As a dispensary, helping customers while increasing revenue is the name of the game. Your budtenders and other sales people need to understand that to increase revenue, they need to focus on the existing customers. Granted, you will want to grow your client base with new customers, but around 80 percent of your overall revenue will be from your existing customers. In this article, we will share 10 different ways you can increase revenue with terpene sales in your dispensary.
10 Ways To Increase Revenue With Terpene Sales
After you hang your “terpenes for sale” sign in your dispensary, you’re apt to get a lot of questions. If you’re already selling terpenes, than you’re ahead of the curve. In either situation, how do you add a new product to your dispensary and increase revenue at the same time? Here are 10 ways:
You use a POS system to make transactions with your customers. Use the purchase data to discover what people are actually purchasing instead of what you want to sell. Once you discover what people are actually buying, place these items prominently in displays.
Customers understand sales intuitively, and they have a decent radar alert for when it’s happening. In fact, most people shy away from salesy people because it’s uncomfortable. You want your customers to feel comfortable in your dispensary. This means training your staff to start with the customer, asking them:
- Why they’ve come into the shop today
- What they’re looking to get out of their experience
- And offering terpenes or other products that can actually help, not just increase the transaction cost.
Within your dispensary, have plenty of information to educate and encourage your customers to learn more about what they’re purchasing. You want video, audio, and text to all represent your dispensary brand and how you approach your product use, including your terpenes. Again, starting in a place of service for your clients is going to increase your long-term revenue, which is how businesses survive and grow.
Keep an eye and ear to the market. What’s “hot” and what’s “not” can really help you increase your revenue. A specific terpene isolate may be flying off the shelf in nearby dispensaries. You need to know this so that if your customers come to you for that specific terpene, you can sell it to them. Ignoring your competition or isolating yourself from the market will only hurt revenue. Connect with the market, engage with your “competition,” and find ways to offer your customers what they want.
Humans dislike missing out. In fact, the Anxiety and Depression Association of America offers individuals Tips to Get Over Your FOMO, or Fear of Missing Out. If you can create urgency with a particular in-shop deal or sale, your customers will find it difficult to say no. They trust you, and they don’t want to miss out on the savings they will gain by purchasing now. One way you can do this is to create a buy-two-get-one-free deal. You can also create a percentage off deal when they spend more than a certain amount in one purchase. Look to major retailers for urgency ideas; they’ve been using them for decades.
Memberships, clubs, honors, and more are all declarations of exclusivity. Set up a members area or discount products for those who spend more than a certain amount per month. You could utilize what most of the coffee industry does and offer stamp cards, too. Your customers get a free product off the “tenth visit shelf.” The goal is to make your customer feel as though they are one of a very small group of people with privileges the other customers in the store do not have.
#7. Sales Targets
Go ahead and set purchase goals for your customers. Show them the benefit of spending more at your store than at other stores. This can be shown in how much they have saved over time, how much they have saved on each purchase, and how much they saved shopping with you instead of your competitor. Setting goals for your customers will influence them to spend more to save more.
Express the benefits of purchasing more at once. You could even tack on a discounts for certain tiers of money spent in one transaction. The goal here is to explain that the customer saves more when they buy more. For example, an individual who buys one terpene isolate bottle will save more if they buy three, because you have a three terpene isolates for two deal.
No matter the season, speak to the holiday with your sales. For example, energizing terpenes would be great as a Valentine’s gift for your significant other. Another example, you could sell bulk terpenes as a great way to introduce your entire family to the wonderful experience of strains and isolates.
When you tie yourself to a community cause, you gain social influence and reputation. Price, product, and service may all be the same between brands, but the winning factor for customers is that you are involved in helping others in the community. Although you may see this as losing some revenue donating, you will gain long-term revenue from the customers that become loyal to you and your efforts. For example, you could sponsor a charity with a specific terpene isolate or strain to donate a percentage of each bottle’s profits to your cause of choice.
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When you choose True Terpenes, you get steam-distilled, pure terpenes. Our products are certified natural, organic, non-GMO, and food-grade. Do you want to increase sales? It’s time to purchase terpenes in bulk and introduce them to your customers. Shop our terpenes for sale online now!