As a growing number of states legalize recreational and medical marijuana, dispensaries have become a rapidly growing and potentially very lucrative business opportunity. There is a large, proven market of people eagerly awaiting the chance to purchase cannabis legally.
However, like any other retailer, dispensaries cannot simply open their doors and expect customers to appear out of nowhere. Cannabis storefronts must have a solid business plan in place and need to be innovative and creative to attract and retain customers in a very competitive industry. In large cities especially, several — perhaps dozens — of dispensaries will battle to rule the market.
A robust advertising plan is essential. Advertise locally and post on social media. Also, reach out to local doctors who specialize in pain management and oncology to let them know you’re available to help any patients who are interested in trying cannabis products.
Once you begin to attract the marijuana-buying public, the most critical aspect of the business is to grow customer loyalty. Customer service and complementary offerings are two powerful tools in any retailer’s arsenal. In addition, you can leverage your point-of-sale (POS) system with on-screen ads, loyalty club rewards programs, and store credit.