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Does Token incentive actually work?

C

Cool Wash

Active member
Hello,

I am finally moving to use high security tokens. I am changing all of my coin acceptors to Microcoin QL that will take both tokens and quarters. Some of my competitors have pricing like 11 tokens for $10, 22 tokens for $20.

From your experience, is it a good strategy? Do customers spend more due to this incentive?
Thank you for your advice.
 
In a nutshell, no. I gave 11 for a ten and 23 for a twenty. I got very few tens and once in a great while, a twenty. I did have two changers, with the other dispensing dollar coins and one token for whatever bill was inserted. Tens and twenties were common in that machine. Hands down, the preference is real money over tokens. Anyone that says anything different is full of bovine excrement.
 
I have to agree with I.B Washincars. We tried giving extra tokens and it once and it didn't improve business at all. Our vending machines got used a lot more, with the extra token we gave away a lot of vending items. It's not a good strategy.
 
Instead of bonus tokens, I give customers 1.25 credit per token in the bays. This incentivizes token use and it's fairly successful in my opinion. My rationale is that I'd rather deal with fewer quarters, so it's a win-win. At $3/start and $1/minute it's quicker for the customer to add tokens, so it's a timesaver for them.
 
Etowah
Im full of bovine excrement :D
Well... nobody disagrees that people prefer $ over tokens, but conflating that with "coupons/discounts dont work" is a stretch.
I give 23 for a 20, as a thank you to regular customers for their business, and as a discount to encourage more spending. Its working for me. No not for all customers, but the guys with huge trucks, the amish ladies who wash their giant vans every week, a few dozen other regular customers -- just enough that I believe its worthwhile to do.
Of course dont forget your s&m basics, discounting too much can be a negatively impact profits.
Also perhaps worthy of note
- I hand out coin tubes to customers to store the extra tokens, I think that customer service is worth the minor drop in walkoff/lost
- I promote the token discount at christmas time with a small sign at the token machine. The # of 20s goes up the week before xma :)
 
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