Numbers don’t lie.
Nothing makes that more clear than being able to skillfully dissect the sales reports that your point-of-sale partner provides you. Information from these reports can not only give you raw data, but the metrics provided should be used in a way that helps shape future decisions on day-to-day business operations.
Measurable data gathered at your retail dispensary can be used to track everything from transactions, web & marketing metrics, to customer information and inventory turnover rate. Maximizing the potential of this information is the best way to improve ROI and use indisputable tools to give you an edge on the track to success.
But what data should you be studying? Let’s cover the important reports that you should be using to make your dispensary and staff run at full strength!
How are you using customer information?
Checking in customers is not only mandatory but is an easy way to start measuring data points. Customer info is the easiest group of data to track. This information can give your dispensary a solid figure on the average number of customers per day as well as the median age and geographical location they represent.
Median age and geographical location can help steer your next marketing tactic and give you context on what is truly effective. Email subscriber lists, landing pages, and text blasts can be influenced by this data and inspire new ideas to bring in customers. Perhaps you’ve wanted to try something new and haven’t because you aren’t fully confident in the results—use data to make an informed decision!
The possibilities of median age, geographical location and income lining up to give you an advantage on qualifying metrics is extremely high and almost fool-proof! Your marketing material may need to cater to a certain customer persona rather than approach the situation from a broad perspective.
Critical thinking and analysis of your customer data could be the difference between a hit or miss in your location—don’t miss the opportunity to build customer loyalty from the get-go!
How can METRC-integration be used beyond just reporting?
Don’t overlook METRC data!
There are circulating discussions on the difficulty of METRC-integration due to the fact that up until this year, cannabis has been dealt with in a paper-only fashion. Add strict timelines for mandated sales reports and live inventory that keeps seed-to-sale information into the mix and what you end up with today, is a massive database that should be used as a vital tool to your business’ success.
Taking an active effort in reporting to METRC not only keeps your location(s) compliant but helps illustrate the buying patterns of customers. What this does for your business is allow you to build stable relationships with cultivators, distributors, and microbusinesses that are in high demand. In turn, you are able to keep products in stock that continue to bring monetary value to your business and enjoyment to your customers.
METRC is oftentimes thought of only in terms of the mandatory reporting that needs to be done for inventory and not for it’s potential on the information it can provide on the availability of products, inventory you currently have, and ways to maximize profitability by tracking fast-moving cannabis goods.
Data on fast-moving product can help give the “green light” on increasing the stock of that product while red flags can be raised on products that sit for a long time and don’t convert into a sale in a timely fashion. Forecasting demand of these products can make collaborating with distributors and brands that much easier, making profit a figure of central importance!
The anticipation of sales helps give you an edge on the necessary liquidation of stock while maintaining an outlook on the recent trends in the market. As data generates a visual approach to inventory management, METRC gives you the tools necessary to be proactive to the marketing of retail services.
Seeing as though METRC makes it mandatory to report each change of custody for cannabis products, it inherently allows you to have instant access to all information regarding your products, effectively consolidating it and placing it at your fingertips. Wondering where there is monetary value in your inventory that can be converted into a sale? Pull the data from METRC and maximize ROI on each product of your stock!
Are you tracking sales reports?
In the age of data and legal cannabis, there is no reason to ignore what the numbers are telling you. Customers have the ability to indirectly show you what they want and don’t want through the data that you are collecting on each purchase.
Purchase history for customers is a vital metric to look at closely as it reveals (without having to do a lot of work) patterns on an individual basis. Tracking every purchase made, when the customer purchases it, the amount of times a customer chooses that product, and the amount of revenue created from repetition paints a clear picture that ought to change the way operations take place.
Peak hours and purchasing habits within these peak hours are a way to analyze what the next promotion should be and when the promotion should be offered which keeps your income steady and makes the most of foot traffic being created. Sales reports and peak purchasing periods could be the difference between an average day and a great day of business.
Giving your budtenders an advantage by being able to look through a client’s history may help inform them on suggestions to make and tap into facilitating an environment that promotes customer loyalty.
Improving a customer’s experience with your dispensary data points makes your job a little easier, centers your customer’s wants, and results in overall increased revenue. Making your customer feel important every time they step into your facility should be a top priority and what better way to do this than by making it obvious that you care about their prior choices?!
Data really matters!
There are little shortcomings that result from being able to track every data point that relates to your dispensary. In fact, data is one of the most powerful tools at your disposal and makes your job of maintaining a steady stream of revenue a whole lot easier! Pay attention to the numbers, make projections based on what you see, and spend more time processing orders as a result!
Are you tracking customer information, using METRC to its full potential, and making sales projections based on previous purchase history? What data metrics are you tracking and implementing into your daily operations? Be sure to comment and get the conversation started with the rest of the industry!