If you're running a business, you're no doubt searching for ways to cut costs to help improve your bottom line. Perhaps you're looking for ways to make more money outside of your core business. While the ideas to earn your company more revenue are seemingly endless, there's one way that you might have not considered: your vending machines.
Vending services are a great addition to any business. They provide your customers and employees with refreshing drinks like Coca-Cola, Pepsi, and just about any of the world's most popular brands. They can also be a great source of ancillary revenue. But there are certain factors you need to consider in order to maximize the revenue produced by your soda machine. Here are six proven ways to help increase the revenue generated from your vending machines.
1. Join a national vending program
A vending management program is the best way to maximize revenue. If your company has several locations nationwide, consolidating your vending services into a professionally managed program is a surefire way to increase vending revenue. You'll receive aggressive commission rates negotiated on your behalf for each property, with each payment provided in one quarterly check.
2. Place machine in high-traffic area
The location of your vending machine plays an important role in sales and revenue. A soda machine does no good sitting in the dark corner of your office where no one will venture. It needs to be sitting in plain view, where the highest amount of customers or employees will see it. The more traffic in front of the machine means more usage, yielding more sales and commissions.
3. Flavor changes
What benefit does a vending machine provide if no one likes what's in it? Identify the flavors that aren't selling and request they be replaced with something different. Survey your employees and even your customers to find out what they like and have your supplier stock the machine with them.
4. Correct pricing structure
If you want to increase the revenue from your soda machine, it's important to have the right pricing structure. While price increases are usually unpopular, it's a fact that higher prices generate more revenue. But it's a fine line to walk: too high and you'll lose sales, and too low a price will force you to leave money on the table. The national average for soda pricing in a vending machine is $1.50 per 20oz. bottle and $1.00 per 12oz. can.
5. Report service issues
Fact: a broken soda machine will yield no sales. Be sure to report any service problems right away to make sure the equipment is working correctly so customers can buy drinks.
6. Appearance of the machine
You know the old saying, 'don't judge a book by its cover.' While it may be true for books, it doesn't always work with vending machines. If the equipment at your location is old or dusty, be sure to have your supplier spruce it up. Make it look inviting for people to use; not like it came out of a Stephen King novel ready to eat more than the customer's money.