Attention Boutique Dispensaries: Quality is King
Customers want convenience, value and speed. But most of all they demand quality. So are you offering it?
The cannabis consumer is a fickle group. If you do not smoke, and dare to ask a passionate patron to describe their favorite strain, you’d be lost by the first heady descriptor and disappointed sigh (it depends, obviously!). Not to mention, akin to the ever-changing craft brewery, innovation is happening! New products are hitting the market and consumer taste, behavior, and loyalty is a moving target.
So, how can the savvy dispensary make sure to stay on trend and not fall behind? Give them quality!
Why is Quality King?
We start by looking at real reviews from the top dispensaries listed on Leafly. By creating a simple word cloud we can begin to identify exactly what the customer is looking for.
As you can see, the customer demands quality — it is the most popular word pulled out from these reviews. Digging deeper, the customer requires their favorite strains are always stocked on your shelves. And, of course, they are focused on the overall experience while shopping at your store.
The emphasis on consistent quality and ambiance can not be overlooked — we noticed a dramatic drop off on these terms for the lower-ranked dispensaries. This suggests that dispensaries that are not providing top quality products are at a massive competitive disadvantage!
Did you know? The price of your products is rarely discussed in Leafly reviews.
How Can You Compete?
- Know What Sells. It is important to stay up to date on the top strains and best products. Companies list Kush help dispensaries manage their supply chain and have great data on the latest trends. Make sure to stay current with their content and hottest canna-goodies — and make sure your menu reflects it!
- Hire Top Talent. A great budtender can elevate the customer’s experience and ensure they come back. Is your staff trained on your entire product line? Do they genuinely love and believe in your products? If not, they could be sending the wrong message to customers and, in doing so, discourage them from returning.
- Buy Quality. The single most important differentiator for a boutique dispensary is the quality of their products. If you are operating in a mature market (more than two years recreationally legal), you now know that holding a license no longer guarantees a return. There are many threats including MSO’s vertically integrating and, with their larger buying power, trying to take first claim on the best products. The evidence suggests that trying to compete with them on price or convenience will not sustain. Buying quality products is your best chance at competing with the behemoths.
If buying high quality products or hiring top talent is not feasible with your current cash position or operating margin, financing partners like Lendica can help. Lendica provides instant capital to increase your buying power with top suppliers or improve the overall experience at your dispensary.
For any questions, comments, or future inquiries please reach out: jared@golendica.com. As always, thanks for the view.
