Stocking the shelves of your cannabis retailer is costly but if you know your clientele it is a calculated risk that can really pay off. It’s important to understand how your marijuana dispensary customers shop so you can select the best products for your demographic.
Today we’ll discuss a few ways dispensary owners and managers can boost their sales by investing in inventory that is catered to your patron’s preferences.
Analyze Customer Insights
The first step to honing in on the best products for your marijuana dispensary customers is analyzing the customer insights. Using smart mobile applications that track the metrics of your clientele’s buying habits will help you identify trends within your own storefront. Once you discover the best selling products you’ll want to understand why they are so popular.
Every product category will contain a few best selling products, however, there may be some categories that consistently undersell. It may be worth considering limiting the purchasing of those type of products entirely. IndicaOnline’s Dashboard application provides real-time analytics and customer insights that can be used to notice trends over the course of day, week, month, or year.
Ask Your Clientele
Analyzing the customer data will only paint part of the picture. It’s essential that your budtenders and dispensary managers are speaking with customers not only about what products they use but why they use them. Elderly patrons might prefer topicals that help with joint pain, while working moms might need something discreet such as edible candies or a vaporizer.
Breaking down your customer database into categories using your dispensary POS software will allow you to see where there is room for improvement. If your marijuana dispensary customers are mostly millennials, then you’ll be able to decipher which product sell fast. Talk with customers about how likely they might be to try certain products that aren’t as popular to determine if you can eliminate it from your shelves.
Sometimes it can be difficult to entice marijuana dispensary customers to try products outside of their comfort zone. Creating displays that cater to a specific demographic, can help consumers broaden their product usage and find another form of cannabis they enjoy.
Building a merchandise display that targets the soccer moms or elderly clientele will group products that provide relief from ailments that they encounter. Appeal to the fitness junkies with product displays that will help their pre and post workout. The way in which you merchandise can help consumers discover new products that could very well turn into best sellers.
An integral part understanding what consumers buy and why is soliciting feedback from customers after they have used the product. There are various means of asking for product feedback including email and SMS campaigns that can be sent based on specific items that were previously purchased. Creating anonymous feedback forms that allow customers to submit their honest opinion on a product while also providing vital demographic data.
You can host a focus group of frequent marijuana dispensary customers who can provide useful information on how they choose products and what they look for while they shop. Applying this information to your sales strategy can really help you tailor your purchasing when restocking inventory. Cannabis business owners can even find product reviews on third-party marijuana websites like Potify and Weedmaps.
New cannabis products are emerging every day as the industry continues to expand. Staying in tune with new manufacturing technology and what’s trending is imperative for growing retailer. Whether it’s a new tincture, edible, vape, or strain having one or two fresh niche products on your shelves can separate your dispensary from the competition.
Once you become more familiar with the specific demographics that your cannabis retailer services you can make informed decisions on what new product will best suit your clientele. One easy way to keep track of all of your vendor purchases is using your IndicaOnline dispensary software. It will keep track of each payment status so you can manage invoices and pay with one click.