With the legalization of weed at the state levels, there has been an entrepreneurial boom business-wise. Before recreational legalization, users only used it for medical purposes. More and more establishments, like dispensaries in San Francisco selling marijuana are surfacing every other day. Considering the business, one may wonder whether the market is already saturated.
As more and more states allow their residents to set up weed shops, different corporations and partners are delving into the business. Admittedly, there are several competitors in any small town or city where the product is legal. There are ways that you can position your business to counter the growing competition.
Things to Make your Dispensary Stand Out
Competition is a natural occurrence in any thriving business niche. The marijuana industry has attracted various individuals who aim to sell more weed than their competition. To capture the customers, you can use the following pointers to establish a lucrative dispensary.
Branding and Personalization
The first basic thing you need to concentrate on is branding. Weed dispensaries are now available in legalized states in huge numbers. These dispensaries and retailers all sell almost similar products. With that in mind, you must present the establishment with a recognizable difference.
When it comes to branding, the emphasis lies in your presentation to the general public. The establishment or dispensary has to have an identifiable name and logo. Branding, which works under conditioning concepts, will require branding packaging material and advertising circles.
The goal is to comprehensively associate the retail shop and its products with a single brand identity. It is easier to emphasize the quality of a branded product than one that is non-branded. So, do not hold back on branding and personalizing your products and services.
Explore Diversity
Stoners come with different needs and expectations. Each stoner seeks out a different strain of weed to be used differently. If you are interested in establishing yourself in the market, one of the key things you need to work on is diversity.
With diversity, you have something for everyone. Customers will come in with different needs, and it is up to you to satisfy them. Stocking your shop with the range of products associated with smoking is one way of remaining relevant to every customer.
Marketing
Marketing is one of the major boosters for any business. Marketing involves advertisements as well as packaging. Advertising refers to the process of attracting customers through media such as newspaper listings, social media campaigns, and more.
As a business, you will need to advertise your products and their superiority to all the other sellers in the market. This is the point you market your uniqueness. Modern-day technology allows business owners to engage with customers from all over. You can use social media to reach as many clients as possible.
You will have to curate customer-friendly prices in quality packages on packaging and marketing. The goal is to offer consistently high-quality products as advertised.
Impeccable Customer Service
Going into a business, you need to understand that the customer is always right. Your role as a business owner is to ensure that the customer is treated with respect and their autonomy maintained.
While establishing your dispensary, you should ensure that you hire professionals with adequate information on marijuana. That way, customers can get the same information when they need additional information.
Also, look into loyalty programs. If you want to establish yourself in the retail sector, you will need to attract and retain new customers. And what better way to do that than with a VIP loyalty program?
You can set up membership cards with special discounts and bonuses for all frequent buyers.
Engage the Local Community
Regardless of the newness of multiple marijuana retail shops in any city, they are responsible to the community. The general community was wary of what it would mean to their young ones during the legalization process.
To relay these fears, you can show the community that you are strict in your sales. This would mean instituting regulations that do not allow sales to underage users, among other strategies.
Another strategy would be participating in community programs such as clean-ups, sports, and other activities. Once you show them that you are part of them, you will win some loyal customers.
Conclusion
Competition is to business what butter is to bread—entering any business; you will need to understand that you are bound to compete with numerous other establishments. The upside is that you can institute some strategies and beat most of your competitors. It all depends on your presentation and general business preparedness.
You want to present yourself as a brand and work to associate the same with quality services and products. From product acquirement to community involvement, your business will need to try out these strategies to remain relevant in the retail industry.