5 Tips to Increase Sales Revenue in Your Dispensary

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 Everyone wants to increase sales revenue. Retail cannabis businesses can use these 5 key points to identify consumer trends and take action to increase customer retention and average sales value. Although dispensary owners and operators are constrained by cannabis specific advertising regulations, in-store promotions, discounts, and customer loyalty programs combined with insightful sales data can significantly boost your business revenue.

1. Know your customer

Who are your best customers? Knowing the demographics and buying habits of your most valuable clients can help you identify why they keep coming back and increase sales revenue. Also consider why other types of customers are less frequently seen in your store. Knowing this can help you determine what actions to take.
Customer info to collect:
  • Average frequency of purchases.
  • Average age of customers.
  • Occupation and lifestyle interests. 
  • Preferred consumption method.
  • Most popular items.
  • Busiest sales hours.

2. Identify sales trends

Knowing who your main clientele is is just the start of the progress. After collecting customer data for your store, analyze and identify that data for trends to increase sales revenue.
Questions to answer:
  • Is there a relation between the most popular products and your main customer demographic?
  • Are there items often purchased together?
  • Which days are the best/worst for sales?
Make sure that your POS and inventory management system tracks and displays all the information you need to make the most intelligent business decisions.

3. Design promotions for your primary customer base and sales trends

With these customer demographics and consumer trends in hand, you can create effective promotions to retain client loyalty and increase sales revenue.
Some promotions may include:
  • Product bundles with a few of the most commonly purchased items together.
  • Daily deals and limited time discounts to create consumer interest.
  • Referral points and rewards for giving social media ratings and business reviews.

4. Advertise and promote your offerings

Take care to comply with cannabis specific advertising restrictions imposed by your municipal/provincial/federal compliance offices. Although you can’t advertise cannabis like any other retail product, there are still many channels available to you.
  • In-store advertising and signage
  • Social media posting and competitions
  • Cannabis specific marketing/advertising networks like Mantis
  • Customer SMS and emails
The easiest way to retain customer business is through email and SMS notifications on daily deals and in-store promotions. Most customers will be very interested in hearing what new products and offers you have in your store. Social media posting can also bring great engagement numbers if you can properly grab the attention of your primary demographic via customer referrals and shares online.

5. Check if your promotions are effective

Always make sure what you are doing works! You can only increase sales revenue if you know what is most effective.
If you are posting on social media, check your engagement statistics (likes, shares, retweets, comments, etc.) and adjust your spending/attention to find the most valuable way to post.
If you are using cannabis marketing networks, setup Google analytics on your website to identify where traffic is coming from and double down on the effective channels.
Always take the time to verify your marketing/advertising attempts are really working. 
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