In the cannabis industry, the data resources available are growing each day. As a dispensary owner, you probably know you should be using data to support your business (after all, reporting is the key to remaining compliant and profitable). However, all this data can be overwhelming. With increased data it can be easy to lose focus. You can become obsessed with ‘vanity metrics’ or fail to generate any actionable insights for your business. You might be thinking, “How much is too much of a good thing? It’s great I have all this data, but what is the point? How am I even supposed to use all this information?”
That is where we can help. With our analytics and reporting platform, MJ Analytics, you not only capture your business’s important data, but can analyze it in a way that gives you actionable insights on how to refine and scale your business.
In this blog, we will provide an overview of the reports within MJ Analytics that are useful for cannabis dispensary owners. We will also explain how to simplify those reports to make easy, data-driven decisions to grow your business.
Data collected by MJ Platform
Before we dive into the types of reports you can analyze with MJ Analytics, let’s first discuss the two types of data MJ Platform collects: transactional and analytical.
Transactional data provides users with an overview of day-to-day operations. For example, how many plants were destroyed on a particular day. This gives you a granular view of regular operational efforts.
On the other hand, analytical data provides a bird’s eye view of an operation. Analytical data on your clientele, such as age, gender, frequency and product preferences can help you identify gaps in profitability. This allows you to make on-the-fly adjustments in pricing strategy and inventory management, ensuring your business’s continued growth and success.
By combining both types of data, operators can use MJ Platform to gain a more holistic view of their retail operations.
Cannabis Retail Reporting
Inventory Tracking – When looking at product inventory, you want to be able to identify what is selling and what is not. This way you can quickly adjust any gaps in your pricing strategy to ensure you are not missing out on any revenue. The inventory report allows users to:
- Track inventory against expiration date to prevent lost revenue.
- Manage purchase strategy based on stable shelf life, high performing products and net profit
Product Sales – In any retail environment, you want your sales to drive your production, not the other way around. Within the product sales dashboard, you can:
- Look at total sales by strain. In full vertical operations, being able to compare top sellers at retail locations can help drive production levels to make predictions, plan inventory and adjust space allocation within your cultivation facilities.
Patient Analytics – Looking to improve your marketing? What if you could build marketing campaigns directly targeting your ideal customers? With patient analytics, you can:
- Narrow down your target audience in great demographic detail. This includes gender, date of birth, referral source, zip code, average spend and more.
- Even in anonymous markets, such as Oregon, you have the ability to capture a certain amount of demographic details without maintaining personal identifiable patient information.
Coupon Activity – Sometimes when marketing your dispensary you may be tempted to throw around dollars and see what sticks. But, in a more competitive market, you don’t have the luxury of wasting time and money on potentially unsuccessful marketing promotions. With our coupon reporting, you can:
- Identify the success of certain coupons. As a result you can revamp or turn off unsuccessful promotions, all backed by actual results.
Try MJ Analytics Today
Profitability is critical to the longevity and success of your cannabis dispensary. One way to improve profitability is through the proper use of data and analytics. The good news is there is no better time to start effectively using data in your business than right now.
With MJ Analytics, your dispensary has all the information you need to make more intelligent, strategic decisions. If you are interested in learning more about MJ Analytics, or want a more in-depth breakdown of its various capabilities, follow the link to watch our webinar on The Top Reports Every Cannabis Retailer Needs to Know.
