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Like any industry, cannabis can experience ups and downs, especially when it comes to retail businesses that have opened their doors. And, more than anyone else, it hits its lowest point in the off-season.
We spoke with the folks at Dragon Hemp, a hemp retailer based in Sag Harbor, Hamptons. I was able to provide a lot of context.
How best to prepare for retail stagnation after peak season?
In Sag Harbor, Dragon Hemp awaits a surge during the busy summer season. And as the tourist season ends and visitors return to New York City and beyond, many become loyal online customers all year round.
According to Kevin Menard of LAc, founder of Dragon Hemp, the best way to prepare for the retail lull after the busy season is to build a community of loyal customers who will take the brand home.
“The calmness after the busy season is very helpful in setting strategies and goals for next year. ,” says Menard. “At the end of the season, we will be ready for online ordering based on customer impressions of our stores.” .”
Advice to prepare for busy retail season
It’s important to start preparing for the lull in your business before the busy season is over. For Kevin Menard and his business, preparation begins with inventory. So what’s their secret? “Set a budget to keep the most popular items in stock and hire great storytellers for both your retail store and ecommerce marketing teams.”
Paying attention to inventory management is a great way to pass the slow months.It gives brands the opportunity to monitor sales trends, keep up with changing consumer tastes, and do more with online retail and social media. of time and effort to conduct online and in-person promotions and sales. Grow the team behind the brand to keep up with all new regulations and focus on customer loyalty to maintain trust even from a distance.
Turn seasonal customers into lifetime ecommerce customers
To convert seasonal customers into lifelong customers, it’s not just about sales or products, it’s about connections. The most important part for Dragon Hemp is personalizing the customer’s experience. “Typically, seasonal retail shoppers are opportunistic about in-store purchases, but those purchases indicate long-term needs. We’re trying to make recommendations that match your health needs.”
To turn one-time out-of-state or out-of-town buyers into loyal customers for life, there are a few things to consider to make this connection a reality. First and foremost, build relationships by maintaining impeccable customer service and personalizing experiences.
It’s also important to focus on online retail to stay connected with your customers. Make sure your website is in perfect shape and offer loyalty programs, incentives, promotions, sales, discounts or rewards for repeat customers.
Marketing and publicity are other key factors as we want to target people who are in long-needed need to be met. It enables a fuss-free online shopping experience and matches the brand’s products and values. Be creative and innovative in targeting people, promoting your website, and stay in touch with active social media and newsletters.
How to project your goals onto seasonally elevated locations
With geographies tending to seasonally inflate and having off-seasons, it can be difficult to predict year-over-year retail targets, but being prepared and knowing what to expect can help. It helps you reach (and even exceed) your goals.
According to Menard, the secret to anticipating their goals starts in the first place. We use 2022 data to budget for this year, taking into account marketing efforts, awareness growth, and seasonality. Several sensitivities are built into this model based on different growth scenarios. ”
The volatility and fluctuations that come with a business working at a seasonal tempo can make it difficult when it comes to reaching and achieving certain goals, but to make the whole process more seamless and hopefully more successful There are things we can do.
Looking back over the past few years can help pinpoint consumer trends and habits. Declining sales also free up time that can be used to innovate and create new products based on what the customer base wants.
One way to do this is to research not only familiar areas, but also areas that people often visit. Knowing who is coming, why they are coming, and what they want can help set goals that can be achieved throughout the off-season and busy season, and even experience more foot traffic in the city. There is. Additionally, making the most of local events, opportunities, changes and circumstances, such as holidays and local events, helps connect brands with their roots and key clients.
The off-season is the perfect time to set a budget or specific financial goals to achieve. You can add off-season variability to get a more complete picture of what the year will look like. Watching the market to monitor the market and using predictive models to predict outcomes can also help set the stage for changing year-to-year goals.
Expansion from cannabis retailer to national e-commerce brand
Dragon Hemp wasn’t a success from the start, but it’s definitely achieved it over time. Dragon Hemp products were conceived by renowned alternative medicine practitioner and founder Kevin Menard. Using hemp oil, herbal medicines and native plants, we have successfully created a variety of beneficial and natural products.
“Our pharmacist in Sag Harbor has been a huge success, but the most rewarding aspect of this location is having face-to-face conversations with our customers and learning deeply about how we can support them on their journey to better health. It’s understandable,” says Menard. “We are excited to expand our mission to help people feel like themselves again using the next generation of natural botanicals and time-honored herbal remedies.”
final thoughts
As the country continues to move towards legal and accessible cannabis, new businesses are learning the ropes and those that have been there have led the way.
It is to be expected that any business will have its ups and downs, but like any industry, if you know what to expect and what to do, you can make these challenges feel less daunting. Building an online presence that connects clients, developing an e-commerce strategy, expanding product lines, building a loyal customer base and keeping up with the latest regulations are all part of staying on top of the cannabis business. is a reliable method of
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