How To Increase Your Revenue Beyond 420
Free Book Preview Cannabis Capital
What does your business value more: increase in daily revenue or new customer acquisition? To help you understand how to grow your business’ revenue beyond April 20th, we’ve interviewed three dispensaries on what their recommendations are for turning first-time customers into lifelong customers.
Insights from Storehouse Dispensaries
Christopher Burke, Director of Operations for Storehouse Dispensaries, plans to host in-store pop-ups on April 20th, 2021. The store will have special promotions, as well as offer coffee and snacks for patients. Burke reports a change in plans since 4/20 occurs on a Tuesday. Storehouse Dispensaries hosted a giant block party in their parking lot on Saturday 4/17. Burke’s team partnered with local musicians, artists, and food vendors to create a fun event for customers. When asked what advice he would give to dispensaries who are unsure of what to do for the month of 4/20, Burke recommended dispensary teams should have fun with and acknowledge their growth milestones. Burke recommends creating compelling sales deals to show patients appreciation. In previous years, Burke and his team offered significant savings across various products to celebrate the season. When asked what 4/20 meant for Storehouse Dispensaries, Burke replied by acknowledging the cannabis industry’s growth. He considers 420 as the Christmas of Cannabis.
Insights from the We Store
Mohammad Zahid, General Manager of The We Store, was forced to scale back their 4/20 event. Zahid and his team plan to utilize live social media broadcasts to announce giveaways. The We Store also plans to provide swag for anyone who visits their store. When asked what advice he would give to dispensaries who are unsure of what to do for the month of 4/20, Zahid advises businesses to engage all guests with respect and enthusiasm because people will always remember how they are treated. April 4th 2021 is The We Store’s first time celebrating 4/20. The company plans to partner with licensed producers such as Pure Sunfarms and Broken Coast to give back to the community. When asked what 4/20 meant for The We Store, Zahid replied by acknowledging 4/20 as a historic holiday for the cannabis community and a time when businesses can give back to their customers.
Insights from Alpine IQ
Alpine IQ is a technology partner for over 600 dispensaries. By analyzing over $1 billion dollars of cannabis revenue, here are their three tips to increase revenue beyond 4/20.
Utilize drip marketing
Drip Marketing is used to entice customers with a series of messages. Email and SMS can be used to promote offers and generate sales. In your business’ analytics portal, leverage drip marketing campaigns to target customers who haven’t purchased from your business within one to two months. April deals that lead to May incentives will help increase sales and improve customer loyalty.
Increase referral marketing
Word of mouth marketing transforms online buzz into offline sales. Consumers who celebrate 4/20 may host celebrations. For consumers who are likely to contribute to a bigger sale, entice them to have their own loyalty membership. Utilize a referral marketing program to provide incentives for active loyalty members to build their referral network.
Partner with local charities
Charitable organizations may have volunteers who can create events and campaigns. Use a percentage of 4/20 revenue to fund local initiatives to better the community your business operates in. For example, your business can donate 2 to 5 percent of April sales to a local food bank. Partner with social media influencers to share how the community is fighting hunger and munchies.