Both U.S and Cannabis now accept the sale and use of recreational and medicinal marijuana but with terms and conditions, of course. This development has resulted in a massive boom in the cannabis industry, and many entrepreneurs looking to exploit this business opportunity will have to navigate myriads of regulations and restrictions.
Today, more than 95 percent of all people in America reside in regions that accept the use of marijuana in some form. So it is no surprise that new cannabis businesses such as grow operations, dispensaries, and distributors are popping up everywhere.
If ever you’ve dreamt of starting a profitable business in a budding industry, this might be the right time. But before opening a cannabis dispensary, here are five tips you need to learn.
1. Target And Segment Your Audience
Unlike most small business owners who believe it to be the best way to position their dispensaries, you need to begin by clearly cutting out a specific niche. It’s a bad idea to try and sell every product irrespective of the price point and customers you want to attract. Initially, this type of technique may seem like the best way to attract more potential buyers. However, it’s a recipe for failure.
The clearer the definition you have for your ideal customer, the more effective your marketing will turn out. For instance, if you want to specialize in Ayahuasca Purple Strain, high potency cannabis strains, and other such products, you should let the right group of customers know what to expect from your dispensary. This will enable you to develop well-defined strategies and targeted campaigns based on your market segmentation. Hence, allowing you to grow your audience through deeper connections.
2. Define Your Brand Personality And Story
Branding is one of the easiest aspects of marketing to