Do you want to boost the revenue of your custom vending machines but don’t want to invest in more machines? Don’t worry. We understand. It’s not being thrifty or impractical. It’s just that we all want to maximize the profit we earn from our investments.
You know the vending machine business is quite competitive. So, to be a step ahead of your competitors, you must get creative and use whatever strategy that can help you generate more money. While this may involve hard work and patience, this may also require creative thinking.
Below, we have listed a few strategies that can help boost the revenue of your custom vending machines.
Strategy #1: Keep your prices competitive.
In order to keep your vending machine business going, you should keep your prices fair and competitive. Sure, there may be plenty of overhead expenses that need to be considered in pricing the goods. But you can never set high prices without being reasonable.
The general rule of pricing candy bars, soda, and chips is to double the price of the item. So, if you bought a candy bar for $0.50 dollars, then you can sell it for $1.
Now, you don’t stop there. What you should do next is to regularly check on your items and check if they are really sellable at such a price. According to the market demands, you can always adjust them.
It is true that many custom vending machine owners are reluctant to raise the prices of their items as they are afraid to lose their customers. Though it’s a valid fear, the truth is that they just have to raise prices to stay in the competition.
Strategy #2: Make your custom vending machine grab attention.
Many locations, especially those with high traffic, have a lot of vending machines owned by different entities or individuals. And if your custom vending machine happens to be in these places, you have to get a bit creative to attract potential customers.
You don’t need to think of luxury and class. You can simply replace the lightbulbs of your machine to make it brighter. Also, you can schedule regular cleaning to ensure it remains neat and presentable. These are really inexpensive changes, but they sure do make a difference.
Alternatively, you can also research your prospective market. Think of what type of advertisements would reach them most effectively at the lowest possible cost. You may take photos of the items in stock on your vending machine and hire a layout designer to create a brochure that best describes your business.
The more people you attract, the more revenue you generate.
Strategy #3: Convince people to buy.
Custom vending machines with glass fronts allow customers and passers-by to see what you have in stock, helping them make a quick choice easily. These machines can benefit your vending machine business big time as they can convince people to buy. The secret here is to wipe the glass surface clean every time you restock your machine. This way, people will have a positive impression and be more convinced to purchase.
It may not be easy to convince people to make a purchase from your machine. However, some easy tricks sometimes get them to purchase more. For instance, you can attach a 10-dollar bill to one of the drink bottles and put it randomly in the machine. If people know about this, they may be enticed to buy more to win the prize.
Even if a customer does not win the prize, he/she will likely spread the news to his/her circle. And in just a few days, more people will flock to your vending machine. You don’t necessarily have to put dollar bills. Gift cards and gift certificates would suffice.
Additionally, you can come up with a loyalty program for your loyal customers. This will help boost your machine’s revenue as people love it when they feel valued.
Strategy #4: Keep your custom vending machines stocked.
The more items you have in your vending machine, the more revenue you can make. We are not suggesting that you put all items at once to the point that they look damaged and unsightly. What you should do is check your stocks frequently and stock items as needed.
It is also important that when choosing items to stock, you have to consider their shapes and sizes. You also need to take into account the size and design of the shelf. Consider this: stocking six bowls or tray meals will generate lesser profit than a dozen candy bars or chips.
Then again, it’s not always about quantity. Yes, stocking more items may bring more profit or sales. However, if larger items usually get sold out in a matter of days, then this means it could bring more profits. What you should do is to study the buying habits of your customers.
Bonus Tip: Have an automated inventory system.
As you can see, most strategies are pretty obvious. But you should understand that your vending machine business may require a bit of involvement if you want to take it to the next level.
What we mean is that you may need to use an automated inventory management system to track your items more effectively and use your money wisely.
If you have many vending machines across Sydney, managing the inventory can be complicated, and most of all, time-consuming. An automated inventory system will make things easier for you.
Invest in Custom Vending Machines Today!
A custom vending machine is truly a great investment. It can help your business make more money with little to no effort from you. However, you have to do your part, too. You cannot just buy a vending machine in Sydney and expect it to generate income for you. Consider the strategies we have listed above. You’ll see that they’ll make a difference.
Looking for vending machines for sale in Sydney? Then TCN Vending is your go-to place. With lots of vending machine designs to choose from, you can easily find one that suits your business needs and personal preferences.