Reporting- gotta love it, gotta do it. Reporting makes the world go ‘round and is one of the biggest drivers behind the biggest business decisions. Surely most operators run some of the same reports on a daily, weekly, monthly, or quarterly basis, but are you getting the most out of your reporting patterns? With the new year coming up, now may be the time to test some new reports and explore some previously unearthed insights into your business. Here are some of our favorite reports that you’re not using- but should be.
1. Patient Analytics
It’s easy to look at a single day, week, month of sales and identify when you see foot traffic, but are you looking past the traffic to the people actually walking in? Often times demographic data can be more anecdotal based on either regular customers, geographical area assumptions, or just hearsay from the front lines. Diving into patient analytics creates opportunities to drive both marketing efforts and sales efforts further to accommodate your key customers and approach groups you may not have captured yet. Looking at the age ranges and genders of key shoppers may inform you on how to adjust your brand voice. If you’re seeing an increasing number of seniors, for example, who often are seeking pain relief or sleep support, you may adjust your email campaigns towards featuring products with high CBD or CBN. For groups that may be more in the working professional age range, exploring stress relief or more discreet vape products may be an easy hit.
2. Zip Codes
Within the customer profiles, you’re able to capture the zip code of your customers. While this is very often overlooked, this may be a valuable analysis tool for your marketing team. If you’re seeing a huge influx from a nearby zip code, that tells you that the specific area is in need of a neighborhood dispensary they can trust. This may post an opportunity to do some marketing via billboards, localized print, or even doing some social shares with nearby businesses in the area. If you’re seeing a lack of people in your zip code or a specific neighboring zip code, it’s time to do some research into why you’re not capturing that area. There may be another operator there you can learn from to become more competitive in that market.
3. Average Ticket Sale by Day
We often see teams running average ticket sales within a time period, but looking at average ticket by day may provide some interesting insight. If you’re seeing a dip in average tickets on one specific day, it could be a great opportunity to do some add-on deals. Some dispensaries have taken to doing lower priced pre-rolls or single edibles after a spend threshold, so for example spending $50 and qualifying for a $5 pre-roll that usually retails for $7.50. While it doesn’t have to be a dramatic discount, it can be enough of an add-on to increase a ticket price or entice someone hovering around the $45 total ticket to pick up a few more items or accessories to qualify for the deal. Working with third party brands as well to offer swag items on those days may also be great and drive partnerships with the brand. Hosting pop-ups and offering free batteries with purchase of two or more vape cartridges only on those low ticket days can increase some foot traffic in addition to overall average ticket.
4. Patient Information
Want to entice some casual customers into being beloved regulars? Running a patient information report and filtering by how many times someone has visited in a time period can identify those once-a-month guests. With that list, you can work on getting them to visit your location as a part of their regular routine, not as an occasional event. Running targeted email or loyalty campaigns, understanding what they love about your store, or even identifying their favorite products and contacting them with specific deals on their favorites can be an incredible way to earn loyalty.
5. Preferred Products
Flower, of course, proves time and time again that it will be king, but running a report on what other categories your customers have interest in is an incredibly valuable data point. This report may be overlooked due to the actual amount of work included, but it can absolutely be worth it. Within the patient profile, the budtender is able to include notes on their favorite product or types of product. It may take some retraining, but if it is consistent you will end up with a report that delivers your customer’s favorite categories- and that drives serious decisions for your purchasing manager. You may order edibles to make up about 20% of your stock, but if you look and see only about 3-5% of your patients find edibles to be their favorite way to consume then it may be time to switch to more concentrates or flower. You can also deliver targeted marketing towards these guests and set aside specific days (Wax Wednesday, Munchie Monday, etc.) to drive additional traffic with enticing details to the superfans you have in your customer catalog.
Have you found any reporting hacks that have helped you make incredible business decisions? We want to hear about it! To brag about reporting or for help identifying what kind of reporting would help you answer specific questions or solve specific problems, please reach out to us by clicking here. We want to hear from you!
