Actionable Growth Hacks For Cannabis Retailers

Photo by Sam Doucette on Unsplash
2 years ago

After the legalization of cannabis in several states, the pandemic emerged as a game-changer for the industry. Even consumers who were still apprehensive despite medical evidence decided to embark on their wellness journey with the herb. Not surprisingly, cannabis retail witnessed a massive surge during these years. Things are set to get even bigger and better for retailers. But the other side of the picture indicates immense competition in the landscape. If you wish to make a mark in the industry, you must look for growth hacking rather than conventional marketing strategies. Here are the actionable growth hacks to set your cannabis retail business apart in pandemic times.

Identify your demographics

Picking your demographics may seem like a conventional tactic, but it isn’t the same in the cannabis industry. While everyone likes cannabis, the same products do not fit all needs. Remember that recreational and medicinal products are different, and their consumers are also not the same. As a seller, you will have to target them with diverse approaches. For example, you will have to focus more on education when targeting medicinal consumers. Sellers dealing with recreational products can prioritize the fun part, such as showcasing a broader range.

Showcase your brand voice

Establishing a brand is the key to standing apart in the competitive landscape. The approach applies to all industries, and cannabis is not an exception. You must work on creating a brand and message that the audience is likely to remember. Start by creating a clear mission and vision, and use them to craft your brand voice and messaging. Also, ensure that everything you do in your branding plan should feel cohesive. This way, your brand will shine and be visible despite the crowd of competitions. Make sure that your activities align with your mission and values. For example, brands showing an inclination for sustainability should source their products responsibly and stick with eco-friendly packaging.

Build a digital presence

Since the pandemic lockdowns, cannabis retailers have shifted focus to e-commerce. While a robust digital presence was a necessity when stores closed down, it is the key to growth in the new normal. Think beyond an outdated website and create a fresh look and feel that empowers your brands and boosts sales. You can leverage platforms like 420dc.com to enhance visibility to local buyers. Not listing your business at the right places online means you can lose your business to competitors. Fueling your social media pages is another crucial element of a holistic digital outreach strategy, so make sure you do not miss out.

Use your budgets wisely

When it comes to growth hacking, most business owners are ready to spend as much as they can. But it is not the best approach in pandemic times when the money runs tight and savings should be a priority. You must use your budgets wisely, whichever strategies you choose for achieving your growth targets. An optimal marketing mix can give you the coverage you need without spending on channels that are less important. Focus on effective campaigns that deliver a higher ROI so that you can make the most of your marketing budgets. Consider targeting specific areas, markets, products, and demographics to get the message across to the right people.

Ensure compliance

Although legal, the cannabis industry is still highly regulated. As a retailer, you must know federal and state regulations and updates and comply with them. The last thing you should do is overlook compliance while following profits and growth. Failing to comply with the legal norms can negate your profits and land you in deep trouble. Ensure you have a valid license and a seed-to-sale tracking system in place for your dispensary. The regulatory language can be tricky, and you may get into a fix only because of misunderstanding it. Consulting an expert is the best way to stay compliant. Once you are sure, you can concentrate on growth initiatives and take your business to the next level.

Cannabis retailers need to think outside the box to push growth and position themselves prominently in the competitive market. Everything boils down to being visible where the buyers are. Even better, double up on online marketing while staying true to the traditional approach so that you have the best of both worlds. Even as you focus on growth, ensure not to miss out on the compliance front. After all, staying on the right side is crucial to sustaining growth in this regulated industry. These actionable growth hacks can keep your business on the right track.

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