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 improve earnings, elevate the client experience, and rake in product sales on big times like 420 at your dispensary.
Get detail by detail 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 prospective to create at the least two clients into the dispensary—the buyer together with receiver. A report 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 a present card as time goes by. 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 a present card system that integrates seamlessly along 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 are offered during your POS as SKUs, but this option would be not advised as there clearly was a substantial threat of information breaches that may cause a violation of cannabis rules
2. Develop a present Card StrategyBuilding a present 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 program 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. Nevertheless, a trusted cannabis industry-specific POS
guarantees complete conformity with an easy-to-manage, activate, and track gift cards system to be able 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 organizing giveaways on social media are excellent tactics to build brand awareness and spread the word about your marijuana gift card program. Capitalizing on holiday season sales by strategically gift that is promoting on times like 420 and occasions that give attention to gift-giving will further drive your cannabis present card product sales. You have to additionally monitor, measure, and evaluate your system’s outcomes regularly against established KPIs for your needs. Cova’s built-in reporting tools
give you insights seamlessly extracted from information in your Cova POS therefore them to focus on making your gift cards program a success.Gift that you can easily use cards are one of the safest and most ways that are convenient enhance income without increasing COGS. A gift that is branded that is fully-integrated with your cannabis POS system, such as Cova, is simple to set up, easy to manage, flexible and affordable. However, just implementing a gift card program is not enough, and you must have a formidable
marketing and sales strategy
as well. With the complexity that comes with shopping for cannabis products, your marketing campaigns must enhance brand visibility and be able to communicate to customers that the gift that is best they could provide may be the present of preference.[if lte IE 8]The Ultimate Guide to GIFT CARDS for Cannabis organizations is an entire guide to introducing your cannabis present card system at your dispensary, with detail by detail information about how to measure and maintain growth that is retail. Down load your free content now.