Since the start of 2022, more than 50% of the states have passed laws permitting the possession of cannabis on a recreational or medicinal basis. Monetary experts such as Forbes and the Washington Post project the exotic flower industry to make $250 billion in revenue by the end of 2032. With potential returns as strong as these, investors and entrepreneurs get into the cannabis industry bud first. Similar to any business, promotions are vital to the triumph of the business. Check out these five methods of promoting your dispensary! Some of these have an instant return on investment!
Accelerate your loyalty program
One of the most common methods of promoting your product is the implementation of discounts. This method will allow your dispensary to discount a specified ratio from the total amount. One of the most impactful forms of values lies within a loyalty program. Practically every successful business provides some form of a loyalty program.
The wonders of lead magnets
Another way to promote your exotic flower products is the execution of lead magnets. The former is a call to action that attains potential customer contact information like e-mail addresses and phone numbers. Many lead magnets take the shape of e-newsletters and landing pages. For example, a business implements a lead magnet pop-up on its homepage by sweetening potential consumers’ deals with attractive discounts on their next purchase. Further, dispensaries install these marketing tactics instantly after the age verification check boxes to guarantee they remain in compliance with their state laws.
It’s levels to this.
Another method of promoting your exotic product is offering patron discounts based on tiers. For example, premier top-shelf exotic 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 ‘diamond’ and ‘platinum’ tiers. The advertising psychology behind this discount and promotion answers the psychological need for attainment and ‘leveling up’ your tiers.
Additionally, this form of promotion can be combined with the loyalty program, as mentioned before. For instance, the check-ins necessary to advance programs and discounts associated with the loyalty agendas can grant the patron a coupon for access to one item typically outside of their tier at a lower rate.
Keep the goals of promotion simple and clear.
Companies tend to get overzealous and miss the end goal with so many discounts and promotions. Before a company decides on 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.
‘While supplies last!’
The final and sure method of promotion is the creation of time-sensitive promos and rates. One of the most common forms of time-sensitive specials executed by companies revolves around ‘4/20.’ Despite this, patrons are already hip to the 4/20 celebration and specials. It is time for businesses to think outside the box. These could be annual specials that correlate available merchandise with a mundane yet memorable holiday. For instance, during the winter months, companies can offer strains of cannabis with winter-themed titles at a discounted price. Time-sensitive promos create a sense of urgency within the patron, providing more foot traffic to the dispensary, improved brand reception, and augmented sales.
The key to successful promotions is understanding your customers while providing innovative deals they are likely to find elsewhere. The 4/20 holiday makes it even easier.