With any retail business, including cannabis dispensaries, you need to build a strong relationship with your customers. It’s what makes customers keep coming back for more. It’s also what makes them tell their friends about your cannabis dispensary.
When it comes to building customer loyalty, nothing does it better than a strong customer relationship management (CRM) strategy. A good CRM strategy can have a positive effect on your customer service, sales, marketing, and more.
In this highly competitive industry, having a blunt strategy just won’t cut it. You need the tools required to get the job done, and that’s where CRM comes in.
So, what exactly is a CRM, and what can it do for your cannabis dispensary? Read on to find out.
What Is CRM?
CRM or customer relationship management refers to all techniques, strategies, tools, and technologies used by enterprises to acquire new customers. A CRM also enables you to build stronger relationships with your customers, maintain customer satisfaction and engagement, promote customer retention, and increase brand loyalty.
What Can a CRM Do for Your Cannabis Business?
Boost Your Sales
A Forrester study found out that using CRM software can boost your sales conversion rates by as much as 300% by helping you sell faster and smarter.
With the right CRM software, your sales team can manage deals and track the entire cannabis sales pipeline without missing important milestones and tasks. Your team will also gain valuable insight, enabling them to invest their time on what’s working and improve on areas that aren’t.
Boost Customer Loyalty
Most CRM software features a text messaging and loyalty program platform that can take your brand marketing to a whole new level.
Also, using data provided by the CRM software, you can see who your most loyal customers are and get insights on how to increase loyalty among new customers. With this information, you can better customise your loyalty program to increase brand loyalty and customer experience.
Automate Marketing and Customer Engagement Programs
In the current business atmosphere, processes need to be automated. And customer engagement is no exception. Let’s face it, as a cannabis dispensary owner, you don’t have time to send out every promotional material individually.
Such an attempt would be not only tiresome but also inefficient. That’s why you should leave your marketing efforts to automated software.
By allowing your CRM software to analyse your customers’ favourite products, average order size, and online shopping habits, you can come up with tailored marketing strategies that are sure to entice prospective customers and maintain existing clients.
With the right marketing strategy, you can provide relevant promotional materials to the right people at the right time.
Boost Employee Productivity
Research shows that using CRM software can boost your sales by 29%, productivity by 34%, and accurate sales forecast by 42%. With the right technology, you can break down business silos and automate processes, thus freeing up your employees’ time so they can focus on their other duties.
CRM software also gives your employees all the tools they need to streamline repeatable processes. Say, for example, you have a long sales cycle and a sales team that gets it done. In that case, you can build a sales pipeline in your CRM software complete with reminders, notifications, history, and more.
That way, you can log in to your CRM platform at any time to see where a deal is in the pipeline and what can be done to close the deal faster and more efficiently.
Create Personalized Communications
CRM tools feature segmentation capabilities that enable you to send a personalized message to each recipient. This is not simply adding the recipients’ names on the subject line. Rather, it means tailoring offers based on the recipients’ purchase behaviour and demographics.
A CRM platform collects tons of data from your customer base. With all this data on hand, you can customise your communications with your clients and improve their experience with your brand. This not only leads to more purchases but also improves brand recognition and vocal brand advocacy.
Generate a Higher Pre-Purchase Value
Selling to a returning customer is always easier than selling to a new customer. With CRM software, the process becomes even easier since it gives you tools to better understand your customer. In time, you will be able to develop specific targeting criteria that let you send personalized messages to the right people.
The more you know your customer, the easier it is for you to convince them to buy more. For example, if you want to target recreational cannabis users who prefer a certain strain, you can use CRM software to send out personalized marketing materials to them.
Make Effective Data-Driven Decisions
As a business leader, it’s quite challenging to decide on better ways to grow your business, especially if you don’t have reliable data on hand. With CRM software, you can measure your investment results accurately. Thus, this enables you to grow your business and improve your team’s performance.
A CRM platform provides a wide array of reports that give you deep insights into what is working and what’s not. This way, you can hold your team accountable and optimize your investments.
Improve Customer Service and Satisfaction
Imagine everyone in your team having access to customer data at all times. Then, every member of your team can provide bespoke customer services and solve customer problems much faster. That is what you get with CRM software.
Today’s customer appreciates consistent interactions through every touchpoint. A CRM platform makes this possible. With it, every member of your team has access to all the information they need to deliver the best customer service.
The Bottom Line
If you understand your market base well, there’s nothing to hold your cannabis business back from flourishing. A CRM software gives you centralized access to all the data and tools you need to improve sales, customer service, customer satisfaction, and even employee productivity.