Cannabis retail is a fast-growing business in North America, but it comes with challenges. Online advertising rules remain restrictive, making it challenging to advertise your dispensary online. But even without the benefit of online advertising, there are ways to raise your profits. In this blog, we’ll break down some tips on how to increase your dispensary revenue.
Cut costs
One way to increase your profits is to look at how much money your dispensary is spending. Certain things like rent and utilities can’t be helped, but you can cut operational expenses in other ways. For instance, you should have a robust point-of-sale system and regularly check it to see what products are selling well and what products you can reduce in stock. If customers aren’t buying a particular product, you can supply it in smaller quantities to lower your costs.
Provide delivery and pickup
Gradually, the United States is offering more and more cannabis delivery licenses. You shouldn’t let the opportunity to increase your sales through this method go to waste. Especially nowadays, people are looking for safer ways to buy goods while avoiding crowds. Providing a service where customers can order your products online or over the phone then pick them up in-store is an excellent way to attract safety-minded or even just busy customers. If you offer them delivery services, that’s even better.
Increase marketing
While online marketing for cannabis dispensaries remains challenging, it’s not impossible and should be pursued. Having active social media accounts helps a lot. You can also market offline through drip marketing (sending short emails and texts about deals to customers) or referral marketing (building customer loyalty programs and referral programs to attract new customers.)
Throw a 4/20 celebration
April 20 is like “Christmas for Cannabis,” a national holiday for marijuana enthusiasts. Holding some sort of celebration at your store on this date can attract customers and increase your reputation. Some stores host parties to celebrate the event, but you don’t have to get so extravagant. Selling snacks and drinks on that day to combat the munchies or giving away swag (preferably with your store logo on it!) is an excellent way to attract customers.
