Many businesses are launched everyday, but unfortunately, almost as many end up failing. One of the biggest reasons why a company doesn’t succeed is because it can’t get inside the heads of its potential customers.
Understanding the motivations behind purchasing decisions that people make can be a big step in the success of any enterprise, including vending machine investment.
Here are just four of the many reasons “why we buy” when it comes to snack and drink station offerings.
1) We Don’t Have to Shell Out a Lot of Money to Satisfy Our Cravings.
One thing that we all consider when deciding about something is what the risk factor is versus the reward. In fact, we think about this in all decision-making, including when we want to purchase an item.
When it comes to buying a product, the risk means how much money it costs (or how much work we will have to do to pay this off over time), and the reward is how much perceived value it will bring as a result.
The great thing about food and drink is that the value is huge – we all need to fuel up on calories. Thus, the reward is that you’ll feel great consuming it and have more energy and probably a better mood afterward.
This is, in fact, a win-win, because the risk is also very small. At most, a beverage or snack will cost a couple dollars. Low price plus quenched thirst or hunger equals a sure sale.
2) We Like to Reward Ourselves With a Treat in Many Scenarios.
Another interesting point of psychology is the way in which we tend to reward or comfort ourselves. Just as when we were children and our parents commended us for a job well done in school or at home with a treat, we often like to give ourselves that proverbial pat on the back with some tasty candy or chips that we don’t always get to eat.
Equally interesting and valid is the idea of food as comfort. Sometimes when we are sad, stressed or otherwise agitated we will run to the vending station for a sweet or salty morsel to calm us down.
3) Hunger Strikes Multiple Times Daily.
Supply and demand is a pretty tried and true market concept, but it also applies to the human body and psyche. For instance, if you are low on calories, your body’s demand for sustenance will become very high. The more your energy reserves become depleted, the more you will want snacks and the less selective you will be about what you choose to eat.
It’s nice to have a vending station nearby when this happens (as it does multiple times a day to all of us).
4) There’s Convenience & Variety in Vending Machines.
The concepts of variety and convenience also reign supreme in vending. If you stock a lot of different drinks and food, you are catering to many different tastes. Having your station in a convenient place makes it both irresistible and welcome to potential customers.
Greg is a researcher and writer with expertise in consumer behavior, especially when it comes to food choices. He understands what it takes to develop a successful business plan for vending snacks, and recommends that those who want to get into the business turn to resources like 1800Vending.com for help getting started. Such companies can give great advice about effective snack distribution.
Jeremy
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