Coin machines are everywhere now. CoinStar was the brainchild of a college student who had the idea to create a device that could convert loose coins into cash. There are now 18,900 kiosks in grocery stores, banks, drug stores, convenience stores, and restaurants. At these retail locations the machine can handle your coin volume. You now longer have to rely on financial institutions for our coin counting solution. Automated Retail CoinStar, Red Box, and other hassle-free customer self-services are bringing a new era to an old commodity: vending machines.
As a side note, Red Box is a subsidiary that earns more than $800,000 per year. Vending can be a financially rewarding franchise, and item placement is one of the keys to having a successful vending operation. And the user is about to get a gift card in the form of an eGift card.
Schools, small businesses, parks, and other high-traffic areas are where most people congregate. NCR (National Cash Register), Diebold, and CoinStar, among others in the Future of Selling industry, are inventing new niches in the consumer automated market, such as ATMs, DVDs, Games, Ticketing Kiosks, and the health care market with client self-registration kiosks.
Even Finest Buy has vending machines in select airports that sell hand-held digital devices, mp3 players, iPods, and other items to cater to the impulse purchases of a global tourist. These niches have proven to be extremely profitable, with fierce competition for market share. Is Selling Profitable for the Small Business Owner? The answer is a resounding yes. There will always be vending machines with ready-to-eat food. There will always be a customer service rep available to answer questions, make recommendations, and fix the malfunctioning item. There will always be a cashier ready to help carry goods and package them for purchase.
They go to the market looking for the products they want. Vending is a low-cost, semi-low-maintenance franchise to start. Your location and marketing are the most important factors in ensuring your vending success. CoinStar targeted the best locations for marketing by focusing on businesses where people shop on a daily basis. Getting the best locations is critical for driving traffic to your vending franchise and your business. Experienced vending machine operators understand that the places where people gather daily are the best locations. CoinStar’s franchise model continues to drive growth. CoinStar is number one in how many vending machines it operates, number one in the number of machines installed, and number one in the number of franchises owned. CoinStar has 16,000 franchise locations worldwide, making it the largest vending franchise in the world.
Do market research to identify what kind of alternative vending products people are buying and how much they cost. As CoinStar advertises in national publications, there have been several franchisees who have purchased vending products through this strategy. Sometimes this process includes sending representatives to fill out market research forms and sending your information to sellers. Ultimately, CoinStar offers franchisees product suggestions.
The ability to successfully market yourself Prime target locations will seek you out to display your vending products if you use simple online marketing techniques. When you put in a little effort and use the right techniques, you can achieve success online.