Pricing and promotion in the retail business may seem closely linked but are fundamentally different. Understanding the intention behind a promotion across the organization is a critical yet often overlooked element in the cannabis industry. Using pricing as a tool to drive sales can have unintended consequences.
For example, if a customer typically purchases one product every 30 days but buys two products when offered at a lower price, they might not return for 60 days.
Did leveraging the price as a tool for additional sales work as intended?
This week, we dive into the intricacies of cannabis retail, exploring all components of the system to understand what is needed to achieve profitability.
Join us as Krista Raymer discusses how to put the pieces of the puzzle together for a successful retail strategy, covering topics such as:
- The difference between pricing and promotion
- Internal alignment on promotional strategies
- The potential pitfalls of using price to drive sales
- Strategy for long-term profitability in cannabis retail
About Vetrina Group
Create Cannabis Retail Experts. It’s been our mission since day one. We understand that unlocking success in cannabis retail is no easy feat. It takes dedication, hard work, and a deep understanding of what drives your consumers. By understanding what your consumers want and utilizing data-driven strategies, you can confidently execute innovative plans that lead to greater profitability. The Cannabis industry can be difficult, but we know retail can be strategic, planned, and successful when informed by data and experience.
Guest Links
- https://www.vetrinagroup.com/
- https://www.linkedin.com/in/krista-raymer/
- https://x.com/k_raymer
- https://x.com/vetrinagroup
- https://www.youtube.com/channel/UCAJkvtzo2RYpg0DnNITm8iQ
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