As more medical states make the leap to recreational, dispensaries must transform their waiting-room style operation into fully fledged retail showrooms. For owners with little or no merchandising experience, this can be a daunting challenge.
Baker to the rescue! We have consulted with the top retailers from outside the industry and compiled the three most valuable (a.k.a. revenue-building) tips for you and your team to make the most of this rapidly changing landscape.
Real-estate is king
When it comes to merchandising, the more places a customer sees a product the more important they will perceive it to be. Use this powerful subconscious effect to your advantage.
Humans are impulsive. There’s a reason every major retail store has candy and drinks at each register. Dispensaries can cash in on the same concept by placing pre-rolls, specials and other accessories near each POS.
You pay for advertising to bring more customers in, but what about after? Baker helps with a simple concept: build a customer database thru a rewards program, then learn product preferences and message customers directly with offers you already know they like. Established retailers have been doing this for years, and budget as much on retention as acquisition because it costs up to 7 times more to attract a new customer than to retain an existing one.
Lastly, people that buy cannabis are good people. Get involved in the community and show them you’re good people too. Be the mayor, became known as an advocate and build your brand.