A profitable business that has been in the market for so long should expect its market value to decrease due to changing trends. You don’t expect anything to last for a long time without making the necessary changes to keep it afloat.
One has to keep up with the times and make improvements. Sure, that will come at a higher cost, but the returns can be doubled or tripled depending on the management and implementation of these changes.
All business owners, including vending machine owners, want to increase the value of their vending machine business. This value increase is a reasonable consideration if you wish to sell your business or want to make major improvements, such as taking on a partner. While making major improvements is the better option, this should be started early on and constantly maintained to improve business operations and profits further.
As a business owner, this slew of improvements can make you feel more confident and secure and further cement your place in the industry. Who knows? In a few years, you might be an industry leader or, better yet, expand your vending machine business to a bigger market.
In this article, we’ll discuss some ways you can do to increase the value of your vending business. Read on, and you’ll probably pick up a few nuggets of information that can help you in the long run.
Renew the Machines
One of the simplest and best ways to increase the value of your vending machines is to refurbish or renew your old and worn ones. An old or worn-out vending machine isn’t good for business from an aesthetic or financial viewpoint. Your patrons might think they’re not being cared for or feel the machines aren’t working anymore, which would most likely be a dip in your profits.
Refurbishment is the answer to reverse this and possibly put a plus on your financial sheet. Besides making the machine look brand new, you can also add new functionality to your existing machines. Examples include surveillance, additional payment options, digital monitoring, and data collection. While this might be an additional cost for the company, you’ll be able to reap the benefits when your patrons start seeing the refurbished machines and convince them anew to purchase your products.
Adding a new machine might sound daunting, especially if the budget is tight, but it is advantageous in the long run. Choosing a location must not be done haphazardly but should be well thought out and have undergone proper market research. When selecting a new site, you must also consider the type of vending machine and products sold.
For example, a coffee machine might be the best choice if you plan to add a new machine to a hospital. An ice machine might be the best if it’s in a construction zone or a manufacturing plant. You can use snack and beverage machines for gyms and fitness centers that offer energy drinks and protein bars. The additional vending machine must always be fitting for the location.
While this might be easier said than done, the real question is “How?”. There are multiple ways to go about this, but the main point is to let people know that you have a vending machine in a particular location or all of your areas. Nowadays, digital marketing is accessible and inexpensive and only requires social media accounts, a business page, and a music or video platform to post new updates about your vending machine. Be creative and engaging; plan, and be consistent with your efforts when using traditional or digital marketing.
Improve the Locations
Suppose you also own the location where your vending machine is placed; you can make improvements to the place to increase the value of different aspects of your business. A significant renovation to the exterior or interior of your business place can engage customers to visit and most likely use the facilities, including your vending machine.
If you’re renting a space for your vending machine, it won’t hurt to talk to the business owner and discuss some significant improvements to make the situation favorable for both of you. There might be some unknown issues why customers are staying away from the vending machine, like specific hazards that make the environment unsafe, inadequate lighting, vandals, criminal activity, and many more. If the business owner is not convinced of your case, provide proof such as surveys and testimonials from customers that might help make the necessary improvements for the good of both your businesses.
Awareness, Trust, and Positivity for Your Brand
In the case of vending machine businesses, you might think you’re leveraging the brands of the manufacturer or the products you sell; however, the brand of your vending machine business is the services you provide. How your customers perceive your brand can either increase or decrease the value of your vending machine business. This is why promoting awareness, trust, and a positive outlook on your brand is a must.
So if you want to promote awareness, increase your digital presence and do some visible marketing such as signages and billboards. Let your potential customers know you exist through emails and newsletters. Write a blog like this and let them know you are an expert at your work.
Talk to your customers more and engage with them if you want to increase trust. Ask them what works and what doesn’t. You may also ask why they haven’t made a purchase even if they know about your machine. Follow through with these concerns and issues and show the customers that you’ve made the necessary changes. Word will spread, and sooner or later, you’ll see an increase in your value.
Promoting positivity by impacting your community could increase your value threefold. Show that you care and make those positive associations with your brand. Bottoms Up Vending, for example, recognizes the importance of hospital staff, such as nurses and doctors, and has been continuously servicing hospitals to keep them well-fed and energized.
In any business, you can’t expect to serve only one type of customer for the rest of the business life. You must diversify your customer base and help as many as possible without compromising quality. Focusing on only one kind of customer can be bad for business and may not be sustainable. Reach out to different locations and use other vending machines, such as an ice cream machine for families in an arcade, a coffee machine for hospital staff, a snack machine for office workers, etc.
Upgrade Your Tech
While this is related to the very first section of renewing your vending machines, upgrading and integrating new technology into your vending machines can increase value for your vending machine business. This can improve operations and functions, including surveillance for security purposes. You can also download applications for easier management and tracking of sales, a touch screen, online payment options, and much more. Your convenient vending machine business becomes more convenient and accessible.
These ways will streamline your operations and make everything more straightforward and well-organized for your vending machine business. These can also resolve issues in your business and cause significant improvements that will surely increase its value.