Cannabinoids have grown massively popular in the last few years since full national legalization. The market will likely reach beyond $150 Billion in a few years. However, you’ll still need an edge if you want to bring in new foot traffic and compete with other stores selling cannabinoid products in your area.
In this short guide, we’ll cover some strategies for your cannabinoid businesses you can use to drive more sales. You’ll learn how to use customer education, customer data, product selection, and other methods to increase sales.
Strategy 1: Educate Customers on Cannabinoids
Cannabinoids are still relatively new to the market. Many of the customers who walk into your store may not understand the terms that are involved or how they are similar or different to cannabis products.
If you want them excited to try the products, they need to understand them first. Educated customers will have more trust, loyalty, and fewer complaints (due to more accurate expectations of different products).
There are several ways you can provide education in ways that won’t bore or hassle your customers. Here are some ideas—
Start with Your Team
Your floor team, including cashiers, will be the first resource for most new customers entering your store. Your workers should be educated in CBD, Delta-8, and other types of cannabinoids so that they can provide valuable answers.
This can be a simple process. Ensure your workers know all the products that arrive, and quiz them on important facts during meetings. Provide links to guides in weekly emails or print off items you can keep behind the desk.
It may also be helpful for your team members to have answers ready about legalizing adult-use products.
Hang up Posters and Provide Binders of Menu Items
Another unobtrusive way to educate your customers is by hanging up posters in your cannabinoid businesses introducing cannabinoids and their effects. These can be very simple and visual. You can use them to
Alternatively, you can take a cue from vape shops and provide a binder of the products that customers can flip through. In the binder, you can provide full-color entries for all of the products you sell. In each entry, list important effects and fun ways to enjoy the products.
Educating your workers and creating signage is a great way to encourage interest in your products,
Strategy 2: Create an Exciting Product Selection
One of the great things about having cannabinoid businesses carrying and selling cannabinoids is the massive amount of variety that is available on the market. Don’t let your cannabinoid businesses miss out!
Your cannabinoid businesses can sell vapes, edibles, oils, lotions, dry flowers, and strong concentrates just to start. CBD alone comes in all of those forms and more. From there, you can expand to carry examples of all the top cannabinoids like Delta-8, Delta-9, THCA, and more.
Smart retail stores will take advantage of this variety and ensure that customers always have interesting new products to try.
Creating a strong variety of products (that are often refreshed) is an effective way to develop customer loyalty. You’re incentivizing them to keep coming back and increasing the chance that they find the product that’s just right for them.
Having customer data at hand can help guide you to the products that are most likely to make an impact. That’s why collecting and putting data to use is another important strategy.
Strategy 3: Collect and Utilize Customer Data for Your cannabinoid businesses
Data is one of the newest tools that cannabinoid businesses can use to drive more retail sales.
If you haven’t already, you should set up some tools to help you track and use data. Using data tools, you can track and map how many customers enter your stores, what times of day they arrive, and what kind of products they leave with.
However, you can get far more useful data if your customers provide it voluntarily.
One way to encourage customers to provide you with data is to set up loyalty programs. Ask customers to sign up for a program and reward them with incentives like free products after several purchases.
With identifying info and addresses, you can develop a clearer idea of your target customers. You can also build profiles that can help you identify your loyal customers and the products they gravitate towards the most.
The combination of educated workers, exciting selection, and effective data can help you create great customer experiences. Promoting those through the use of reviews is another powerful strategy you can use to drive retail sales.
Strategy 4: Promote Great Customer Experiences
More than 80% of shoppers who visit stores search for the store online before visiting in person. This means even for your foot traffic, online presence is essential. However, it’s not just your website you need to look after; it’s the reviews that are posted on public features like Google My Business.
Cannabinoid businesses’ marketing strategies should focus on increasing the amount and score of reviews. To some extent, this is outside of your hands. You’ll need to trust customers to report their experiences, but you can tip the scales in several ways.
First, you can incentivize customers to leave reviews by offering special promotions for customers who can show they left one. You can also contact loyal customers (as discovered through loyalty program data) with SMS messages or emails to encourage them to leave reviews.
Improve Your Retail Strategies with New Products from THD Wholesale
Armed with these strategies, you can increase the foot traffic in your retail store and drive more purchases by increasing the trust and loyalty of your existing customer base. Remember to give your customers the needed knowledge, keep them interested in new and varied products, collect data, and emphasize the great experiences you create.
THD Wholesale can help you keep the latest and most exciting cannabinoid formulations on your shelves. We carry all of the most popular cannabinoids in all of the forms that your customers enjoy the most. That includes classic CBD products, strong Delta-8 and some of the latest THCA flowers and more.
Fill out a wholesaler application to access our competitive wholesale pricing for retailers, and start stocking your store with the most exciting cannabinoid products available today.
