Here at springbig, we love talking about dispensary loyalty program best practices and how they can help you greatly improve your customer retention rates and sales. But apart from increasing retention, your cannabis loyalty program can do much more for you such as generate leads, provide leverage against the competition, and provide valuable customer data.
If you know about us here at springbig, you know that we’re huge advocates of marijuana loyalty marketing and increasing retention rates. Studies show that an increase in customer retention rates by just 5% can increase your profits by up to 95%. But just because we’re always talking about customer retention doesn’t mean that having a cannabis loyalty program doesn’t come with other benefits that can help your dispensary reach its goals.
That’s right, loyalty programs have more to offer than just increasing retention rates. If you’re running your loyalty program correctly and according to dispensary loyalty rewards programs best practices, then your loyalty program can not only keep customers coming back, but can also help you improve your marketing strategy and bring more new customers in.
How? That’s what we’ll be discussing in this article. From lead generation and brand recognition, to separating yourself from the competition, to gaining access to valuable customer data, a cannabis loyalty program can take your dispensary to a new level in more areas then one.
To begin, let’s look at what is arguably the most important benefit of having a loyalty program: Getting access to customer data.
In today’s world, understanding your customers is essential to making the most out of your cannabis dispensary, and you can’t understand them without data.
At springbig, our loyalty program is largely based on collecting customer data, which we then use to help you do things like determine customer preferences and segment your customers. All of this helps your dispensary not only cater to your loyalty members, but also learn about customer segments at large so that you can target specific customers and segments within your marketing strategy.
For example, understanding which products your customers prefer can help you stock your shelves with the right products, knowing the age of your main customer segments can help you better formulate a marketing strategy, and insights on average daily visits can and spends can help you set sales goals for your dispensary to meet.
On top of all of this, with springbig you can leverage this customer data for free marketing. That’s right, with Brands by springbig you can have your text message marketing campaigns sponsored by brands that you already carry in store. In this, the brand pays for the message, creates the graphic, and all you have to worry about is the text message itself. It’s a win for both sides: the dispensary gets free marketing and the brand gets access to an extremely valuable customer base.
Like we mentioned above, loyalty programs allow you to collect and have access to valuable customer data, which includes their phone numbers and emails, which means you’ll have a solid base of customers in which you are familiar with your dispensary and are willing to purchase products.
Think of it as always having a valuable audience to market to. This audience chose to receive messages from you, which means they at least have some interest in your business which means you have a chance of making sales.
On top of lead generation, his kind of direct to consumer marketing can be extremely valuable for your dispensary because it increases brand recognition. Even if you customers don’t come in with every message you send them, they’re at least seeing your dispensary’s name on their phone and thus becoming more and more familiar with your dispensary, which can help you get sales in the long run.
On top of lead generation and access to customer data, a marijuana loyalty program can help you stand out from the competition. While many dispensaries today may have basic loyalty programs, if you’ve got a truly unique loyalty program tailored to your dispensary’s customers, then you can stand out among the average.
But how do you go above and beyond? Do more than sending lifeless messages with small discounts and 1) show your customers that you appreciate them and 2) reward them with things that they actually want. In this, analyzing customer data and regularly communicating with them is key, and luckily springbig can help you do all of this.
With springbig, you can create a loyalty program that makes your dispensary truly stand out. Our loyalty program is truly customer-centric and works based on specific customer actions and interests. Not only that, it can be completely automated and customized to be specific to your dispensary.
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In short, loyalty programs can do much more for your cannabis dispensary or business than just boost retention rates and drive sales. Loyalty programs provide you valuable access to customer data, generate profitable leads, and help you stand out from the competition.
If you’re interested in learning more about loyalty programs, then check out our other articles like this on one about 5 features that every cannabis retail loyalty program needs and click this link here to see how springbig can help you set up one of your own!