Legal cannabis sales in North America were estimated at some $10 billion for the year 2017, according to a new report from Arcview Market Research. And it’s just getting started — the report states that figure is likely to hit $24.5 billion by the year 2021. What does this mean for cannabis dispensary owners and other key cannabis businesses?
- More cannabis business opportunities
- More sales
- Ultimately, more customers to manage
For businesses that tend to grow very rapidly and process a massive turnstile of customers, the need to manage dispensary customer data is crucial. One thing we’re noticing in the cannabis industry is that so many cannabusinesses are trying to be the new innovator or the new key player, but dispensaries are seriously lacking in the customer retention department.
This is where customer relationship management (CRM) platforms and capabilities must come into play. The best CRM systems use technology and automation to organize customer contact information, interactions with the customer, and other valuable data.
Without a proper CRM system in place, it will be difficult for a cannabis business to gain insights into their business performance and continue reaching the right customers. A failure to adapt, innovate and integrate the best tools will hamper any business in the long run.
CRM is necessary because:
- It automatically records pertinent customer information and data
- It helps to identify opportunities to improve your sales process
- It helps the business preserve a reputation for superior customer service
What can CRM Software do for Your Cannabis Business?
The CRM portal is the central location where all leads are stored and sorted. This is the heart of the CRM tool. Even for moderately-sized dispensaries and cannabis businesses, CRM tools are necessary due to the large amount of information collected for each lead and customer.
CRM software can help cannabis businesses store, compile, and organize customer information based on a variety of factors. Proper managing and categorizing of cannabis business opportunities are greatly facilitated by CRM software. These platforms provide the ability to segment customer lists according to categories, and can allow you to target specific customers for email campaigns.
For example: You’d like to separate email recipients into recreational cannabis users and medical patients. You know that both groups respond to different language and want different things from your business. A CRM platform can automate this process and allow you to send highly-targeted emails to the right people—this is proven to increase both open rates (ORs) and click-through rates (CTRs) in any email campaign.
For B2B businesses, CRM platforms can be organized to segment and target according to whatever cannabis business opportunities you see fit. Want to send an email only to your cannabis distribution contacts? Your CRM can handle that for you, and much more.
Additional CRM Features for Cannabis Dispensaries and CannaBusinesses
There are many other powerful features like this that can help keep a cannabusiness organized and up-to-date on customer info. Some CRM portals are advanced and customizable, and can perform functions like:
- Cannabis Marketing Automation
More advanced CRM tools like HubSpot, allow you to automate repetitive tasks like thank you emails and follow-up messages. Each step that you automate frees up company time and resources for new projects like improving cannabis SEO or refining company branding.
- Automated Sales Force
CRM tools also help you track customer touch points with your company, as well as their communications with sales team members. This helps prevent duplicate efforts between sales team members.
- “Contact Us” Forms
The contact form provided for online visitors can make or break a conversion. If a form is too short, you won’t get the client information you need. If they’re too long, they can easily discourage customers from filling them out. CRM tools let you customize forms, allowing you to obtain and monitor lead information as best as possible.
- Social Media Tools
Some CRM platforms allow cannabis businesses to manage social media activity, monitor post schedules, and track leads, all from one convenient central location.
- Analytics Tools
Analytics are built right into some CRM programs. The team can then track specific metrics such as keyword metrics, page rank, visits to the site, and other important information. This data can be used to identify additional cannabis business opportunities.
Overall, great CRM tools allow cannabis businesses to lower their costs per lead, increase ROI, and obtain future clients more efficiently. This is achieved through highly-targeted messaging that allows you to acquire new leads while also retaining your existing leads and customers.
Choose the Correct CRM Tool for Your Specific Cannabis Business
There are a few different CRM portals out there to choose from. Which one is right for your cannabis business? We recommend HubSpot due to its ease of use and wide range of fantastic features. Even at the basic free level, the HubSpot CRM platform lets cannabis business:
- Create lead flows with pop-ups and other features for conversions
- Manage information and contact activity
- Connect existing forms to the new CRM
Why 4Blooms Chooses HubSpot
At 4Blooms, we have selected the HubSpot platform, both for our own business needs as well as our clients’ needs. HubSpot is ideal for cannabis businesses for several reasons:
- HubSpot is the best platform we know for managing a complete lead generation campaign from start to finish, including landing pages, ads, keywords, and follow-up emails. All of these are necessary to get people through your doors, and keep them as happy repeat customers
- The entire HubSpot platform is built on the Buyer’s Journey methodology — it pushes leads through the awareness, consideration, and decision-making stages to make sure that leads get the information and content needed to make a final decision
- The platform is designed to fill any gaps between the marketing and sales teams, ultimately making the entire process more efficient
- Once the system is up and running with the right marketing strategy, leads are generated effortlessly
In addition, team support is wonderful over on HubSpot’s end, and they provide in-depth tutorials to save time.
CRM implementation needs to be a top priority for cannabis businesses seeking to grow sales, and convert leads into brand ambassadors. Do you have any questions regarding CRM or other aspects of cannabis business management? Are you interested in upgrading your CRM platform to a more robust, capable one?
Connect with us and plug into our network of cannabis business professionals. Let’s grow your sales together!