The fundamentals of business tell us that maximizing profit stems directly from maximizing value for your customer. Value can be delivered in a myriad of ways, location being one of them. You want to make sure your vending machines are in a location that are able to drive value for your customer, therefore driving profit for your business.
Location will vary on each business owner, and the nature of your business. Whether you are supplying vending machines for a school, a gym, a emergency medical facility, or gas station, location is relevant across all channels. Here we have 3 tips, with supporting questions to ask yourself, to help you determine where to place your vending machines to maximize profits:
Define your goals
How much do you want to sell each month from your vending machines?
What types of products do you want to sell?
Are you selling what your customer demands?
Create a strategy
Define who is your target market.
What type of daily activities does your customer engage in while on your premises?
Where does the most foot traffic happen?
Are your machines accessible to everyone?
Analyze your results
Test different locations for your vending machines.
Compare results of 3 month periods.
Where were your vending machines performing the best?
Based on the results of your location scouting, nurture the results. If you noticed that your machines are performing better when they are placed in a shadier spot out of direct sunlight, nurture that finding by placing more vending machines in easily accessible yet comfortable spots for people. If you noticed that the machines placed by picnic tables perform better than machines without seating, nurture those findings by making the seating areas more accessible.
Ultimately, testing what is best for your particular location is critical to maximizing the value for your customer, and ultimately maximizing your bottom line. As a leading expert, and with over 80 years experience as a vending machine distributor, we are here to help you! For more information about some of the exciting new vending options available, visit our website or blog!