Efficiency and profitability are the goals that any business strives to achieve. You can attain these goals at your dispensary by adhering to a few simple protocols. Here are the techniques that you can utilize in order to make your cannabis dispensary run more efficiently and increase your profit margin.
Educate Your Customers
When it comes to cannabis, there is still such a large amount of misinformation out there that misleads and confuses potential consumers. This is where individual dispensaries can step in and take the opportunity to educate and inform their customers. An informed customer is a happy customer. Provide free pamphlets and think about installing screens that show videos that help educate customers about specific products you’re promoting, and about the cannabis plant as a whole. Customers need to know the safety and efficacy of the products they’re buying. This is a great way to build rapport and help customers know that they can trust your shop to answer any questions they might have. Monitor your sales to determine how well this is working.
Tailor Your Inventory
Stock your inventory with an adequate supply of the items that are most likely to sell. This could mean that you keep up on the latest trends in the cannabis industry or that you sell high quality product. What you sell will depend on your customer base and your location. Overstocking is just as bad as understocking because stock that doesn’t sell takes up much needed space on your shelves. It requires a balancing act to maintain the correct level and type of cannabis to sell at your dispensary.
Price to Sell
Find the right price point in regards to your products. A lower price point may drive up sales, but if you aren’t making a profit it isn’t helping your business. Examine your metrics when it comes to determining the point at which you need to sell your products. Consider increasing the price incrementally for popular products, but also be sure to stay in line with your competition. You want to maintain your customer base by offering good quality products at the right price.
Displays and Design
Use your POS system to discover what type of products are more commonly purchased by customers, and then put those type of items together in an attractive display in the center of your selling floor, or where you determine would be best to attract the eye. Arrange these items in order of price from low, medium, to high ranges. That way, they are presented to the customer, but then the customer is empowered because they have a choice of what promotional items they might want to select for purchase.
Provide Training
Hire employees that demonstrate good communication skills. Teach them the art of customer service and how to make the customer feel valued. Another thing that you’ll want to train your employees on is how to maintain your stock. This means that your products should be faced in order to increase their visibility. Cleanliness and the overall perception of your dispensary can also help to increase your sales. Have your employees use their downtime to perform the tasks that don’t revolve around helping your customers.
Increase Impulse Sales
Place impulse items near the front of your store or right next to other popular items. Pairing items that are frequently used together can also help to drive up the profitability of your cannabis dispensary. This could include products such as paper rollers or grinders in order to help your customers facilitate their preferred mode of consumption. Another perk is that it demonstrates good customer service and improves the efficiency of your operation. Your employees don’t need to direct your customers to these other commonly purchased items.
Time management is important when it comes to improving the efficiency of your dispensary. Use these other methods so that you can increase the productivity and profitability of your business.