Since the start 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. In addition, investors and entrepreneurs are getting into the cannabis industry bud first. With potential returns as vital as these, Similar to any business, health promotion is critical to the business’s success. Check out these five proven methods of promoting your dispensary!
Loyalty program promotions
One of the most common methods of promoting your product is the implementation of discounts. This method will grant the dispensary 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. For example, 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.
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. For example, 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 comply with their state regulations.
Another way to promote your cannabis product is by offering customers discounts based on tiers. For example, exclusive top-shelf products such as live resin, potent cannabis, and concentrates can be associated with the ‘diamond tier’. In contrast, less effective products and cannabis accessories can be grouped into the ‘gold’ and ‘silver’ tiers. The market psychology behind this form of discount and promotion answers the consumer’s psychological need for achievement and leveling up.’ Moreover, this form of discounting can be combined with the aforementioned loyalty program. For example, the check-ins required for the advancement of incentives associated with the loyalty program can grant the consumer with a coupon for access to one item typically outside of their tier at a discounted rate.
With so many forms of discounts and promotions, companies tend to get overzealous and miss the end goal. Before a company decides the appropriate form of discounts and promotions, it must clearly define its goals. Some companies aim to increase brand loyalty, increase foot traffic, promote a new line of products, increase their online presence, and more. With such different trajectories, it is of the utmost importance that a company clearly defines the goals associated with its promotions and discounts.
Create time-sensitive promotions
The last and proven method of smart 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, and it is time for companies to think outside the box. This could be seasonal specials that correlate available products with a common, notable 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, improving brand reception, and increasing sales.