Marijuana dispensaries may be tempted to try and become the first in their area to open, but this isn’t wise. “The initial run where everyone is opening up at once can create a glut of options for customers,” says Christopher Beals, president of Vireo Health New York. If you want your dispensary to succeed, you need to know who your customer is and be able to provide a high quality product while selling it at a competitive price.
Marketing for Cannabis: How to Start Selling
One of the most important decisions that Cannabis dispensary owners have to make is what kind of marijuana they want to sell. If you’re just starting out, it can be hard to get seeds or plants from suppliers right away. The best idea is to start with seeds of marijuana that are well known for high yield and quality, like White Widow or Blueberry. These strains will produce more consistent results than other strains that may be harder to grow, even for experienced growers.
If you’re having problems deciding what kind marijuana you want to sell, some dispensaries can serve as consultants to help you decide. Be aware, however, that these Cannabis dispensaries are not impartial counselors. Every dispensary owner has their favorite strains of marijuana and will be biased towards selling them. “It’s your job to get this information from the other side,” says Colorado Pot Guide editor Chris Walsh.
That said, if a dispensary does have an ounce of marijuana that they don’t know what to do with, offer them a very good deal on it. Dispensaries are usually willing to pay steep prices for high quality, popular strains of marijuana.
If you aren’t selling your own unique strain of marijuana, then at least sell the most popular brand names available on the market if possible. Dispensaries like The Stone want to offer a product that is consistent and familiar. One of the best ways to do this is by stocking popular, well known brands like Dixie Elixirs, Bhang Chocolates, MarQaha and Mary’s Medicinals.
Don’t choose something too expensive or too cheap. If you charge very low prices for your marijuana, then customers won’t think it’s a good product. “It pains me to see dispensaries charging $5 a gram for their medicine,” says Isaac Dietrich, CEO of MassRoots. On the other hand, if your prices are too high, it can make you look like you aren’t competitive. Setting fair marijuana dispensary pricing is as much art as it is science—and it’s something that dispensaries will need to tinker with until they find the sweet spot.
How to Sell by Marketing for Cannabis
There are two primary ways you can make money off of marijuana sales: by selling the marijuana itself or the accessories required to use marijuana. If your state allows, consider stocking vaporizers and other products for marijuana consumption. It’s also possible to sell ancillary marijuana products like books, clothing or paraphernalia.
Everything matters when it comes to selling Cannabis at your dispensary so you need to factor in everything before you open. Not only will marketing determine whether people come to your store, but it will also help you figure out the exact type of marijuana that makes the most money.
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For dispensaries that are just starting out, it’s a good idea to start with popular products and then expand into more niche ones as your clientele becomes more familiar with your brand. For example, one dispensary owner adds vape pens after customers repeatedly ask for them; it’s now their best-selling product line. Understanding the demand of your customer base is key to making money in this industry.”
If you’re looking to open a Cannabis dispensary, it helps to know what strategies work and which ones don’t. After all, as an entrepreneur, time is money – and credibility matters as much as anything else. To make sure your business stands out at the end of the day, here are some tips to consider:
Tip 1: Offer high-quality product with consistent branding
If you go this route, make sure you keep your product line consistent. You need to be able to promise a certain quality at all times, which means using top grade materials and growing techniques whenever possible. To stand out in the crowd, cannabis dispensaries are increasingly establishing relationships with growers who have built their own monster reputations. More importantly, dispensaries are trying to establish a brand that’s all their own – so customers come back for more and always remember where they can find it.
Tip 2: Follow the lead of successful dispensaries
With every business, there’s an established template or formula for success. By following these examples, cannabis dispensaries increase their odds of making it in the competitive world of business. For example, one great way to stand out is by offering a unique cashless payment system that allows customers to swipe their cards and use digital currency such as bitcoin or Ethereum (instead of converting to dollars first). Most important of all, make sure you’ve got the customer service skills needed for success – because it’s really what keeps them coming back for more.
Cannabis dispensaries are often on the forefront of new technology and creative business ideas. If you can follow this example, there’s no telling how far you might go in the world of commerce. But above all else, make sure your image reflects a commitment to excellence that keeps people coming back for more.
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