Vending Machine Business Market Research Ideas
Market research is all about getting a better understanding of the market that you are planning on entering. A market is made up of both customers as well as operators. You need to understand the current state of affairs in order to allow yourself to position your new vending business for success.
Your market research will help you to identify some of the risks and opportunities in the market. It will help you to identify good locations and the kind of machines and products that would do well in them.
Hiring a market research company to put together a report on the local vending industry would be great. This option is cost prohibitive though so it is more likely that you will end up doing your own investigations.
When it comes to starting a vending machine business, market research should be the first thing that you do. Here are some ideas on the kind of information that you should collect and how to go about it.
Before you attempt to vend products to people in the area that you are targeting you have to understand as much as you can about them. This will help you to know where to place your machines and what products to offer.
If, for example you are in a fairly young area with lots families then you might look at a product line that targets children. If the population is older then it might be worth trying to place machines within retirement communities.
If you are trying out a new vending machine niche it will be important to gather some data from prospective customers. This will help you to confirm whether or not your business ideas are viable and if there is enough demand.
Put together a brief questionnaire and ask people within your target area what they think. Would they be prepared to buy the products that you intend to sell via vending machines? How much would they reasonably expect to pay for such items?
You should get the best response from your surveys if you do them in person but you could also look at purchasing a database and doing them by phone or mail. To get a better response you could offer respondents some kind of free gift such as a voucher for a free coffee at a local cafe. This may end up costing you but the information that you end up obtaining from local prospects could be of considerable value to you.
Try to talk to some business owners about whether they think your product line would sell on their premises. If you get a positive response from them then you can contact them again at a later date once you have started your vending business and have machines ready to place.
Scouting the Area
Once you have decided on the area that you want to target and have marked out your territory on a map go out for a few drives and explore. Visit some of the places where you would expect to find vending machines. Take note of the range of machines that are in place, if they are being used, what products are being vended and how well maintained they are.