How to Give Your Dispensary A Competitive Edge
The market for legal cannabis has been growing at a rapid rate. The market is estimated to be headed to be worth $146.4 billion by the year 2025. The growth of this sector comes with valuable opportunities for those who own dispensaries.
The competition among dispensaries is, therefore, inevitable as each strives to be the most competitive. There are various ways to ensure that your dispensary is the most competitive.
Have a Suitable Location
The location of any business has a lot of impact on its progress. Your dispensary should be easily accessible to all customers. The location should ensure that customers do not have a hard time trying to reach you. The venue you settle for should also have suitable demographics and leveled competition for you. Your cannabis business has higher chances of doing well if the location is suitable. Consider the following factors when choosing a location for your dispensary:
Easy accessibility: Go for a location that people can simply walk to as that will motivate customers to come in. You can select a place near a parking lot or near public transportation. The location should also be accessible during peak hours with high-traffic.
Zoned locations: As part of cannabis regulations, opening a cannabis dispensary is only possible in areas that are zoned for it. Another factor to have in mind is that a zoned area can undergo zoning changes later. For this reason, you should review local regulations on this business before settling for a location. This information helps you to go for a location that is legally permitted to host your type of business.
Demographics: Understand the population that lives in your location and their attitude towards the cannabis business. The young generation is more likely to purchase cannabis and they are more open-minded. Avoid positioning yourself near schools as this will make your business controversial. Having this information in mind helps you to understand your target market and avoid disappointment.
Competition: In the majority of cities, cannabis business competition is inevitable as cities prove to be a good market. Ensure that you position your dispensary a distance away from existing competition. Preferably, get a city location that is well populated and far from the only existing dispensary. Setting your business in such an area makes it easier for people to access cannabis without having to go far. This makes you competitive.
There are various states in America where you can easily run a cannabis dispensary and make sales. The sector is growing in a huge way and the market is highly growing as well. Modern times have seen the rise of online business. Selling online is becoming common since people want to purchase goods and services at the comfort of their location. Having your cannabis dispensary active on online platforms and selling your products online is one way of giving your dispensary a competitive edge. To manage successful online sales, you require:
Active online presence: This means that when people search for cannabis products online, your business is well optimized for viewing. Optimization comes when you actively post and engage with viewers and customers.
Post clear images and details of what you are selling and let people know how they can purchase. When customers ask any questions, be prompt in your response. You can have a designated social media manager to handle your online interactions. Online presence for your business also helps you to engage the local community on the business, the market, and how to grow.
Delivery services: A major way you can improve your dispensary’s popularity is by offering delivery of your product to customers. Deliveries are the backbone of online sales. Customers who purchase online do so for convenience. A customer may want to purchase a THC flower in San Diego or any other product for instance. A good online shop will, therefore, require good interaction with the customer to ensure the product is delivered to the San Diego customer on time.
Offering delivery is particularly important during the pandemic as many of your consumers may rely on your product for health needs and maybe struggling between the option of going out and exposing themselves to the virus vs staying in but struggling without access to cannabis. Offering delivery services will help your dispensary remain profitable during and after the pandemic, just make sure you also provide your delivery drivers and other employees with protective equipment such as face masks. Also, be sure to have safety guidelines in place for delivery drivers. If you can manage to set up a reliable and safe delivery option, it will definitely help you get a leg up on your competition.
The cannabis business has become quite competitive and the sector continues to grow in legal states. This makes it important for you to secure good partnerships. The partnerships range from vendors to other customers. The relationship you have with your area vendors has a great impact on the growth of your business. A good relationship with area cannabis growers and vendors helps you to access products and the market more freely. It makes your business active and more profitable. The right partnerships are like an eye-opener for your business as you are always up to date on what is happening in the market. Your business is better positioned when you have the right partnerships.
Not only can you have great partnerships with vendors, but you can form connections with local artists and other companies to give your dispensary more exposure and popularity. Consider finding a local artist or creating your own aesthetic brand and packaging your product in some unique way, offering small extras like stickers or making a deal with a local shop to offer a discount on snack foods or something like this. Personal marketing such as this can do a lot to make your customers remember you and the positive experience they had with your business. You can also improve your customer relationships by collecting testimonials from both recreational users and medical users about how they enjoy your product. This will allow you the opportunity to not only put customers at the forefront of your business, but you can also take this time to suggest new products or strains to your various users and further deepen your personal connection with your customers.
The cannabis business continues to thrive and businesses need to be innovative and competitive. Find ways to reach more customers and stand out.