As someone in business, you know how important revenue is. It goes without saying you spend a lot of your time, your team’s time, and effort focused on the almighty dollar sign. In line with financial considerations, discussing how to increase dollar amounts across your entire line of business can get down into the really nitty gritty—we’re talking ancillary revenue … from your vending machines.
By definition, ancillary revenue is what is generated by selling things other than a core business product or service. No matter how small, any portion of ancillary revenue is money in the bank for a business looking for any type of differentiation. This line item can have a real impact on a company’s bottom line; the extra income recognized from additional fees, products, or services. Services that could include a vending program.
Tips to Increase Your Vending Machine Ancillary Revenue
Many people might categorize vending machines as inconsequential to a business’s well-being. And those people might be right—if they’re not considering their vending program as another business initiative aimed at generating money. Just as you would consider your IT infrastructure or HR recruitment program, vending machines can add incredible value to your organization, and it’s far less complicated than anything IT-related.
So, what are some ways to improve your vending machine’s presence within your organization in order to recognize it as a solid money maker?
Location is Key for Your Vending Machine
A dusty stairwell or underutilized break room? That doesn’t sound appealing at all. Location, location, location. Emphasizing focal points of well-trafficked areas within a bright and welcoming atmosphere will increase the likelihood of vending machine visitors.
The Importance of Portfolio
The notion of vending machines being last-ditch resorts for a quick sugar or caffeine fix is an antiquated notion. Sure, you can still offer classic snacks and treats along tried-and-true beverage options, but today’s vending machine portfolio is an enticing, fresh, and real food oasis.
Make Use of Promotions to Attract Customers
If you’ve ever brainstormed ways to attract new business or increase the spend of any of your current customers, you already know how to do this. Give some time and attention to the promotional aspect of your vending machines and incentivize people to pay more attention to their onsite dining and snack options.
Regular Maintenance Can Go a Long Way
Not to keep talking about IT, but just as you schedule maintenance on your operating system at designated intervals, you can (and should!) do the same for your vending machines. Consider partnering with a reputable vending machine supplier that prioritizes service and maintenance and they’ll help you manage the process.
Increase Awareness
Simply put, people don’t know what they don’t know. If you have an underutilized vending machine program, you have the influence to change people’s perceptions of it. Low-hanging fruit: just moving from that dusty stairwell will drastically increase awareness.
Increase Trust
What does trust have to do with revenue when it comes to a vending machine? Ask your core product and service customers. Trust is paramount in any business setting, and it is a two-way street.
Consider it a Business Priority
Vending machines are meant to be low impact yet high yield. What does this mean? It’s a simple concept that essentially runs itself, yet in order to maximize ancillary revenue, will need a little of your time and focus to give it the attention it deserves in that high-yield scenario.
How Does Your Vending Machine Look?
If you have a clean office, warehouse, waiting room, showroom, classroom, facility … you know the importance of presenting the very best to your employees, partners, and customers. A clean, modern, or updated vending machine is an enticing one. Is it stocked with fresh products? Are the lights and buttons all functioning?
Correct Pricing Can Result in More Revenue
The point of vending machines is to offer convenience to their patrons. Yet, does convenience come at a cost? Not necessarily. People will pay prices that meet the expectation of their purchase. Working with a knowledgeable vending machine supplier will help you determine the right pricing structure that benefits both your vending machine users and your ancillary account.
More Payment Options
It’s nearly a cashless society today, and the pandemic forced the hand of a lot of retailers and businesses to update payment options conducive to safety protocol. Are your machines equipped with the technology that meets the needs of those trying to pay for a purchase? Many vending machines today accept both cash and card; some even are equipped with PIN functionality or even fingerprint technology.
Partner with Bernicks to Increase your Ancillary Revenue
If you view vending machines as just another feature of your business you have to manage, why not make it work for you? Developing a strategy to view your location’s vending finances as another component of your overall financial portrait takes an expert. At Bernick’s, we’ve been in the vending and distribution business for decades. We have developed an entire service entity dedicated to all things vending. This helps position our brand as a premier option for service and solutions.
Learning the potential of a vending machine program for your building or business can be made simple when you consider who to partner with on the venture. Our team of vending specialists assist our customers in every angle of vending, including the right equipment, at the right time, in the right space … with the right products. There’s a form of vending machine “math” that looks holistically at those aspects to create a robust service offering unique to your business and your needs. There’s also a certain science to stocking and promoting and protecting the investment, all of which we include with every customer relationship.
