The dispensary industry has come a long way in the past years, and with the new year in full swing, it’s time to buckle down and improve your sales strategies.
What did your dispensary do last year that you want to change? Were you satisfied with your company’s revenue? What could you have done differently? These questions are constantly surrounding business owners all the time.
In this blog post, we will take a deeper look into strategies that will help your dispensary flourish even more.
The Challenge for Dispensary Businesses
With the increasing adoption of cannabis for medical and recreational use in the US, competition among dispensaries has become tight. Now more than ever, it’s crucial for dispensary owners to implement the right strategy to reel customers in, increase sales, and boost revenue.
From a marketing and sales standpoint, one of your priorities should be customer education. There are myriads of myths surrounding cannabis, and teaching customers and your staff of their benefits gives you one step ahead of the competition.
There’s also the challenge of legal limitations. Different states have different regulations regarding dispensaries, and this should be one of your essential considerations when crafting your marketing strategy.
Additionally, from a data and experience standpoint, it’s important to ask input from your customers: What are their expectations of your dispensary? How can you serve them better? What products and/or services they’re seeking? Customer feedback is a crucial factor in cultivating a quality customer experience.
4 Tips to Increase Sales and Boost Revenue for Your Dispensary
1. Know your Customers
If you read our last blog post, 5 Tips to Better Understand Your Customers, then you know this is very important. Knowing who you are selling to is crucial in increasing sales and boosting revenue. You must have an in-depth understanding of who your customers are in order to successfully sell to them. Some essential things you need to consider are:
- the average age of your target audience
- the time of the day or day of the week they shop
- their interests and lifestyle
- their preferred method of consumption
- their favorite products from you
- their average purchasing frequency
A thorough audience research is valuable for this step and is the foundation of creating your customer personas and segmenting your audiences. By knowing your customers well, you can strategically market each product of your dispensary to the right audience.
2. Offer the Right Promotions at the Right Time
The timing of when you send marketing messages can make or break your strategy. In today’s digital era, customers are bombarded each day with a slew of marketing messages, which is why it’s important to offer the right promotions at the right time to the right people.
Using AI tools such as Alpine IQ’s intelligent timing and many other analytics tools can help you identify the optimal times of the day to send your marketing messages. Relevancy is also key. Audiences will be more compelled to place an order if the promotion is something they’re truly interested in.
3. Expand with more payment options
Among the most important aspects for the success of an e-commerce business is to offer flexible and secure payment options. Assess the preferences and intent of your customers, and ensure that you’re meeting their needs.
Doing so will increase your chances of boosting revenue, as this ensures that all bases are covered. The key is to provide payment portals that are accessible, reliable, seamless, and secure.
4. Set Up a Loyalty Program
Loyalty programs bring a lot of benefits to businesses, but more so for niche industries such as dispensaries. It not only cultivates customer loyalty; it also boosts customer spending, encourages word-of-mouth marketing, and attracts more customers — just to name a few of its advantages.
There are many ways to implement customer loyalty programs, such as a points-based system, subscription-type programs, or a refer-a-friend campaign. Whatever method you choose, the key is to provide something that’s different and valuable to your target audience.
A well-planned and unique marketing strategy goes a long way in driving the success of your dispensary. Knowing your customers thoroughly, curating and timing your marketing messages strategically, offering multiple payment options, and setting up a loyalty program are a few of the many things you can implement to increase your dispensary’s sales and boost your revenue.
And most importantly, having the right tools go hand in hand with your marketing strategy. Alpine IQ offers a suite of smart marketing and analytics tools that are especially tailored for dispensaries. Find out more by visiting our website at https://alpineiq.com/.