With any retail business, marketing plays a large role in generating revenue. Notably, it is important to set a strong marketing strategy that reflects your brand and is best suited for the industry you are in. Being in the cannabis industry had its limitations, but with its rapid growth over the past few years, there has been quite a relaxation on the cannabis restrictions. As a result, businesses in the industry are now granted the ability to market their brand and products on digital platforms.
Most importantly, when it comes to selling premium products, you can now extend your marketing tactics onto social media platforms, reaching wider audiences more quickly.
2 Ways to Maximize Revenue From Your Top Selling Cannabis-Related Products
Offer Premium Pricing
To boost the profit in your store, why not take advantage of your best selling products? If you have certain popular items, try creating a premium pricing for those cannabis goods. It is thus important to also educate customers on products so that they know what they are spending their money on. In other words, let them know why this particular product is worth the premium price that you are selling it for. If you have an online web-platform, make sure to include a simple but informative description of the product. With loyal customers, it might be easier to increase pricing without the need for much persuasion as they have already established trust and loyalty with your business, however for newcomers or any average customer that is visiting, it is important to keep them informed of what they are putting their money towards. Knowledge is key in the decision-making process of product consumption.
Create Bundle Deals
Having top selling products in your dispensary is a huge asset to your business. On top of being able to offer premium pricing for these products, you can also use them to market other items in your store. Creating bundle deals is a great way to not only boost sales, but to also bring traction towards other products that are not as popular. Whether it be newer items or simply dusty products that did not end up doing as well as you thought, pairing these with fast-selling goods will definitely help maximize your profit.
How TechPOS Can Help
TechPOS offers a fully integrated solution that allows users to easily update all product information across various platforms, making it easy for you strategically maximize your revenue. Our all-in-one system not only simplifies the process of updating product information but also allows you to set up the pricing for each individual item, including those from different lot numbers with ease. When granted the ability to set the price for products with different potency levels, then you can offer premium pricing for top-of-the-line products as well as higher pricing for stronger THC and CBD goods. Additionally, our omnichannel system provides several sale incentive features where you can create different promotions for customers both in-store and online.