Most businesses face an occasional downturn in sales, even in a red-hot market. The cannabis industry is no different.
Customers may wander away as new outlets open, or they may live in a state that has now legalized cannabis. Whatever the reason for the drop in your business, it is essential to get in front of it and stabilize revenues, then push toward positive growth again.
These four strategies can make a good start on that.
The more profitable a business gets, the better the chances it gets competition.
When you were the only dispensary in the area, you didn’t have to set yourself apart. Once others come on the scene, it’s time for you to sharpen your systems and regain the edge you had back when your edge was just being there.
Offer Premium Products
Every dispensary carries the same basic products, but not everybody has the same selection of varieties or types of cannabis.
You can get a cheeseburger almost anywhere but not necessarily a steak, so exploit that advantage.
Develop quality product lines that will set you apart as a premium dispensary with premium products.
Update Your Store
Sometimes a change in surroundings goes a long way toward drawing in more customers. People get excited as their curiosity builds, and they soon come streaming in to see the new look.
Think of a local fast food restaurant that has been in place for several years. It has probably been renovated at least a couple of times along the way. It has the same menu and the same reputation, but the new surroundings stimulate the return of customers.
Target Your Market
Despite the massive overall demand nationwide, not everyone uses cannabis products. Your advertising dollar goes a lot further when your strategy isn’t just marketing but marijuana marketing. The right advertising partner will steer you toward the consumers who are most likely to be interested in your products.
Every business needs to keep things fresh. That even goes for cannabis dispensaries, despite the fact that their whole industry has only been in existence for a few years.
It is an inescapable truth of business that the new kid in town always gets the most attention, so the surge you saw in your earliest months and years of operation was destined to fade.
The great news is that you can recapture that market and re-establish your place at the front of the pack with some basic changes to your business model.