Implementing a cannabis present card system is a way that is great increase brand recognition and an opportunity to generate new customers for your marijuana dispensary. Research has shown that if these small pieces of plastic are incorporated strategically into your cannabis business operations, they can up boost revenue by to 40per cent. They are certainly tools that are invaluable upselling your cannabis products as well, as 75% of recipients tend to overspend on the amount pre-stored in their cards. Launching a marijuana gift card program requires investment that is minimal is a proven device to boost earnings, elevate the client experience, and rake in product sales on big times like 420 at your dispensary.
Get step-by-step insights and recommendations with this ULTIMATE GUIDE TO PRESENT CARDS FOR CANNABIS BUSINESSES.
Benefits of present Cards
A well-executed present card system gets the possible to create at the very least two clients into the dispensary—the buyer together with receiver. A research by First Data showed that 11% of present card receivers observed which they had never ever checked out the vendor location before getting the present card, and over a third became regular customers after redeeming the card. Hence, present cards are a marketing that is free to attract new curious clients and spread brand awareness. Also, if you offer gift cards as a reward within your loyalty program, a customer will be incentivized to spend more money when points that are receiving for something special card later on. These cards that are brandedn’t just boost your retail profits but also serve as tiny billboards for your marijuana dispensary. Below are five crucial steps to follow when launching a gift card program for your cannabis store:
1 that is retail. Choose and Design the Right SolutionChoosing something special card system that integrates seamlessly together with your current POS system is considered the most practical and solution that is reliable. If your POS does not offer any gift card functionality, consider an upgrade to a more advanced cloud-based POS system, like Cova, which offers a completely customized gift card solution. You may also consider opting for standalone gift that is third-party that may be offered throughout your POS as SKUs, but this option would be not advised as there clearly was a substantial threat of information breaches that will cause a violation of cannabis regulations
2. Develop a present Card StrategyBuilding something special card strategy is a step that is crucial implementing this program at your cannabis store. You must decide whether your gift card program is meant to cover your bases across major holidays, occasions like 420 and birthdays, and slower seasons? Or is it supposed to be an component that is integral of commitment system and upsells? Its required to prepare, design, and tweak this system to suit your requirements that are unique customer needs for gift card sales and redemptions at your marijuana dispensary. Cova’s
gift cards are personalizable, which means you have total control over the brand look, logo, and design.
3. Ensure Compliance with RegulationsAs you already know, cannabis retail is a highly regulated industry, and marijuana gift cards also must comply with specific advertising and marketing limitations. Nonetheless, a dependable cannabis industry-specific POS
guarantees complete conformity with an easy-to-manage, activate, and track gift cards system to enable you to offer more cards and enhance your profits with no threat of any appropriate ramifications. Cova provides localized cards for every single market and guarantees compliance that is end-to-end per cannabis laws and regulations.
4. Outline your Gift Cards Sales PlanYour supply of gift cards must meet demand, and you must never run low on its inventory. Estimate demand based on your sales volume, holiday season, and target demographics, and plan your order
accordingly. Also, decide how and where will you be selling these cannabis that are tiny in your shop. Putting present cards during the repayment countertop is a way that is great capitalize on impulse purchases. Train your staff to recommend gift cards to customers when appropriate, and offer incentives to employees who sell the most cards.
5. Promote, Measure, and AnalyzeMarketing online and giveaways that are organizing social news are superb strategies to construct brand name understanding and distribute the phrase regarding the cannabis present card system. Taking advantage of festive season product sales by strategically gift that is promoting on days like 420 and occasions that focus on gift-giving will further drive your cannabis gift card sales. You must also track, measure, and analyze your program’s results regularly against established KPIs for your business. Cova’s integrated reporting tools
provide you with insights seamlessly extracted from data within your Cova POS so them to focus on making your gift cards program a success.Gift that you can easily use cards are among the best and a lot of ways that are convenient improve cash flow without increasing COGS. A gift that is branded that is fully-integrated together with your cannabis POS system, such as for example Cova, is straightforward to setup, an easy task to handle, versatile and affordable. Nonetheless, simply applying something special card system just isn’t sufficient, and you also need a formidable
marketing and product sales strategy
as well. With all the complexity which comes with shopping for cannabis products, your advertising promotions must enhance brand name presence and then communicate to clients that the gift that is best they can give is the gift of choice.[if lte IE 8]The Ultimate Guide to GIFT CARDS for Cannabis Businesses is a complete guide to launching your cannabis gift card program at your dispensary, with detailed information on how to scale and sustain growth that is retail. Down load your free content now.