When businesses and individuals start thinking about increasing their vending machine profits, they often think about increasing the number of vending machines they own. While this is one way to do it, it is not always the most cost-effective option. There is a lot of competition in this industry and so you need to be creative to ensure your machines make some money. Here are some tips to help you maximize your vending machine income.
Select the Best Location
For a vending machine to be profitable, it has to be placed strategically. There are several things to think about when choosing the location and they include foot traffic, choosing between indoors and outdoors, and competition. You want your vending machine to be placed where there are a lot of potential customers passing by. This means areas where people are walking by every day. You can try to place the vending machine to target habitual or impulsive buyers.
You also want to think about placing the vending machine outside if you sell drinks as people are more likely to hydrate when outside. If you sell food, it would be a good idea to place the vending machine inside or somewhere with adequate shade. Also, ensure there are no cheap food places close to where you place the vending machine.
Lastly, you want to place the vending machine where there is as little competition as possible. If there are other vending machines nearby, you need to start thinking about your competitive edge and differentiating factors so that customers can choose you over the competition.
Ensure the Vending Machine Attracts Attention
There will likely be other vending machines where you decide to place yours. If you want to stand out and increase your profits, you need to ensure your vending machine stands out. The first step is selecting an attractive vending machine. The good news is that there are lots of great food and drink vending options to choose from. Do talk to a vending machine merchant to find the best vending machine to find a vending machine that suits your business and the types of customers you are trying to attract.
Next, ensure the vending machine is easily noticeable. One of the best ways to do this is to replace the light bulb inside the vending machine with a brighter one. You can also replace all the internal lighting with LED strips which are brighter than the initial internal lighting. When you install the brighter lights, ensure they are angled in such a way that they help highlight the products and do not shine into your customers’ eyes.
Stock the Vending Machine with Sales in Mind
The potential profit you could make with a vending machine is often determined by the number and selection of products you have in the vending machine. When choosing the products to include, consider where the vending machine will be placed and the potential customers you are trying to attract.
Also, consider the size and shape of the products you would like to add to the vending machine. Doing this allows you to use the space you have more efficiently to ensure higher profits. Remember that stocking many smaller products with a sizable profit margin is better than stocking only a few items with the same profit margin.
Second, people are attracted to attractive packaging and so if you squish the packaging, that might leave a negative impression in the minds of the customers you are trying to attract. This will have a noticeable impact on your sales.
A vending machine can be a great way to make money but there are a few things you need to keep in mind to ensure it does. Getting an attractive machine, ensuring it is placed in the best location, and stocking it with sales in mind are all great places to start.