As featured in the March Edition – Micro Market News from VendingMarketWatch.com
You’ve done the research and you know the top selling MicroMarket products. Your market is expertly merchandised, and you’ve run some awesome promotions, but you notice that engagement is declining. What do you do? The answer could be your product mix. Variety is the spice of life, right? Infuse new life into your market by introducing new products.
Here are a few tips and tricks to successfully introduce new flavors and revitalize your sales.
1. Say it Loud
Send an email to your customers letting them know that there’s something new. Utilize signage (including digital) to highlight the new offering.
2. Hold a Tasting
Retailers such as Costco give out free samples not only as way to enhance the customer’s experience, but to drive sales. According to a study in the Atlantic, “[free] samples have boosted sales by as much as 2,000 percent.” Holding a tasting is a great way to encourage your customers to try the new product in a risk-free way and encourage them to purchase it in the future. Furthermore, a tasting gives operators an opportunity to immediately gauge customer reaction to the new product.
3. Select Product By Season
• Try introducing new products seasonally, like a new ice cream flavor in the summer or pumpkin spice in the fall.
• Offer products that are hard to find. Talk to your supplier about the availability of limited edition flavors.
• Introduce new, local flavors.
4. Optimize Product Location
Place new items at eye level so that it is the first thing your customers will see or near the kiosk so that they’ll see it as they check out and make an impulse purchase. Just as in real estate, location is key!
5. Review Your Data
The best way to truly know how a new product is doing is to review your data. Crunch the numbers to see if the new product is moving, if it may perform better in a different location, or if it needs to be scrapped altogether. Reviewing your inventory weekly will help you to make informed decisions in your market.
The frequency in which new products should be introduced varies from operator to operator with some saying twice per week to twice per month. You have to try what works best for your operations and your locations. However, a regular cadence of new products to try is a must to keep your market from going stale and your customers excited about your market.
Take a look at the #1 selling product in each food/beverage category for 2016
Also featured this month…
Promotions are one of the most useful features about micro markets. They keep a market location exciting and encourage additional purchases. Devin Smith, the director of product and brand development for All Star Services in Port Huron, MI has experienced their benefit first hand…continue reading!