4 ways to profit your cannabis business with covid-19

4 Ways To Profit Your Cannabis Business With Covid-19

Throughout the year, we build strategies, implement plans and make investments to see our businesses grow. With COVID-19, it seems things are happening on their own. 

We are required to put in relatively little than what we used to when the invisible virus was absent. Cannabis sales are touching the sky!

At a time when the deadly pandemic is proving to be the greatest stressor, it makes sense to see the bright side and stay calm while doing our daily business. 

Today, Cannabis is an essential commodity with millions around the world dependent on it for medical aid. Thousands of others are working in the Cannabis Industry. From operational staff to delivery teams, all of them rely on Cannabis businesses for their daily bread.

The need of the hour isn’t just to ensure safety for all but also to keep essential services up and running. Like other sectors, the Cannabis industry is facing a tough time as well.

That said, not all is lost. The situation has a silver living too. In fact, Cannabis businesses can profit from the situation. 

Let’s take a look at some tips which will help Cannabis businesses go a long way. The idea is not to make their pockets bulkier but to help people who confide in Cannabis for their wellbeing, people for whom Cannabis is an everyday affair.

Time to go online

For businesses that have been thinking for a while to go online, today is the right time to go about it. Physical stores understandably are shutting down. COVID-19 fear of human-to-human transmission gets stronger when people visit and buy stuff personally.

how to use internet in covid-19?

Not only does this safeguard you and your crew at this time but from a business perspective, you get greater visibility and an increased number of eyeballs when you’re on the internet. Delivering stuff to people’s households is naturally safer than having them visit your store on the street. Isn’t it? Another advantage of having an online store is that you can showcase the entire variety you have in stock. Lack of space often restricts businesses to display the entire range in their store.

With online stores, you also realize the true value of your customers, meaning you can extract more from them increasing their lifetime. Every now and then, you can reach out to them with upsell offers and new products.

You can build an email list of all the visitors. This helps in sending newsletters and other marketing material to induce sales.

This might be the right time to digitize your operations. Businesses across the globe are investing millions in progressive technology. Don’t miss out on the advantages of AI and Machine Learning. They are far too lucrative.

As we learned, there are countless benefits of having an online store. If you’re still unsure, spend some time exploring how online stores are making it big. 

Look at some successful Cannabis online stores. They were very clear about what they needed when they started their operations. Paid marketing wasn’t an option for them so they strategically invested in Cannabis SEO and link building.

In other words, they were wise enough not to undermine the power of organic marketing. The results of SEO & link building may not be evident overnight but when they do, they stay. Did you not hear “all good things take time”?

Time to make an impression

Let’s talk about businesses that are already selling online. The biggest e-commerce entity, Amazon isn’t popular for nothing. One of the things it pays a lot of stress on is the quality of delivery. It doesn’t only deliver products on time but ensures that the timelines are met even in difficult situations.

talk about those businesses who are already selling online.

Nothing can be done if your province is observing a lockdown but if the situation isn’t that grave and e-deliveries are allowed, try and close orders on time. Take all precautions for your delivery staff and adhere to all advisories by the government. Displaying a message on your website putting a restriction on the number of units a customer can buy is a good idea. Not only would more customers be able to buy them but it conveys the message that your business cares for all. At this hour, people piling up on quantities is common so it will help discourage the trend. Any delays or non-availability of the products should be conveyed timely and not when the delivery date nears. For a customer, nothing is more disappointing than to know that his order has been canceled at the last hour.

Last but not the least, don’t overprice your products. This is perhaps the most important of all tips. Higher than usual margins might give you more profit but won’t add to your customer database. Customers would rather hesitate to buy from you again. Rely on volumes, not on margins. We need to understand that this is the time to make relationships and not sales. If you follow these tips, you’re well on your way to making your business a brand.

Business with a purpose

Customers think differently today. For most, the budget price isn’t everything. They care about the quality of services. The time is such that every single action of yours will make a difference.

a man is attending a meeting via earphone
Over time, they probably would forget the price they paid for the product but the shopping experience with you will remain with them forever. Focus on delivering an experience. The customers should be convinced that you’re the right seller who is not merely focusing on making sales but trying his best to help the situation.

Quick exposure

Each year, businesses spend thousands on branding and gaining market exposure. Despite this, it doesn’t guarantee them front-page coverage.

the entrepreneurs guide to success business growth
Now is the opportunity. In fact, this is the best time because you don’t need to allocate big bucks to marketing. Even a cent invested would fetch you 100x value.  COVID-19 events and news are being covered the most at present. TV channels are airing them 24/7. Think of setting a precedent. Try and procure ultra essential items like masks, hand rubs & sanitizers. Include a bottle of complementary sanitizer or a piece of mask in every order you deliver. Nothing could be more compassionate than this gesture at this time. People would absolutely love it. You never know if one of your customers highlights this on Twitter. Not only then do you have a great chance of getting viral on SM but also in mainstream news. In fact, you have no idea what your business will be like. The returns are unimaginable.

Final Words –

COVID-19 is perhaps the biggest of emergencies humankind has seen to date. Millions of customers across the globe want you to keep working. 

Bringing them hope and respite by serving them at this crucial time is a duty, not a matter of choice. Flourishing business and big bucks are only a fallout!

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