With just a couple of weeks remaining on the 2019 calendar, it’s time to start putting plans in place for 2020. And just as many people make New Year’s resolutions in their personal lives, it’s equally important to identify business goals — and resolve to take the actions necessary to achieve them — in your professional life as well.Cannabis retail business owners are no different.
In fact, because cannabis is still such a young and dynamic industry, it’s even more important for dispensary owners to constantly analyze their operations in search of ways to improve efficiency, customer experience and, of course, the bottom line. So in the spirit of a successful and prosperous 2020, here’s a list of seven New Year’s resolutions for cannabis retailers.
7 New Year’s Resolutions for Cannabis Dispensary Owners
1. Reduce operational costs with an efficient inventory management process
If you’re a retailer in any industry, there’s just no getting around it: proper inventory management is an absolute must. In fact, failure to keep a tight rein on inventory is a surefire way to tie up cash, miss out on sales opportunities, and generally do damage to your business.
In the cannabis space, inventory management is even more critical for success. You’re dealing with a highly valuable and perishable product, which means you need to optimize turnover and replenishment while simultaneously reducing opportunities for diversion.
Though it may seem complicated, the truth is that inventory management can be a breeze when you have the right tools and processes in place. For a comprehensive look at how you can optimize your dispensary’s inventory management in the new year, click here to get a free copy of our Ultimate Guide to Cannabis Retail Management.
2. Leverage your loyal customer base
It’s no secret that most consumers begin their retail journey online. This is why it’s critical to manage your dispensary’s digital footprint and do everything you can to bolster your visibility and credibility on the web.
One of the most powerful things you can do for your business in this regard is to ask your customers for reviews. Consumer studies have found that 68% of shoppers have reviewed a local business after being asked, and that up to 80% of online reviews originate from follow-up emails that are sent to customers who made a purchase.
By leveraging your loyal customers for feedback, you’ll be able to cultivate a more robust online presence and draw more shoppers to your store.
3. Make smarter staffing decisions
When it comes to customer experience — and customer retention — your cannabis retail staff has a major impact. Naturally, you want to recruit top-notch talent to your operation to maximize the quality of service and professionalism you provide your clientele.
One of the best ways to vet potential new hires and make smarter staffing decisions is by asking the right interview questions. You can also help filter out unqualified candidates prior to the interview phase by posting job descriptions that clearly outline the position’s roles and responsibilities. If you haven’t already, be sure to check out our free cannabis retail job description template — it contains ready-to-use descriptions for every position within a dispensary operation.
4. Ensure your staff stays up-to-date on industry trends
Part of providing great customer service is providing consumer education. After all, your clients view you and your staff as experts in the field, and they expect you to be able to answer their questions. Make sure you can deliver on that expectation by keeping your staff updated on the latest industry trends and news.
For example, many consumers have had concerns about vape products ever since the vaping crisis broke out; meanwhile, with edibles rolling out across Canada, customers have plenty of questions about consuming cannabis in an edible form.
5. Expand sales channels and tools
It just makes sense: giving your customers more than one way to do business with you increases the odds of them completing the sale. Depending on the regulations in your market and the type of license you possess, consider offering online ordering for in-store pickup or delivery, along with differentiated in-store options like self-serve kiosks and express checkout. Of course, having the right tools to facilitate these processes is key — and that’s where a robust cannabis retail technology solution really comes into play.
6. Streamline operations and store flow
Along with offering multiple sales channels and individualized service, streamlining your dispensary’s operations will go a long way in creating an unforgettable retail experience. From an easy and efficient check-in process to a painless transaction that takes minimal time, a compliant dispensary point of sale can help you achieve optimal operations and store flow that will impress customers and keep them coming back for more.
7. Audit and adjust your marketing strategy
Finally, kick the new year off right by examining your marketing strategy to identify what is and isn’t working, and adjust accordingly. Could your messaging use a refresh? What about your target market — has it shifted or grown, and if so, are you reaching those new segments effectively?
For more ideas and tips on marketing your cannabis retail store, be sure to check out the dos and don’ts of dispensary marketing.
Make 2020 Your Best Year Yet — Partner With the Industry’s Leading POS Platform
If you’re serious about taking your cannabis retail operation to new heights in 2020, it’s time to partner with Cova. There’s a reason we were recognized with four “Best Cannabis POS” awards in 2019 — discover why by clicking the button below!