07 Feb 5 Effective Marketing Strategies for Cannabis Dispensaries
Welcome to the cannabis industry. Pull up a chair, sit down, and get ready for a real eye-opener—you are part of one of the most competitive industries in the world. By 2025, the global market for legal cannabis is expected to reach $146.4 billion. Experts expect as much as a 300 percent increase in the number of dispensaries.
Learning how to market your dispensary is going to be the single most important thing you do if you expect to stand out among a sea of competitors. The list of potential marketing tools is impressive. Direct mail, sales promos, social media networking, content marketing, and the list goes on forever. The key is to focus on high ROI dispensary marketing strategies. Here are five strategies we at Metier Consultancy recommend.
Get Familiar with Search Engine Optimization
Take a guess what search phrase gets over 44,000 searches per month on Google: dispensary near me. Knowing these kinds of search statistics around the cannabis dispensary industry yields insight into what customers are searching for, and SEO allows you to use that insight to get convertible leads with buyers likely motivated to make a purchase. Quality website content created with SEO best practices in mind can bump you to higher rankings on search engines and lead more customers straight to your dispensary.
Create a High-Converting Website
In the cannabis industry, fostering a sense of trust is incredibly important, and that’s something you can’t do if your website is not up to par or industry standards. A high-converting website is updated and modern; as much as 94 percent of website visitors will not trust a site that appears outdated. Likewise, a trustworthy website that converts visitors to customers is:
The cannabis market is ever-growing, and the WorldWideWeb is growing over-saturated with websites developed by dispensaries. It only takes a few little issues to send visitors off in search of someone else who has the same thing to offer.
Develop an Organic Social Media Audience
Did you know that 54 percent of consumers use social media to get to know brands and products before they make a purchase? Developing an organic social media audience is a lot different from forcing an audience through paid advertisements on social media. Organic equates to natural, which means organic dispensary marketing on social media happens in a natural way, and it takes some strategy to get there. You can develop an engaged audience by:
- Getting to know who your audience is and what they want to see
- Creating a strategy around your target audience and how they interact with brands on social media
- Providing some kind of value to brand followers
- Working with brand influencers who will be your brand’s ground-level voice
- Staying active on social media platforms that your customers use the most
Implement Customer Rewards or Loyalty Programs
Every customer that walks away from your dispensary pleased with the experience has the potential to become an advocate for your brand. When it comes to cannabis dispensary marketing, word-of-mouth is an incredibly effective and inexpensive channel to use, and customer rewards or loyalty programs can help.
Statistics covered by Forbes show the effectiveness of these programs:
- 73% of customers that are members of a loyalty program are more likely to recommend brands that have these programs
- Members of rewards or loyalty programs spend an average of $42.33 more than they do when shopping somewhere else
- Half of people who are members of loyalty or rewards programs claim the program affects what they buy and how much
Many cannabis dispensaries have implemented rewards programs specifically because of their positive return. Whether it is a point-per-dollar reward system or something else, this is a marketing strategy for cannabis dispensaries that requires little up-front investment and almost always yields an attractive ROI.
Know Your Brand Strategy
Jeff Bezos once said something that sums up how important brand strategy is:
“A brand is literally what people say about your business when you’re not in the room.”
Your brand strategy is the framework around your business that tells you precisely who your target consumers are, how you differ from competitors, and what unique value you have to provide. If you do not have this strategy in place and clearly defined, marketing efforts can be vague and ineffective.
Increase Cannabis Dispensary Sales with Our Help
Business strategy should always be the precursor to execution, even when it comes to determining how to market your dispensary. At Metier Consultancy, we utilize strategy and brand identity to tailor a cannabis dispensary marketing plan that will yield revenue returns for your unique business. With the combination of cannabis industry expertise and strategic branding innovation, we help businesses grow, innovate, and lead. Contact us to schedule a free marketing consultation.