How To Increase Dispensary Revenue With Digital Signage
When it comes to making the most of your dispensary business, there is almost no limit to what you can achieve using digital signage.
Are you struggling to implement digital signage as a part of your dispensary’s profit-making scheme? Here are some tips to help you increase dispensary revenue with digital signage.
Increasing Dispensary Revenue With Digital Signage
Like many other businesses today, dispensaries have unique profit needs to ensure they not only stay afloat but remain successful in the industry. However, unlike these other businesses, dispensaries also have more limited resources for achieving these needs.
Although they are now integrated into society in many countries, dispensaries are considered unconventional businesses. This might be because they cater to a specific demographic restricted by the products sold, compared to other establishments like general retail stores.
While this might have been a problem a few years ago, the advent of time and technology has made it possible for dispensaries to have as much leverage as other businesses.
As of 2022, cannabis (which makes up a significant part of products sold in dispensaries) has become legal in several places in the United States (this includes 21 states and the District of Columbia). This means dispensaries now have a stronghold in the business sector, a solution that time brought with it.
Technology has also offered solutions to dispensaries' problems, such as business visibility. With tools like the internet, media, and even digital signage, dispensaries can take the step up they need to make more revenue.
While different technological tools offer various benefits, none can be compared to the superior and sophisticated solutions digital signage offers. With digital signage, dispensary owners can attract more customers, improve customer retention, increase customer satisfaction, and, most importantly, increase revenue.
This is not surprising as digital signage offers many of the things customers want in a dispensary. But how exactly is it possible to use digital signage to increase dispensary revenue? Below, we have highlighted the best ways to utilize digital signage and maximize revenue in a dispensary business.
1. Set Up A Catchy Outdoor Sign
One problem that plagues the dispensary business is the inability to attract customers and let them know about the available products.
Dispensaries, no matter how integrated they are in societies, are still under so much scrutiny that it leads to friction from governmental and health bodies. This is understandable, primarily because dispensaries sell cannabis and cannabis-related items for medical or recreational use.
Since cannabis has been legally recognized in several places, dispensaries have also been licensed, leading to a boom in establishing several dispensary businesses.
While this means there are more suppliers to meet the ever-increasing cannabis product demands, there are still several factors that limit the ability of these dispensaries to tap into their customer base. This is due to punishing regulatory laws (including regulations enforced by the Bureau of Cannabis Control).
Many of these regulatory laws are targeted at limiting the marketing freedom of dispensaries due to social acceptance, health regulations in places where cannabis is yet to be legalized, and in a bid to reduce exposure to unintended audiences like underage users.
With an inability to reach their target audience efficiently, dispensaries have no way of marketing their products and making more sales.
Digital signage solves this problem by providing an avenue for dispensaries to create brand awareness and reel traffic. With a large and eye-catchy sign placed outside the dispenser, dispensary business owners can now attract clients from areas with high footfall.
Outdoor dispensary signage can be placed on window displays, outside the establishment, or on high-traffic streets. By reaching their target audience, dispensary owners can increase their chances of making more sales than they are used to.
2. Introduce Digital Menu Boards
Digital menu boards are one of the many examples of digital signage for dispensaries.
As technology advanced, many businesses adjusted their operations to adopt these technological solutions that not only appeal to clients but also make operations easier. One of the most famous technological innovations adopted in these many businesses- including dispensaries- was digital menu boards.
Before digital menu boards became commonplace technologies, businesses with various products on sale settled for static menu representations. While there was nothing inherently wrong with using static menu boards, they were not cost-effective and were challenging to maintain.
Digital menu boards function like static menu boards but are a more convenient and efficient option. They were easy to integrate, update, and manage.
With an option to constantly update the product information being displayed on the digital boards, it is easier to maximize product visibility and diversify marketing, it is easier to keep customers informed about products available in the establishment.
With dispensary digital signage implemented as digital cannabis menu boards, dispensaries can inform a walk-in client about the various available products at a glance. This is a great way to increase the chances of unplanned purchases and make more profit, thereby increasing revenue.
But what exactly can you show on dispensary digital menu boards?
Dispensary menu boards are versatile and can be tailored to show whatever content you want. This includes product name, brand, price, size, THC percentage, CBD percentage, and product use description.
3. Establish Brand Image
Brand image plays an integral role in the success of any business. Dispensary clients do not only patronize dispensaries because of the products being sold, they are patronizing the dispensary because of what the brand represents.
A business’s brand image establishes credibility and trust. It helps to earn a customer’s respect by communicating transparency, honesty, and consistency.
A positive brand image is not only a great way to set your business apart from your competition through brand recognition but also to make more profit. It does this by removing the problem of sales irregularity and promoting brand sustainability.
When a dispensary has a positive brand image, it can sell products successfully because the brand image eliminates the scepticism in potential clients’ minds. Essentially, a dispensary’s brand image impacts its business profit value.
Digital signage makes it easier for dispensaries to establish a positive brand image, thereby remaining relevant enough to make more money through more successful sales. With digital signage, dispensaries can tell their brand story using unique elements like brand color, logo, and slogan.
With these elements, dispensaries can convey what their brand stands for, creating clarity about what sets their products and services apart from other dispensaries.
4. Inspire Loyalty
Nothing helps a business stay relevant other than loyal customers who truly care about the business. Local customers are returning clients, and returning clients ensure your store remains in business.
Although high-quality products and services are excellent ways to foster a sense of loyalty in your client’s minds, sometimes customers need incentives to trust your brand enough to remain loyal. These incentives come in the form of rewards.
Integrating reward programs in your cannabis dispensary is an easy way to win your clients’ hearts. It shows them that you value them enough to offer them exclusive deals and exciting opportunities they cannot enjoy anywhere else.
Inspire customer loyalty by offering deals and special promotions. People love nothing more than being frugal, which is why they appreciate brands that help them get more quality at a lesser price.
Use digital signs to create eye-catching signs detailing ongoing sales, discounts, or even coupon codes up for grabs.
5. Announce New Products
Have you added new products to your inventory? Quickly sell these out by raising awareness and building curiosity around them.
Humans are creatures of habit. We tend to settle into a comfortable routine, whether it is in products we buy or services we purchase. Many people stick to a product brand instead of purchasing other varieties.
However, you can help your customers break this cycle by introducing them to new products. Since many clients will not willingly try out new products, you have to urge them to make the change.
You can achieve this by using digital signage to highlight the new products in the inventory. Use high-definition images to educate your clients about these new products and get them interested enough to want to try them out. Is there a new strain you want to introduce your clients to? Use your digital signs to create product visibility and increase your chances of selling these products out.
6. Increase Your SMS Subscribers List
In 2021, there were an estimated 6.23 billion smartphone users globally. That is more than 80 percent of the world’s population.
In today’s society, chances are everyone you run into owns a smartphone and has an active smartphone subscription. Many of these people predominantly communicate via texts, undoubtedly sending and receiving texts multiple times in the day.
Many phone users will agree that SMS is one of the most convenient ways to communicate with friends and families quickly. While this is great, only a few business owners know that SMS is also the best way to push their brands and increase sales.
As a dispensary owner looking to increase your revenue, it is essential to take advantage of every available resource, including text messages. Use text messages to communicate directly with your customers and inform them of available products, ongoing discounts, and other necessary brand information.
Although SMS marketing is highly beneficial, significantly when increasing your dispensary’s revenue, getting your clients’ phone numbers can be tedious. Digital signage solves this problem by offering clients an easier way to join your SMS subscribers list.
Use your digital screens to let your customers know they can join your subscribers’ list and offer juicy deals in exchange for joining the list. Essentially, harness the attention-grabbing and marketing power of your digital signage technology to take advantage of the revenue-increasing power of an SMS subscriber list.
7. Optimize Your Social Media Account
Social media has become an integral part of our lives. In fact, there were an estimated 4.2 billion social media users worldwide in 2021. From Facebook to Instagram, Twitter, YouTube, TikTok, and Snapchat, among others, there are numerous social media platforms with millions of active users waiting to discover your brand.
Optimizing your social media account is an excellent way to place your dispensary on the map. It makes it easier for prospective customers to discover your store, thereby increasing your chances of selling more products.
However, your prospects will not simply come across your business account by chance. Sometimes, you have to guide them to discover and increase awareness about your brand in online communities.
Using the same method in SMS marketing, you can use digital displays to encourage your walk-in clients to engage with you online. Offer rewards for every comment, share, or challenge they join on your profiles. Encourage them to follow, like, and repost your content.
Doing this will help you merge your offline and online communities, thereby increasing brand awareness across both facets. This not only enables you to connect with current customers but also works wonders in attracting new clients and guiding them through the purchase funnel.
Are you wondering how to do this? Using digital signage to create a buzz around your online community can be quickly done by displaying your social media activities in real time, featuring user-generated content, and showing your most popular content.
8. Personalize Customer Experience
Just as you are more likely to go back to a retail store you enjoy shopping in, your customers are more likely to come back to your dispensary if they enjoy the experience you offer.
Customer experience plays a critical role in the amount of revenue a dispensary can make over time. The better the experience, the happier the customers. The happier they are, the more likely they are to come back and recommend your brand to others.
There are numerous ways to improve the average customer experience but personalizing their shopping experience is one. One way you can do this is by implementing interactive kiosks.
Interactive kiosks add a modern feel and personalized atmosphere to any dispensary. With interactive kiosks, customers can tailor their experience however they like.
Dispensary kiosks can deliver fast and efficient product ordering processes. These user-friendly stations reduce customer wait times and maximize sales opportunity by making it easy to upsell and cross-sell products. This undoubtedly works wonders for improving and increasing revenue in the long run.
Making Better Revenue With Loop TV
Although digital signage paves the way for better revenues in dispensaries, this cannot be achieved without a high-quality digital signage service. When it comes to choosing sophisticated digital signage solutions for your dispensary, Loop TV offers numerous unique resources you can utilize for the success of your dispensary.
From more than 200 entertaining channels (including music videos, sports, and news) to revolutionary digital signage features, Loop TV offers users a world of entertainment and revenue-increasing opportunities.
From creating catchy outdoor signs to promoting specials and loyalty programs, or building video walls, you can do it all with Loop TV!