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What To Consider When Opening A Dispensary

There's never been a better and worse time to launch your dispensary venture.

Check out the paradigm we live in today as dispensary owners...

At the end of the day, it's a tough road to start and scale your dispensary. But, if you're willing to be open to adapting yourself and your dispensary so you can win, then you'll end up succeeding and it becomes not so much a matter of how you'll be successful, but when.

Below, we've included some notes and additional statistics to help further along the concept of today being a great time and crappy time to start your dispensary.

Why it's the best time to start a dispensary?

We're not going to spend a lot of time on this one, it's a great time to start because of all that's possible today that just wasn't possible 10+ years ago.

From marketing automation tools to AI-powered and just brand new industries you can work in today, there's never been a time where the barrier for entry running a dispensary has been so low

With a storefront and a few clicks online, you can be up and running and selling your products.

Why it's the worst time to start a dispensary.

With more dispensaries than ever, there's more competition and more options for your buyers. In 2019, the total number of dispensaries had risen to a staggering 7,490 according to Kisi.

There's more competition...

We know the barrier to entry is low. This leads to the fact that a lot of folks can start dispensaries that may be in the past they wouldn't have been able to.

With more competition, it's critical that you're standing apart from your local competitors.

Here are some ways you can stand above your competition,

One, be found first everywhere online before your competitors - nothing screams we're the best like being found first and being the top-ranked player in your industry in your local area.

Next, generate amazing online reviews that help sell your brand 24 hours a day, 7 days a week. We know for a fact that local dispensaries with the best and most online reviews result in more sales and more cash flow for your business.

Be seen on more than one digital channel - take advantage of Instagram, Facebook, Google, YouTube, etc. Seriously, it takes more touchpoints and exposure to your clients for them to remember you today with all the clutter that can be found online. So it makes the most sense to use those additional channels to get those much-needed touchpoints.

Use video and tell your story - we love this one. It's still wide open and not being done well at all. So, it's a great opportunity. Get out your smartphone and start recording videos about all the ways you are better and different than your competition.

The deck is already stacked...

The deck is already stacked against you. While more people are in favor of cannabis than ever before, 485 if the US population is still on the fence. This means you need to make sure you have all the resources you need to win.

Not only more competitors, but your competition is willing to spend more than ever before.

Your competition is willing to spend it to make it. Are you prepared to invest in digital to watch your business grow?

Customer loyalty....if you're not amazing, they're gone.

It's simple, today your customers and clients have more options than ever before. They can simply pull out their phone and find another dispensary to go to.

How important is it to keep your clients and customers happy and retain them for the long-term?

Well, Bain & Company reported that...

"A 5% increase in customer retention can increase a company's profitability by 75%".

Today, it's tough enough to get new clients in the door, so it's imperative to keep them and retain them in spite of the fact that they're able to shop around and leave your favorite dispensary for another local competitor quicker than ever.

Traditional SEO...mostly wasted.

We love SEO, and it's what we got into the industry doing. But, the reality is that it's just not what it used to be. Today, it's never been tougher to get into the top organic spots online. We've got major players that are winning those spots online, and they're close to impossible to beat. In most cases, SEO is valuable and can help, but it's imperative that you understand it's limitations and have an apparent goal for your SEO campaign. 


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