How to Sell to Dispensaries Using Marijuana Business Data: Truly Seeing the Data
In the last article, we established that Marijuana business data is everywhere. It is spread across social media as well as state, news, and private organizational websites. With so much data out there, it is hard to discern between what data is valuable and what data should be ignored.
In this article, we will cover how to use marijuana business data to create the context on how to sell to dispensaries by showing you how to physically see the way your product(s) and/or service(s) fit into the marketplace.
Visualizing Data is Important
Being able to see visually how data is formed and how it travels (where it comes from and where it goes) enables a better understanding of where and how products and services fit into the market as a whole. For example, gaps in sales territories can be quickly identified by simply plotting dispensary data on a map. Further, physically seeing where company products exist and where they do not, along with where similar products are located, can inform planning and sales execution more effectively than attempting to visualize location and saturation from a list or spreadsheet.
Tracking Changes in the Market
The marijuana marketplace is growing quickly changing daily. Regularly, retail locations open and close and products launch and fail. The sheer volume of change occurring in the industry makes keeping up and visualizing the market extremely difficult. If fully comprehending and understanding what stores exist, which products are being sold, and what services are being offered is the first step to market understanding, then visualizing and keeping that data up-to-date is the next.
Context is Crucial
Understanding geographic store location and how such locations relate to each other is just as important as understanding how many stores operate in a given area. Products and services tend to fall into locations in which they will be supported. Accurately identifying and geographically targeting dispensaries that have demand for specific products and/or services will save companies time, money, and effort. Identifying where products and services are sold is key to understanding where offerings may fit as well as where unfulfilled needs for specific products and services exist, giving those with such information a competitive edge in placing and selling products and services where they are needed. Being able to accurately understand how stores interact with their local is critical to product placement and pricing strategies.
Dispensaries draw customers from and sell to the people in the surrounding community. In order to make products and services appealing to these locals, they must be understood primarily in their general context within their communities, and secondly as individuals. Identifying trends and demographics of the community surrounding a dispensary will allow for quick identification of product and service development, placement opportunities, and pricing strategy guidance. Then, understanding the lifestyles, employment, education level, and earnings of the individuals in the area will further enable the ability to effectively sell to dispensaries in the relevant area(s). Finally, understanding how competitors are placing and pricing products will further empower a refined approach to selling to dispensaries where similar products and services are already being sold.
Bringing it All Together
Overall, the need for data to develop strategies and tactics to sell to dispensaries is great. Being able to quickly contextualize, plan, and execute using this data proves to be problematic due to the size and ever-changing landscape of the industry. Still, being able to quickly visualize the geographic locations and assess how successful products and services interact with the consumers in these locations allows for much easier, quicker, and more efficient selling to dispensaries. Finally, understanding how competitors place and price products in target markets allows product and service providers to act quickly and effectively to successfully make sales.
In our next article, we will explain and demonstrate how to create a data culture within a sales team and throughout an organization as a whole.