Unlike in a retail setting where new customers walk in and out throughout the day, MicroMarkets are housed in workplace environments and rely on repeat business to generate sales. However, this should not be a cause for concern. Selling to repeat customers gives you the opportunity to get to know your customer base and develop a relationship with them. You are in a unique position to target their needs in ways that retail stores cannot and as such, can nurture them into loyal customers that generate revenue.
How do you create loyal customers? Customer Engagement, Trends and Cost – or ETC, are factors that influence customer buying habits and endear customers to become repeater buyers.
Engagement: Since face-to-face connections are limited in MicroMarkets; advertising, promotions and emails are key ways to engage your customers. Use digital signage to introduce the new products in the MicroMarket, email customers a discount code or incentive to purchase items in the Market. 365’s SmartHQ recently released Recurring Promotions to help make implementing and tracking promotions a seamless process.
WATCH: 5 Tips for Implementing Successful PromotionsTrends: Being health conscious is on the minds of most Americans these days. One of our customers positions themself as a “Healthy Choice Market”. Their customers walk in with the feeling that the Operator is helping them achieve their wellness goals when they do something as simple as purchasing an organic juice instead of the soda. This Operator taps into their customers desire for healthier choices. Another trend to tap into is grab-n-go. Identify the trends in your MicroMarket and cater to them.
READ: Smaller Products Equals Bigger Profits?Cost: Lowering prices to generate sales is a tactic many Operators employ that may at first cut down on the profit margin, but can ultimately encourage customers to buy more product more often, thereby increasing sales.
365 Retail Markets’ SmartHQ has promotional, inventory management and tracking features to help you optimize your MicroMarket to suit your customers’ needs.
Give us a call to learn how we can help you take your MicroMarket to the next level.
Name: Ryan McWhirter
Current Job Title: Director of Product
Years in Industry: 7.5
Years with 365: 4
What is your favorite project that you have worked on thus far?
Our recent launch of Mobile Inventory 2.0. It’s had far-reaching benefits for most of our customers and the new scanner case we launched alongside the site has been very well received.
What inspires you?
Evolution over revolution. Seems backward, but it’s much more difficult to refine something people already have and convince everyone it’s worth buying all over again. Anyone can make something new and find a small audience for it.
What was your favorite piece of childhood technology?
My Talkboy, that tape recorder thing that Kevin had in Home Alone 2. It was my first ‘big purchase’ as a nine-year-old for $20, all singles.
What advice would you give to recent new hires?
Listen, take notes and ask questions. I didn’t know the difference between AVI and an MKL when I started. Our industry and organization are rich with acronyms and abbreviations, so the best way to learn is to listen then ask.
Automatic merchandising is an exploding field. With traditional vending machines, techy micro markets, and breakthrough NanoMarkets (what!), its hard to tell where you fit in anymore! Well, brush off that identity crisis 'cuz we've got the cure! Answer the following questions honorably (that means no cheating), to find out your vending personality!
Are you finding yourself with an abundance of products going to waste each week?
Are you taking the time to truly understand your customers by evaluating buying habits and taking weekly inventory? Sure, super size portions get a lot of attention when it comes to fast food chains but when it comes to products in your MicroMarket, is bigger always better?
With the opening of their 500th MicroMarket, Five Star Food Service is a prime example of a company that understands how important it is to understand your customers. Part of their success stems from their ability to be creative and experiment with different strategies to keep their customers satisfied and engaged. One strategy they implemented involved experimenting with Large Single Serve and Extra Value Large sized chips.
“We initially only sold LSS size chips in our micro-markets, but made a switch to only XVL sized chips to create the ‘bigger is a better value’ proposition based on end-users requests for a better value for their money,” said a representative from Five Star, “Following that, we received feedback from some of our end users that the bigger bags were too big to eat during their break periods and they had nowhere to store it in between breaks. Thus, we decided to bring back the top selling LSS SKUs to test any cannibalization of sales on XVL sized chips. What we found was that not only did XVL sales remain, but LSS sales were strong [as well].”
Five Star went on to state that sales for that category grew into the double-digit percentages. This is one example of how introducing single-serve items can increase revenue and supplement the larger size offerings in your MicroMarket. It does take time and diligence to analyze the data and find out what works best for your customers. However, it is well worth the effort.
“We have consistently seen that there is an excellent upside to installing a MicroMarket versus traditional vending, that’s the easy part!” said 365 Retail Markets Director of Sales, John Veit “To REALLY accelerate your sales and profits with a MicroMarket, you need to put in the effort to manage and optimize the offerings within the market.”
Remember that your MicroMarket needs to be as fluid as your customers in order to adequately meet their needs. A stagnant market will lose business, so be sure to regularly introduce new products, even if it’s new flavors of popular items.
In simple terms, company culture is defined as the behaviors and beliefs characteristic of a particular group. But what does that really mean?
Company Culture guides our decisions and our ability to enhance or harm our daily work-life. It’s the passion required to work towards a common goal.
365 Retail Markets’ company culture is founded on five ruling principles: Innovation; Collaboration; Accountability; Service; and Happiness.
365 company culture tells us:
how to present a new concept or idea that could change the way we operate
how to get along with that irrational, moody co-worker
how to approach a difficult conversation with your supervisor
how to deal with an irate customer
how to reward our employees
What holds a company together?
It’s not as simple as building a great product, having phenomenal sales & support teams, or even having solid financial backing. It’s the culture.
365 company culture tells us:
how to empower ourselves and feel good about how we contribute to the overall success of the company
how to alleviate unnecessary stress in our jobs
how to stay focused on the goals of the company
how to strive to be the best we can be and how to inspire others to do the same for themselves
Company culture is about more than throwing perks and benefits at the employees in an attempt to attract and keep them happy. It’s about having the employees willing and happy commit to the company. 365 has a set culture that requires those in agreement to build upon and work together to maintain.
365 company culture tells us:
how to hire and retain good talent
how to deliver the very best to our customers
how to appreciate what our employer provides for us
how to be loyal to our company
The best way to enhance our culture is to know it, practice it, and believe in it.
If you can’t do that for your company, then you haven’t found the right company to work for yet.
365 Retail Markets to host user group conference, prior to NAMA One Show.Troy, MI—March 1, 2016—365 Retail Markets is pleased to announce that the MEET User Group is officially coming to Chicago, Illinois Tuesday April 12th at the Virgin Hotel.
MEET is designed to Motivate, Educate, Entertain and Train current and future 365 customers to operate more efficient and profitable MicroMarkets using 365’s award winning technology. Following the education and training sessions, attendees will also get an exclusive first look at the latest products to launch from 365.
“One thing I hear from our customers over and over again is, you have the best products, support and pricing in the industry, but what we could use more of is training and expertise on how to use them for more profits.” said 365 Retail Markets CEO, Joe Hessling. “MEET was engineered for that exact reason, bringing together the best minds to help our customers become better at what they do.”
Participants will meet and learn from industry experts on Promotions, Inventory Management and Unique Selling Practices. They will also have the opportunity to participate in panel led discussions as well as network with industry peers. The comprehensive education and training sessions have been designed to appeal to Owners and Operators, Office Administrators, MicroMarket Managers, and Technicians.
“The NAMA One Show is the ultimate networking event for our industry, taking advantage of having our customers at the same place and time is a great convenience for them and an opportunity we couldn’t pass up.” said Hessling.
Admission into MEET is free for current 365 Retail Market customers and $365 for non-customers. Participants are responsible for their own airfare and hotel. Those interested in attending can visit www.365RetailMarkets.com/MEET2016 and register online.
Register by March 1st and receive a complimentary 365 gift.
About 365 Retail Markets365 Retail Markets, an expanding, self-checkout technology company based in Troy, Michigan, offers the best-in-class platform for vending, foodservice and hospitality. Its proprietary, 365 MicroMarket, is a turnkey, unmanned market that allows customers to increase sales, improve the customer experience and increase profits while decreasing operating costs. 365 Retail Markets has been pioneering innovation in the vending industry since 2008 and continues to revolutionize the market with superior technology and ultimate flexibility in customization and branding. They were recently named to the Inc. 5000 list of the fastest growing private companies in the U.S.
For more information about 365 Retail Markets, visit www.365retailmarkets.com. You can also join 365 Retail Markets on Facebook, Twitter, Google+, YouTube and Linkedin.