Whether your vending machine business is a success so far or otherwise, there’s always room for improvement. In this article, we offer some pointers in increasing the revenue generated by your vending machines.
Monitor market trends
Review your locations
Replenish product stocks in your machines
Keep your machines in good condition
For a customer, there is little more annoying than having money disappear inside a vending machine. Complaints can be a major headache for you and your employees. Instead, keep ahead of potential problems by servicing your vending machines on a regular basis. Your reputation depends upon it.
Part of being successful in this business involves regularly monitoring what’s going on in the general marketplace. Go around town and take a look at some of your competitors. What type of items have they focused on? Are they drawing in customers? One recent trend to watch is the growth in popularity of “healthy” foods being sold in vending machines. If your candy sales are falling you might want to consider selling healthy snacks instead!
The vending machine business has the reputation of being “hands-off” – meaning that revenue is generated like clockwork after you’ve set up your machines. While this is partly true, you do need to keep an eye on how each machine is doing. Which area, if more than one, is progressing and which are not? If a particular machine is consistently faring badly then it is very important to find the cause of the problem and resolve it as soon as possible. You may find that moving locations will considerably raise product sales.
Good stock management is vital for both maintaining and increasing revenues. If your machines are constantly out of stock you are leaving money on the table. Customers will tire of using your machines and may end up going elsewhere.