There is one day a year that every cannabis dispensary looks forward to and it’s almost here. That’s right, 4/20 is right around the corner. For the cannabis industry , 4/20 is our Black Friday, except everyone has a lot more fun (amirite?!). While 4/20 is a great day for most of us to kick back and relax, it’s also an extremely important day for cannabis businesses to get right.
Our friends at Headset found that cannabis retailers can see sales spikes of 100% or more during 4/20. This holiday offers sales opportunities, as well as a chance for dispensaries to attract new customers and build brand loyalty. Let’s take a look at how you can get your dispensary ready for 4/20 and how you can get the most out of this holiday.
Stock Up On the Right Inventory
The last thing you want to do is break a sweat getting customers into your store only to find you don’t have enough inventory available to keep them happy. 4/20 provides a great opportunity to leverage your best selling inventory and to plan promotions that can help you offload your slow moving stock.
Consider doing an ABC analysis before 4/20 so you can ensure you have enough of your most profitable products on hand!
Plan Cool Promotions for 4/20
Plenty of dispensaries will have sales planned for 4/20 and you should too. But to make your dispensary stand out from the crowd, think about how you can take your promos a step further than just discounts on products. Covid-19 related restrictions may make it difficult to plan unique promotions like free food, but you can get creative.
Planning a charitable initiative can make an impact. You can donate a percentage of your sales to a non-profit organization that is close to your heart. Live music and colorful decorations may make your customers feel more celebratory and more eager to make purchases. Use 4/20 as an opportunity to get creative!
Increase Your Marketing Efforts
Now is not the time to shy away from social media, email, or your other go-to marketing channels. You want to remind your existing customer base to stop by on 4/20 and to attract potential new customers who may be looking for a great dispensary to shop at. You should consider increasing your marketing budget and efforts in the weeks leading up to 4/20 to spread the word about your dispensary location and hours, your product offerings, and any promotions you may be having.
Perfect the Buying Experience & Retain Customers
Chances are, you’re going to attract some new customers on 4/20 and you want them to have a really positive experience at your dispensary so they come back for more. Start planning how you are going to staff your dispensary, keep lines under control, and encourage customers to keep coming back for more. If you have a rewards program, have a plan in place for selling the benefits of signing up to new customers.
Prepare for 4/20 Early
While many people celebrate on 4/20, plenty of those participants prepare for the holiday in advance. While you’ll want to plan big sales on the 20th, you’ll also want to have promotions and sales running for the weeks leading up to the holiday. Encourage your customers to shop early so they can avoid the crowd and you can avoid grumpy customers who don’t want to wait in long lines. You may even want to host extra enticing sales in the days leading up to 4/20 in order to spread out the crowds.