Establishing a Loyal Retail Cannabis Customer Base
As with any retail industry, cannabis dispensaries are feeling the pressure to nurture customer relationships and to build a loyal customer base. While the “retail” aspect may remain the same, the fact that it’s a cannabis-related product is what makes any given strategy unique when it comes to consumer loyalty. What techniques can be used too improve customer retention in the cannabis industry? Read on.
The “Big Picture” Numbers in Cannabis Retail
The cannabis industry is already pulling in billions of dollars for the U.S. economy, it is creating jobs and, thanks to ongoing scientific research, its medicinal benefits are being recognized on a global scale. According to recent projections from BDS Analytics, cannabis consumers spent $6.7 billion on legal cannabis products in North America in 2017 alone. That is a 30% increase from the year before and the figure is rising at a rapid rate.
By the year 2021, combined cannabis sales are forecast to hit $23 billion. As much as $15 billion of this amount is expected to come from the recreational cannabis sector. As the numbers grow, so do the number of consumers and cannabis entrepreneurs, many of whom are branching out into a slew of cannabis-related business ventures in a bid to stay at the top of their game.
Tapping into Multi-Sector Cannabis Investments for Maximum Customer Satisfaction
Let’s say you open a fruit and vegetable stall, but choose to only sell tomatoes and watermelons, would you expect to earn the maximum income potential from your stall? Of course not. Your stall lacks variety; something a cannabis business owner should consider when looking at the potential earning capability of their retail cannabis business.
Establishing multiple sources of income from various products is not the only goal in this industry. By investing capital into alternative cannabis-related ventures, you can work to build brand awareness in additional ways. And, as any entrepreneurs know, with a strong brand comes customer loyalty. Many of the leading cannabis industry players are capitalizing on this multi-sector opportunity, such as Lineage Grow.
The company is driven by strategic acquisition, through which it plans to ultimately distribute premium branded products. Since cannabis dispensaries present consumers with the convenience of choosing from a plethora of quality, lab-tested cannabis-based products, there is no better way to develop your supply chain than by expanding into multiple areas of the legal cannabiz.
Building a Loyal Retail Base by Operating a Cannabis Dispensary
In such a saturated and expanding market, you need to be on top of your game to keep the customers coming back for more. Launching or acquiring a cannabis dispensary requires time, patience, and dedication. You are providing a service to your consumers and if your brand is to be perceived as honest and reliable, you simply cannot stand in the shadows.
This is your chance to stand out and show what your brand has to offer. By creating an enticing dispensary atmosphere, a strongly branded retail presence, and developing strong team dynamics, you can gradually get your name out there. Make an effort to regularly host events that will capture the attention of your target market and educate consumers. It is also possible to educate your consumers by building a media presence utilizing online and print marketing efforts. All of these things combined can work miracles for customer retention.