When it comes to analyzing your dispensary’s sales, don’t forget that the proof is in the green.
The data and insights you collect from this year’s 420 could be just as (or more) valuable than the total amount of sales you generate. On 420—and even in the weeks preceding—you’ll see a steady influx of new customers entering your store for the first time. This presents an opportunity to expand your customer base, collect data on repeat customers, and use these insights to optimize future campaigns.
All things considered, you’ll need to have a reliable, professional analytics database up and running before April 20th. We recommend setting a goal relating to Key Performance Indicators (KPIs) to measure your dispensary’s success on the big day. Examples of KPIs for dispensaries can include:
Data allows you to make informed decisions by showing you what’s working week after week. If you’re a Dutchie customer, Dutchie Analytics can help inform how you’ll approach future holiday sales and promotions. Here are a few different things you'll want to keep track of:
Another way you can optimize for future 420s is by joining the Dutchie Pay waitlist for integrated digital payments. Worrying less about cash means fixing fewer errors and consistently reporting correct numbers to the state.
If you're like most cannabis retailers, you probably prepped for 420 by stocking up on bulk items like flower, edibles, and oils. All of these products have to be stored in specific conditions to thrive. This is one of the main reasons it’s best to act fast in regards to dealing with excess inventory. The other reason? Dutchie’s data shows that customers who buy items as part of a sales promotion tend to spend more. So let’s talk about how you can get rid of excess inventory without hurting your bottom line.
Sales in cannabis can be compared to sales of produce. It is centered around the season it's grown, harvested, and cured. It sells best during major holidays, especially 420, but also following 420 when it can be paired with springtime activities. Like produce, cannabis also has a window of time where it’s the freshest—just after the seals on wholesale containers are opened, but before the terpenes aerate. Even with the finest airtight methods, all cannabis is more likely to fly off the shelves when it still retains its natural moisture. The same applies to infused gummies and baked goods. The fresher, the better.
Just because 420 has come and gone, there’s no need to pump the sales brakes.
As we’ve already mentioned, you might have excess inventory on your hands. And although the cannabis industry differs from traditional retail, it’s wise to follow the traditional retail framework: continue sales after the holiday to make room for fresh stock.
In cannabis, it’s often unclear when a sale ends, with retailers keeping the same products on sale until they run out. The problem with this approach is that there’s no urgency to entice your customers to buy today. Put a fresh spin on your post-420 sales to drive urgency.
Seasonal angles that allude to a moment in time, whether it’s a month-long promotion (“May Flowers”) or a single day (“Herb Day”), communicate a clear start and end—and the shorter the promotion, the more likely customers will feel inclined to take action and buy.
Don’t be shy about advertising your specials, using in-store signage and marketing to make promotions impossible to miss. Sometimes a budtender may forget to tell a customer about a complimentary vape battery that accompanies the purchase of a certain cartridge—and that sale could have been the push the customer needed to stock up. The same scenario goes for bundle deals. Make the promotional value clear to all customers so they can weigh the benefit of purchasing now
Dutchie can help facilitate this post-420 sales tactic. Offers is a unique and customizable feature, which allows you to display your active promotions anywhere on your online menu. Select your favorite deals and Specials to highlight at the top of your menu, or at the bottom for add-on purchases. Dutchie has seen a 41% increase in the amount spent per order when they include an Offer.
Clear out excess inventory and watch your revenue increase with just a few simple steps. Whether it be a BOGO special, dollar amount off, or percentage discount on a certain brand, any type of promotion can be made into a spotlight on your menu. After all, cannabis customers are often looking to get their hands on the next new product or freshly harvested strain.
In Dutchie’s Ultimate 420 Survival Guide for Cannabis Retailers, we cover everything you’ll need for a successful day of retail sales, including: