How to Promote Your Weed ahead of 4/20
Since the beginning of the new year, more than 50% of the nation has passed legislation allowing the legalization of cannabis on a recreational or medicinal level. Moreover, monetary authorities such as Forbes and the Wall Street Journal have projected the cannabis industry to exceed $200 billion in revenue by the end of the new decade. With potential returns as strong as these, investors and entrepreneurs get into the cannabis industry bud first. Similar to any business, healthy promotion is vital to the success of the business. Check out these five proven methods of promoting your dispensary!
One of the most common methods of promoting your product is the implementation of discounts. This method will grant the dispensary the ability to discount a specified percentage from the total amount. One of the most common forms of deals lies within a loyalty program. Virtually every successful company provides some form of a loyalty program.
There is CVS Pharmacy’s ‘Extra Care Program,’ Speedway fuel station’s ‘Speedy Card’ and many recognizable others. A loyalty program will allow dispensaries to generate customer analytics while providing consumers with a worthwhile incentive such as ‘10% off your 5th visit.’ the implementation of a loyalty program can give the dispensaries more buzz and customer foot traffic.
Discounts from lead magnets
Another way to uniquely promote your cannabis products is the implementation of lead magnets. A lead magnet is a call to action that acquires potential customer information such as e-mail addresses and phone numbers. Most lead magnets today come in the form of e-newsletters. A company can implement a lead magnet pop-up on its homepage by enticing potential consumers with percentage discounts off their next visit. Moreover, companies can implement such a feature immediately after the age verification pop-up to ensure they remain in compliance with their state regulations.
An additional way to promote your cannabis product is by offering customers discounts based on tiers. Exclusive top-shelf products such as live resin, potent cannabis, and concentrates can be associated with the ‘diamond tier.’ In contrast, less potent products and cannabis accessories can be grouped into the ‘gold’ and ‘silver’ tiers. The market psychology behind this discount and promotion answers the consumer’s psychological need for achievement and ‘leveling up.’
Furthermore, this form of discounting can be combined with the loyalty program as mentioned earlier. For example, the check-ins required to advance incentives associated with the loyalty program can grant the consumer a coupon for access to one item typically outside of their tier at a discounted rate.
Creating competent goals
With so many discounts and promotions, companies tend to get overzealous and miss the end goal. Before a company decides the appropriate form of discounts and advertising, it must clearly define its goals. Some companies aim to increase brand loyalty, increase foot traffic, promote a new product line, increase their online presence, and more. It is crucial that a company clearly defines the goals associated with its promotions and discounts with such different trajectories.
The last and proven method of innovative promotion is the creation of time-sensitive specials and discounts. One of the most common forms of time-sensitive specials implemented by dispensaries revolves around ‘4/20.’ However, consumers are hip to the holiday. It is time for companies to think outside the box. These could be seasonal specials that correlate available products with a standard, unforgettable holiday. For example, during the winter months, dispensaries can offer strains of cannabis with winter-related names for a discounted rate. Time-sensitive specials create a sense of urgency within the consumer, providing more foot traffic to the location, improved brand reception, and increased sales.