By Max Miller, CEO, Paybotic
The 420 holiday is a highly anticipated event in the cannabis industry. It is a unique opportunity for businesses to celebrate the cannabis culture, connect with customers, and showcase their products. According to a report by Headset, sales on April 20, 2022, were up 75% compared to the daily average, making it a pivotal period for cannabis-related businesses that cannot be overlooked. To take full advantage of the holiday’s potential, it is essential to begin preparing your dispensary or retail store early.
Read on for the 10 best valuable tips on how to prepare for the whirlwind shopping occasion.
Pre-Plan Your Promotions and Discounts
Sales on 420 are typically three times higher than on an average day, and customers are more likely to make larger purchases. Planning ahead and offering promotions can help you take advantage of this increase in demand and encourage customers to make purchases. Start planning your promotions early to attract more customers and give you an advantage when advertising how your business will celebrate 420. Make sure to promote your offers through social media, email, and your website to ensure maximum reach. Research your competitors and see what promotions they are offering. Create a sense of urgency by limiting the duration of your promotions. Consider offering a mix of discounts, BOGO (buy one, get one) deals, and freebies.
Stock Up on Extra Inventory
Stock management is critical for success in the cannabis industry, especially during peak periods such as the 420 holiday. Analyze your sales data from previous years to estimate the number of products you will need. If you are a cultivator or grower, ensure that you have enough cannabis plants to meet the demand. It’s better to have excess inventory than to run out of stock on the 420 holiday.
Train Your Staff On All Products
Well-trained dispensary staff and budtenders can provide a positive customer experience, answer customer questions, and make recommendations. According to a survey by Leafly, knowledgeable budtenders were one of the top reasons customers returned to a dispensary. By investing in training your staff, you can create a competitive advantage and build customer loyalty. Your staff will be the face of your business during the 420 holiday. Make sure they are trained on your promotions and products. Train them on how to handle the increased volume of customers and how to make the most of the promotions and discounts. Consider incentivizing your staff with bonuses or other rewards for upselling products or providing exceptional customer service. Provide your staff with 420-themed apparel or accessories to create a festive atmosphere. Create a flow in your store to handle extra long lines or rushes of customers. If it’s nice, you can take the party outside as people wait.
Boost Your Online Presence
Offering alternatives to in-person purchasing can help you cater to the growing number of customers who prefer to shop online, so ensure that your online presence is up to date with your 420 promotions. Your website will be most effective if it is mobile-friendly and easy to navigate. You can also consider creating a dedicated landing page for the 420 holiday to easily showcase your products and promotions. According to data company Jane Technologies, cannabis retailers saw an 11 percent increase in online sales, both in 2021 and 2022. Springbig, a marketing platform for cannabis, has reported a notable surge in online sales. According to their findings, text message orders increased from 12,280,220 in 2021 to 14,529,639 in 2022, indicating a substantial 18.32% shift in the way consumers are placing their orders.
“Managing a boost in sales is simple when your store has a dedicated system for payments and cash handling,” said Paybotic CEO Max Miller. “Be sure to plan ahead so your systems can handle an increase in business, and you’re well-positioned to manage a boom in cash flow on 4/20.”
Attend Cannabis Industry Events
According to the National Cannabis Industry Association, events such as Benzinga’s Cannabis Capital Conference, MJBizCon, and 420 festivals and conferences can help businesses build relationships and increase sales. Participate in relevant events to promote your business, network with other professionals, and gain insights into industry trends.
Decorate Your Store So Customers Feel Welcome
Creating a fun and exciting environment for your customers can help your business stand out from competitors. Dress up your store with festive decorations to create a positive experience for customers. According to a survey by Marijuana Business Daily, atmosphere was an important factor in choosing a dispensary for 65% of cannabis customers.
Provide Knowledge and Learning Opportunities
Providing educational materials and hosting educational events can help build trust in your brand and educate customers on the benefits of cannabis. A survey by BDS Analytics found that 85% of cannabis consumers believe that it is important to know the source of their cannabis products. Educating your customers on your products and how they can improve their quality of life can help increase sales.
Partner With Other Local Businesses
Collaborating with other cannabis-related businesses can help expand your reach and attract new customers. Consider partnering with other cannabis-related businesses to offer joint promotions or discounts. This is a great way to reach new customers and expand your reach.
Create a VIP Experience
Offering special perks and exclusive discounts to your customers can help build loyalty and create a sense of exclusivity. Host VIP events, such as private cannabis tastings or workshops, to provide a unique and memorable experience for your most loyal customers.
Follow Up With Your Customers After 4/20
Following up with your customers after the 420 holiday can help build long-term relationships and keep them coming back. Send a thank-you email, offer a survey to gather feedback, or even offer a discount on their next purchase. This will show your customers that you value their business and encourage them to return.
Finally, remember to have fun and celebrate cannabis culture your own way! This day presents a fun opportunity to let loose, connect with your customers and promote your brand. Encourage your staff to dress on theme, be creative and prepared, and you can create a memorable experience for your customers and stand out from the competition.