By Koushi Sunder, CEO of Stemless Co.
As we approach July 10th, also known as ‘7/10’, it’s time to prepare for one of the biggest sales events in the cannabis industry. On this day, we celebrate cannabis concentrates—an excellent opportunity for you to boost your bottom line.
We’re here to provide helpful advice and tips for both experienced and new cannabis sellers. We want to help you make the most of ‘Dab Day’.
Analyzing previous 4/20 and 710 sales events provides valuable insights into customer behavior and preferences. You can use this information to develop effective strategies for the upcoming 7/10 event.
# 1 Revenue Potential
Cannabis dispensaries have seen a big increase in revenue during the 4/20 and 7/10 events, with sales figures surpassing those of the previous year. This trend not only highlights the growing market but also underscores the willingness of customers to spend on these occasions.
On July 10, 2021, there was a notable surge in concentrate sales, which increased by 67.4%. Even more impressive was the 213% increase in rosin sales compared to the four Saturdays prior to the event, according to data from Headset.
Given these promising trends, it’s clear that dispensaries can capitalize on these events. By optimizing their product offerings, tweaking their pricing strategies, and offering enticing promotions, they can maximize sales and generate substantial revenue.
# 2 Average Basket Size
While the average basket size decreased on 4/20 compared to the previous year, it remained relatively consistent on 7/10 (Headset). This suggests that customers may be more price-conscious on 4/20 but maintain a similar spending pattern on 7/10.
As a dispensary operator, you can use this data to your advantage by offering great deals, packages or opportunities to encourage customers to buy more more. This help increase the average amount per transaction and boost your overall revenue.
# 3 Product Preferences
According to an industry report by Headset, consumer purchasing moved towards portable and shareable products in 2022. Flower, vapes, and pre-rolls consistently ranked among the top weed categories, indicating their popularity and demand during these sales events.
Consider these insights when planning your product offerings and promotional strategies for 7/10 to meet the preferences of your customers.
Getting Your Dispensaries Ready for 7/10
Now is the time to develop a strategic plan to maximize your cannabis sales for the high holiday.
Tailor Your Marketing Campaigns
Build upon the success of previous campaigns by leveraging data-driven insights. Craft targeted marketing messages to engage customers and drive sales. Emphasize promotions, discounts, and special deals on popular categories like concentrates, vapes, and pre-rolls. Highlight the products that resonate most with customers during this event.
Optimize Your Dispensary Operations
For a better store layout, plan product placement to improve customer flow and reduce crowding. This means studying customer habits, knowing the busiest store areas, and arranging goods strategically to boost sales.
Managing staffing levels effectively is also a key to maintaining a balance between customer service and cost control. Carefully evaluate your staffing needs based on factors such as peak shopping hours, customer traffic patterns, and seasonal demands.
Similarly, during slower periods, adjusting staffing levels accordingly can help control labor costs without compromising on customer service.
Utilizing technology solutions can also streamline your operations and improve overall efficiency. For instance, implementing point-of-sale (POS) systems that integrate inventory and customer relationship management (CRM) functionalities can help track sales, monitor stock levels, and analyze your customer data.
Stemless seamlessly integrates with most point-of-sale (POS) systems, making into an all-in-one marketing platform, offering a variety of custom solutions including:
- SMS/MMS marketing
- Loyalty programs
- Reviews management
This comprehensive approach not only boosts customer retention but also provides a complete overview of your digital marketing endeavors. It equips you with the necessary tools to maximize growth in the shortest possible time.
Curate Your Product Offerings
Stock up on the products that have historically performed well on 7/10, such as concentrates, vapes, and pre-rolls. Offer a diverse selection of strains, flavors, and varieties to cater to different customer preferences.
Enhance Customer Engagement
Create an inviting and personalized shopping experience. Train staff to provide knowledgeable assistance and recommendations to customers. Consider implementing exclusive perks for 7/10 customers to encourage repeat visits and build customer loyalty.
Leverage Online Presence
To maximize sales and promote 7/10 deals, businesses should effectively utilize the digital space. This involves implementing strategies to optimize websites, social media platforms, and text message marketing campaigns.
The goal is to generate buzz and reach a larger audience. You can also incorporate pre-order options or online-exclusive promotions can cater to customer preferences and enhance convenience. These strategies not only attract more customers but also provide them with a seamless shopping experience.
By using strategies from past 4/20 and 7/10 sales, your dispensary can thrive on this high holiday. It’s key to know your customers, follow trends, and make experiences that go beyond what they expect.
As we finish rolling up this post, we just want to remind you how Stemless is ready to power up your dispensary for the upcoming 7/10 event.
Think of us as your one-stop-shop for crafting those eye-catching marketing campaigns, fine-tuning your product offerings with real customer data, and boosting customer engagement with loyalty programs. We’re here to help you connect with your customers in a meaningful way.
Ready to cultivate success with Stemless? Plant your curiosity right here.