff members to manage these machines. Moreover, you may require a helping hand to address inventory management for your vending machine, which may include restocking the machine or managing reorders for high-selling products. Finding staff that will be reliable, hard-working and have the same values you do is important to the success of your business. Making sure someone is the right fit for your team can be the difference for you keeping important locations.
Vending machine maintenance
One of the biggest challenges vending machine owners face is the maintenance of their equipment. Having a regular schedule for cleaning and maintaining your machines can help you avoid big problems in the future. We recommend purchasing a machine built in America, from a company that has a trusted history of manufacturing reliable vending equipment and that has replacement parts readily available.
Vending machines require professional maintenance and care. You must regularly clean and service your vending machines to ensure they remain in good condition. This will reduce breakdowns, increase customer satisfaction, and thus give you more profits. Purchasing a brand new, reliable vending machine may cost more than an old used machine, but can cost less over the time you own the machine because you won’t need to keep spending money to fix it.
Keeping your exterior well-maintained will definitely attract more customers. You may start by cleaning the housing and exterior of your vending machines regularly. This includes wiping away any dirt, dust, or grime that may have accumulated on the machine. You can also wipe down the machine with a cleaning solution (such as warm water and soap) from time to time.
Increase your product range
Growing your vending business may not just mean scaling your operations or installing new machines but even adding new products to your fleet. There are several ways in which you can do this. It can be as simple as swapping one product for another. You can introduce premium, higher margin products to your machines. It may be helpful to ask your locations what they would like in the machines or ask them if they would be interested in some of the more expensive products you are considering. If your sales do well or if you have a large building, you can also install another machine.
A road paved for success
The sky’s the limit for you growing your vending machine business. But as is the case with most businesses, launching and growing your business comes with its own challenges. It requires hard work, smart planning, dedication, and a sound strategy. eVending has vending experts to help guide you on your journey toward increasing your profit. Contact us today!