Both U.S and Cannabis now accept the sale and use of recreational and medicinal marijuana but with terms and conditions, of course. This development has resulted in a massive boom in the cannabis industry, and many entrepreneurs looking to exploit this business opportunity will have to navigate myriads of regulations and restrictions.
Today, more than 95 percent of all people in America reside in regions that accept the use of marijuana in some form. So it is no surprise that new cannabis businesses such as grow operations, dispensaries, and distributors are popping up everywhere.
If ever you’ve dreamt of starting a profitable business in a budding industry, this might be the right time. But before opening a cannabis dispensary, here are five tips you need to learn.
1. Target And Segment Your Audience
Unlike most small business owners who believe it to be the best way to position their dispensaries, you need to begin by clearly cutting out a specific niche. It’s a bad idea to try and sell every product irrespective of the price point and customers you want to attract. Initially, this type of technique may seem like the best way to attract more potential buyers. However, it’s a recipe for failure.
The clearer the definition you have for your ideal customer, the more effective your marketing will turn out. For instance, if you want to specialize in Ayahuasca Purple Strain, high potency cannabis strains, and other such products, you should let the right group of customers know what to expect from your dispensary. This will enable you to develop well-defined strategies and targeted campaigns based on your market segmentation. Hence, allowing you to grow your audience through deeper connections.
2. Define Your Brand Personality And Story
Branding is one of the easiest aspects of marketing to get wrong and also happens to pay the highest dividends in the long run. However, the majority of retailers miss the mark with their branding.
If you can invest the time and money required to cultivate a resonant, strong, and recognizable brand, your audience will connect emotionally with your business and remain loyal. At this point, you won’t have to do a lot of talking since your brand story doesn’t do the job for your dispensary and attracts the right customers who are ready to do business for the long haul.
But first, you need to comply with your state’s regulatory guidelines and ensure that your brand conveyed the right feeling. It should answer the three “Ws”:
- Who are you?
- Why do you exist?
- What do you do??
3. Exploit All Relevant Marketing Channels
It would help if you took customer connections beyond the engagements and interactions that occur in-store. Ideally, you want to begin grabbing the attention of your potential customers through every possible avenue. If not, you’re leaving money on the table and not taking full advantage of your marketing avenues.
Explore the marketing channels at your disposal and decide on those that work best for your specific audience, starting from your website. From the Homepage down to the Contact US page, you want to optimize every piece of content for search. The use of SEO best practices will ensure that your pages, blogs, and product pages are discoverable through search.
Also, ranking for specific keywords will significantly boost your organic traffic and your business’s exposure, primarily through local SEO. Furthermore, there are valuable channels such as SMS, social media, and email that you need to consider to improve your growth rate, specifically in the early days of your dispensary.
4. Focus on Improving Customer Experience
The amount of thought that goes into your company name, target market, branding, and overall marketing strategy should be no different regarding customer experience. When your dispensary starts getting a lot of attention and people begin to take notice, your store must deliver on expectations. Customers will expect nothing but the best, not only in terms of products but also customer service.
If you’ve ever heard the popular saying that “People will forget what you say but not how you made them feel,” it’s time to implement it. The experiences customers have at your store form the messages and stories they’ll tell families and friends about your dispensaries. Therefore, you want to make every single interaction count.
5. Offer More Than The Average Dispensary
The vision you have for your business fuels every other decision you make regarding it. Hence, if you set out to become the average cannabis dispensary down the block, that’s what will happen. Worst case scenario, you won’t even make the “cut.” Instead, you need to set your eyes on setting your services and products apart from the competition, creating a place where buyers can go to get something no one else can offer.
Operating in an industry that allows on-site consumption can play into your favor if you have the vision to take advantage of it. Hence, don’t limit yourself to a simple cannabis seller. Don’t put your dispensary into a box. Instead, look for ways to create something new with your business than transcend the average cannabis dispensary. The possibilities are limitless.
Conclusion
It’s no doubt that entering the legal marijuana landscape can bring tremendous financial benefits. Market research revealed that the 2018 sales in the cannabis industry were close to 10 billion USD. But even more significant is the fact that this figure is expected to triple in about five years. Think about that for a second; the cannabis market could soon surpass the NFL with regards to revenue.
As you might have guessed, dispensaries account for a healthy amount of this revenue since they see a considerable profit margin. The sky could be the limit. But, first, you must overcome all the barriers to entry and successfully navigate several risks and challenges associated with running a customer-facing business in such a heavily regulated industry. Indeed, these five tips will make a lot of difference and get you started on the right track.
References
https://newfrontierdata.com/news/know-95-u-s-population-lives-states-legal-marijuana-access/#:~:text=95%25%20of%20the%20U.S.%20population%20lives%20in%20a%20state%20where,use%2C%20CBD%20only%20laws.)&text=Adult%20use%20is%20legal%20in,population%20of%2069%20million%20people.
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