Top 5 Resolutions for Cannabis Dispensary Success

With a growing number of states legalizing marijuana, there’s little doubt that the cannabis dispensary business is booming right now. In terms of employment, legal marijuana was the fastest growing industry in the country at the start of 2020 with over 33,700 jobs added over the previous 12 months.

Of course, as the industry grows, so does the competition. As the year comes to an end, it’s time for those operating cannabis dispensary businesses in this sector to take time and reflect on what they can do to keep their company competitive. These reflections can encompass a variety of things, including finally finding the right cannabis industry insurance partner, but the most essential factor is resolving to spend the next year taking your business to the next level.

Streamline Your Inventory Process

The failure of many retailers lies in poor inventory management. This reason for failure is especially pronounced in the cannabis industry due to the high-value and perishable nature of their products. To strike the right balance so product doesn’t languish in the backroom or letting racks go empty in your storefront, you may need to implement a modern software system that makes it easier to manage your inventory.

Reward and Leverage Loyal Customers

If you have yet to consider a loyalty or rewards program for your customers, it’s time to start. These systems, which often offer discounts after a certain number or dollars have been spent, help convert one-time browsers to repeat business. By rewarding loyalty, you can also leverage it in the form of online reviews. This, in turn, will bring in new customers who you can then covert to repeat ones.

Stay Current with Industry Trends

As your online reviews start driving in new customers, your staff will likely face a variety of questions. So, your staff needs to stay current with industry trends, such as new brands and popular forms of consumption. New customers will look to your staff as the experts and helping them stay informed will turn them into better salespeople.

Knowing these trends should be your business, too. Whether it’s finding the ideal cannabis industry insurance solutions for your business or studying your competition, your knowledge of cannabis business trends will keep your company at the forefront.

Rethink How You Market

Step one of rethinking your marketing strategy is to ensure you have a plan to begin with. Your strategy should detail the value proposition of your business, your target customers, and your current competition.

If you already have a plan, you can look to reduce costs by incorporating SEO and other online strategies. These strategies are inexpensive, if not free, and can help your company engage with your target audience.

Boost Sales with More Options

Customers desire more accessibility to products than simply waiting in line until a salesperson is available. Online ordering, in-store pickup, and other options can make it easier for customers to purchase marijuana from you. With more ways to purchase, your daily, weekly, and monthly average dispensary sales numbers will climb higher and higher.

About CannGen Insurance Services

For more information about our comprehensive insurance solutions for the cannabis, CBD, and hemp industries, please visit our website at www.canngenins.com or email marketing@canngenins.com.