Let’s be honest: in business, it’s all about sales.
Sure, that’s not the ONLY reason you do what you do, but at the end of the day that’s the only thing that’ll keep you going. So it matters, much to every small business owner’s dismay.
But have you ever wondered why some cannabis products sell more than others, even at comparable qualities?
It isn’t luck.
Actually, there are a series of factors that determine how much of YOUR product the public will buy compared to similar brands. Pay attention to these five things, and watch your products fly off the shelves!
1. Don’t Play the Price Game
You’ll be tempted, but no one ever wins in a price game.
Undercutting your competitor might be helpful to boost sales in the short term, but over time it’ll damage your reputation and make it much harder to make a profit.
Instead, price your cannabis products based on their actual value in the market.
Priced higher than your competitors? Better know the reasons that your product is better!
Priced lower? Be ready to show that there’s still a higher value than what you’re asking for.
If you know the reasons behind your pricing choices, and are able to communicate them with consumers, no one will ever turn their nose to your brand.
2. Take Care of your Budtenders
Unless you’re one of the lucky few that can sell your own product directly, today’s cannabis businesses must rely on retailers to make sales.
And that isn’t really a bad thing, but it DOES mean that you have to pay attention to your real-life salespeople: budtenders.
Budtenders promote a ton of products every day, and in many cases they’re the ones that decide what their customers leave the store with.
Give them educational materials, so they can become experts on your brand and have great talking points to discuss with customers.
Leave some brand merchandise at retailers, like pens, stickers, or lanyards, for the budtenders to pick up. (It might seem tacky, but it definitely helps them remember who you are!)
And last, but certainly not least, make sure your product isn’t a pain in the butt for them to work with! The more difficult it is to stack, stock, or otherwise handle your products, the less happy budtenders will be with your brand (and the less they’ll want to promote it).
3. Be Mindful of Merchandising
Merchandising is the way that your products appear on shelves.
If you really want your product to sell in mass amounts, you should consider how they are merchandised.
Many successful brands will have rules for displaying their products; these take into account things like how many items are out at once and how they are set up in relation to each other.
By setting standards for shelf appearance, you are guaranteeing that customers will have a similar experience no matter where they’re shopping.
(But if your products are difficult for retail staff to work with, I suggest offering a custom display to put them in.)
You’ll have to work with your retailers to see what they can accommodate, but in the end it’ll be worth it!
Packaging Design Is Merchandising Too
There are several things to consider in merchandising, but the most important part is the packaging. It decides whether someone even notices your product at all.
A good package design will have basic business information and be compliant with your state regulations.
That’s the best way to quickly build interest for first-time buyers.
4. Build Exposure
Take a moment to consider how you shop in stores. What makes you feel more comfortable about buying a product?
For most people, it’s how much they already know about it. In cannabis sales, the exact same reason applies.
If you want consumers to buy your product, you’ll have to get them familiar with it first.
Use your website, social media, advertisements, and packaging to share valuable information about your brand and it’s products. Give them reasons to want to buy before they’re even faced with the decision.
Make sure that, by the time they ARE ready to buy, they’ve seen your product enough that there are no hesitations about it.
As long as you’ve done a better job at this than your competitors, there will be nothing holding them back.
5. Keep Them Coming Back
I’m sure you’ve heard that it costs nearly five times as much to attract a new customer than it does to keep an existing one. There’s a reason for that!
People are naturally loyal. Once we’ve found something we like that fits our needs, we’re pretty happy sticking with it.
That is, unless something terrible happens that makes us reconsider.
So the moral of this story is: keep your customers happy!
Once they’ve purchased your product once, don’t give them any reason to second-guess you. Better yet, offer them incentives and benefits for being a loyal customer.
Even in the digital age, customer service matters!
Although skyrocketing sales won’t happen overnight, there are several steps that can be taken to make sure it happens as quickly as possible. Paying close attention to your customers and brand perception will lay the right foundation your business, which will boost sales growth naturally and steadily.
If you’re a cannabis professional looking for new, proven methods of gaining sales and growing your business, we’d love to hear more about your goals! Send us a message or visit our website for more info on our team.