Is Pricing the Only Way for Cannabis Businesses to Remain Competitive in this Booming Industry?

Photo credit: Cannabis Wiki

I have been traveling the United States since 2018 (well- while making the road my home that is). My exploration of Cannabis has been quite interesting. Out west, in WA and OR, there are signs posted in parking lots: “$1 Joints” and/or “$12 Eighths”.  Traveling through CO, I saw: “7a-9a Early Bird Specials”.

The one thing that I have noticed, consistently in cannabis dispensaries is competitive pricing. Well, in all states except Las Vegas and many parts of Los Angeles, because the truth is: CANNABIS IS EXPENSIVE AS HECK IN THOSE AREAS. I won’t single them out. I’ve heard about Michigan and Illinois too. .

In a city/vicinity where there are over 2,000 dispensaries- how does a consumer choose the best cannabis dispensary to shop at? Is pricing the only way to remain competitive in the cannabis industry

It’s not! Pricing is important but there are multiple factors to consider. Let’s get into other ways to Keep your cannabis dispensary/ business competitive in the cannabis industry.

Products and Merchandise Options

Does your  cannabis dispensary cater to your local market? It’s important, like any retail operation, that your shelves/cases are stocked with products and merchandise that meet the needs of your local customers. Consideration; does your demographic prefer edibles over RSO? It would be a great idea to have more edibles options in your cannabis dispensary.

Customer Service

I am in cannabis dispensaries a lot. I will forget about the $12 gram if the service captures my attention. But let me be clear- $12 for top shelf. Less than the best for $12 a gram is not good service to me. 

I digress; customer service is super important. I want to laugh with my Budtenders. Learning and education can be fun. It helps when I can tell that they love their job (it also helps them love their jobs if they are being compensated fairly and have pleasant leadership), it makes my experience that much better.

Cannabis dispensary management can build an amazing team through: solid sourcing and recruiting, quality training and development, competitive salaries, and compassionate leadership.

Perks Program

Everyone loves perks! Your customers would appreciate a program that allowed them to benefit from their purchases. Through these programs, cannabis dispensaries can offer rewards for regular customers, special discounts, and free items with purchases. Not only that, vendor and/or farmer days- where customers can engage with local vendors and growers whose products are on dispensary shelves.

Online Presence

It’s 2021 and search engine optimization, along with voice search optimization rule! Is your cannabis business on any social media platform? Having your brand make a statement online will get customers in the door. The laws make this a bit difficult; Facebook and Instagram- wait Facebook is Instagram- no wait, Instagram is Facebook- ugh, let’s just say- Mark doesn’t like Cannabis.

There has to be a balance found with marketing your Cannabis business and not having the platform police delete the dispensary account. Something to consider: don’t list prices and don’t use the words Cannabis and Marijuana. Intentional marketing and branding will keep your cannabis business competitive

Company Website

Many times, consumers like to review the company website, prior to visiting the physical location. Sections that consumers are likely to look for when visiting a website: about us, products/services, location(s) and hours of operation, and the company blog. The site should definitely be user friendly and easy to navigate.

I’ll Leave You with This Regarding Blogs

People love to learn. Cannabis is new and people want information. A blog doesn’t seem important, but it is! Prospective customers, regular customers, and search engines keep an eye out for this content.

Written and edited (SEO) by: Vee_traveling_veg_canna_writer

Originally written by author, and published in Oklahoma Chronic Magazine