The Trials, Tribulations, and Future of the Lucrative Vending Machines Business, Part 2
A BRIEF LOOK INTO THE FUTURE OF THE VENDING MACHINES BUSINESS
In the previous post we discussed some of the milestones of the vending machines business and ended with a few problems facing the present-day vending operator. More importantly, we ended the blog with a question: What does the future hold for the vending machines business?
Given the fact that the current business model is obsolete and just doesn’t provide the income that once enticed people to open a vending machines business. Let’s briefly consider 3 businesses that are profitable and/or booming in the present and see if we can somehow apply it to the vending machines business:
Business – The health industry has been at a constant incline since the Richard Simmons began his wacky routine in the 80′s. Today, with role models like “the Situation” from that TV show people are more inclined to exercise and eat healthy.
Application – How can we apply thee? Let me count the ways … Okay, as corny as that was, it’s pretty much the case. There are a few ways we can combine the health business with the vending machines business. Here’s the most obvious one: how about taking all of the junk food out of the machine and replacing it with healthy products? Now you’re in the healthy vending machines business. Congrats!
Business – The technology (tech) industry, I’m sure we can all agree, has been where the majority of today’s millionaires and billionaires are made. Given the fact that this is multi-billion dollar industry, why wouldn’t you want to incorporate it?
Application – Adding a touch screen ordering system to increase usability as well as appeal is always a good idea. One way to see your vending profits increase instantly would be to add a credit card reader. After, all who carries cash around these days? Another innovative way to utilize tech in your new healthy vending machines business is to add a cool LCD TV. Which brings me to the 3rd and final business I will show you how to incorporate, but this one is a secret …
Business – The marketing/advertising business is an important industry that will forever have a place in the world of business. All businesses need it and most profit from it. You can market and advertise everywhere: the internet, using print, on billboards, in the sky, and so forth. So why not the vending machines business?
Application – Adding an LCD TV allows you to do 3 things that other vending machines can’t and will not. 1.) You will be able to advertise products, and, if you work it right, be able to keep a percentage of what the advertiser pays per month. That alone gives your vending machine a SECOND way to make money! 2.) You can also advertise and give information for the products that you are selling. This doesn’t add income, well, in a sense it does if you consider how many more people you would be engaging with your unique and cool looking LCD TV. 3.) This one is less obvious and sort of ties into #2, but it’s worth mentioning nonetheless. Simply put, your vending machine will have the “Wow” factor. People will want to come up to it and look at it. So, if you have products that are of good quality and taste, it essentially translates to more sales.
The future of the vending machines business looks bleak. However, the future of the healthy vending machines business is one that is innovative, thought-out, and extremely promising.