With the booming popularity of hemp-based products, many CBD retailers and dispensaries have opened across the nation and are thriving. But with increased competition, stores need to implement strategies to take market share and rise above the rest.
In this post, we recommend 3 main strategies for CBD store owners that are vital to grow sales exponentially.
The popularity of CBD products presents both opportunities and challenges for retail stores and dispensaries. While there is a high demand for products, there is also a TON of competition. In addition to better marketing, your top-selling products must be of superior quality as well.
The quality of your products are the determining factor in whether you’ll have repeat customers and sales. In striving for a high repurchase rate, your store can keep getting business from loyal customers who love the brands you carry. If a customer walks into your store, buys your product, has a great in-store experience, and the product solves their problem, then what happens next? They come back to your store and they buy it again.
When determining the quality of a product, consider if it meets the following guidelines:
Issues such as chronic pain, inflammation, problems sleeping, and anxiety are all drivers for customers to seek out CBD products in the first place. The therapeutic benefits of your products shouldn’t come down to just slogans and marketing gimmicks. The products should act as a real solution to tackle some of the common problems that CBD is known to have properties to combat.
When consumers see results and get significant relief, they will keep buying and your sales will start to increase.
The motivating factor for a consumer looking to make a purchase isn’t just the actual product. Packaging and presentation matter as well. When placed on the shelves, your products should stand out from competitors and look attractive to potential buyers. For example, TribeTokes product packaging consists of a white and gold look that is simple, elegant and effective.
The second strategy to boost your sales lies in educating the customer on your products. Your goal is to simply and clearly convey your brands’ competitive advantages to show why you carry the absolute best products on the market.
Present visitors with educational marketing materials as they walk through the store. Posters and retail displays should feature relevant facts and selling points – e.g. "clean CBD vapes with no fillers and cutting agents." The more information that a customer sees differentiating your product from everyone else’s, the better. You can’t overdo it when it comes to stressing how important best-in-class quality is to your customer.
Of course, you can’t just rely on posters and flyers for all aspects of customer education. Staff are the game changing source of information for the customer. All members of staff (from the budtenders to managers) should be trained directly by the brands you carry with tips on the best way to sell each product.
Having sales reps and other staff become knowledgeable on the product and what the therapeutic benefits are for a customer can make the difference between passing curiosity and an actual sale. Followup and on-going training can keep sales people up-to-date on the best selling points for various products.
Strive to answer why your product is superior to that of your competitors. Are the gummies fast acting and effective as pain-relievers? Are your skincare products all-natural and free of toxic chemicals and artificial fragrances? Highlight that fact to people seeking clean skincare and beauty products.
The value of customer education is crucial! Not only will education help first time customers who aren’t as familiar with CBD products, but you can also get experienced buyers interested in new products you have to offer.
Events are a great way to draw new customers into CBD stores. Local events combining CBD products, overall wellness, and promotions are fun and interesting ways to bring community involvement into the store. For example, hosting events such as yoga or meditation classes in a CBD store promotes the health and wellness theme while introducing more people to your products.
With these 3 strategies, CBD owners can double their sales. Through thoughtful placement, fun events, education, quality products, and attractive packaging, owners are can skyrocket sales and drive repurchase rates from their local community.
