3 min read
How to Create Cannabis Dispensary Discounts That Work
Both recreational and medical marijuana consumers are always on the lookout for good deals on products. Attracting these customers can easily be accomplished by setting up cannabis dispensary discounts that are too good to miss. There are a few important factors to consider when setting up deals for your clientele.
In this article, we’ll mention a few effective ways to create cannabis dispensary discounts that benefit both your retailer and your customers.
One way to save your budtenders time when applying discounts for your clientele is to create discount presets for specific customer types. Giving a certain categories of your clientele a discount will not only encourage them to return but will motivate them to refer new patients as well. Offering cannabis dispensary discounts to veterans, students, cancer patients, and VIPs will help you cater to specific sub-groups.
Making discount presets with your dispensary software can also be useful if your cannabis retailers is running any promotions with partners. For instance if you are advertising a 10% coupon in High Times, you can create this discount preset to track how often it is used. This will help when your analyzing what marketing promotions are most effective.
While offering special promotions might increase your dispensary traffic, you’ll want to ensure that you are not undercutting your profit margins. Knowing what products in your inventory can be undergo a price reduction without risking losses is imperative. Slashing prices on items with high profit margins is a great way to move stock and appeal to customers.
Another thing you’ll want to avoid is possibly giving your staff too much leeway when it comes to giving discounts. Fortunately, advanced dispensary point of sale systems can set limits on discount percentages that retail staff can apply. Occasionally some budtenders will take advantage of the privilege in order to receive higher tips. Setting the discount limit will prevent these policy violations and help you regulate sales.
Establishing customer loyalty programs are great way to provide discounts for those patrons who make large purchases or make frequent visits at your storefront. IndicaOnline’s innovative dispensary software allows retail managers to customize the amount of points earned per dollar spent. This means that big spenders reap better rewards.
It’s also possible to set the redemption conversion rate so that customers won’t abuse the loyalty program by coming in often and spending little. If a 100 points converts to $10, then your business will definitely be earning more money from a customer, than will ever be redeemed. The goal is to reward your patrons for returning to your dispensary and receive the occasional discount for their patronage.
Low Traffic Periods
There are specific times and days that dispensaries see lower than average sales. Turning these low traffic periods into opportunity is one of the best ways to boost sales. Offering daily specials or happy hour sales will encourage customers to do their shopping during these low traffic periods. You can use your dispensary point of sale system to analyze when these recurring low sales periods occur and adjust accordingly.
Implementing these cannabis dispensary discount strategies can engage your current clientele and attract new customers to your storefront. For more information on how your cannabis retail software can assist in creating effective sales specials, schedule a demo with one of our qualified representatives.