Dispensary owners can agree; wasting money is never fun. If you’re looking to scale, every dollar wasted on unsuccessful marketing efforts can inhibit growth. Unfortunately, too many businesses waste money on ineffective marketing. Traffic Roots understands that marketing is like fishing – sometimes you’ll get skunked and other times you’ll bring in a record haul. Some traffic sources just don’t convert – leading to wasted spend.
When it comes to maximizing your return on investment, you don’t want to be spending real money to audiences that just won’t result in revenue. This is especially true for retail locations. We consistently see and hear from frustrated dispensary marketing managers who are trying to utilize outdoor media, influencer marketing, or other cannabis-oriented websites without solid and attributable results.
Let’s analyze each of these common sources of marketing spend burn:
Outdoor media – It can help you drive brand awareness and get more exposure to your brand but it is incredibly difficult to track and expensive, making it difficult to scale. You’re also casting a wide net, which makes it impossible to target your ideal audience. Every day there are thousands of people who may see your message on a billboard ,but they could be underage or simply not your target audience.
Influencer Marketing – Influencers can be great for exposure and ecommerce sales (if you are able to track the conversions properly), but attributable results are very difficult to track. As with billboards, audience targeting with influencers is an impossibility as their followers can be from anywhere in the world and they can’t focus their marketing efforts onspecific users or locations.
Direct Sites – A website that has great content that relates to your brand can be a great source to market on, but can you properly track attribution? Many sites will sell you banner space but few give you the tools you need to track results from that particular source. As with influencer marketing and outdoor media, you are unable to parse out distinct audiences.
While each of these three popular traffic channels can get customers in your funnel, their inherent lack of targeting ability makes each notorious for wasted marketing spend.
Effective targeting is the tool you need to drive a higher return on your advertising spend. As the proliferation of machine learning algorithms and consumer data continues, advertising targeting technology is crucial and Traffic Roots has it. Our geo-targeting and geo-fencing technology allows advertisers to focus on specific locations that they can service. If you have a dispensary retail location in Downtown Los Angeles, you’d be burning your valuable advertising dollars is you began to accidently serve ads in other markets, like New York.
Regardless of your size, Traffic Roots’ proprietary geo-targeting options can be configured narrowly if you only have a few locations to serve, or widely if you are an MSO with multiple locations in multiple states (or to build awareness in emerging markets you are about to enter).
Our targeting tools become even more effective when you begin to use them for retargeting purposes. Retargeting helps you stay out in front of users who have already visited your site and have shown interest in your products. This allows you to continue to build an audience that will be incredibly effective in driving sales back to your retail location or sales orders online for pickup or delivery.
All this with no wasted impressions or advertising dollars!
Traffic Roots empowers you to only serve ads to users that are in locations you specify and that you stay out in front of users that have visited your site and have shown interest in your products. It’s the ideal situation to maximize your marketing budgets and drive results.
Establish a scalable targeted strategy with a Traffic Roots marketing specialist today! Schedule a welcome call and see how our platform can drive better results with less waste.
As the cannabis industry evolves, so do its retail customers.
Being able to adjust marketing strategies is more important by the day, given the nature of the business. We all love our customers and I am sure you are very grateful for their continued support. But how well do you actually understand your average consumer? Do you know their age? How about their gender? Do you know which people have bring the most per-ticket revenue? If you answered yes to any of these questions, great! Knowing your target consumer is not only smart business, it can help drive future marketing decisions.
..but are you actively trying to find similar customers to increase your bottom line?
Point-of-Sale systems can be an amazing tool to gain insight on sales peak times and transaction data, but the next step in understanding your customer base is painting the picture of who your clients actually are. Utilizing the result of multiple data sets can help you make better decisions for the future.
Traffic Roots provides dispensaries with those tools that will take your business data to the next level. As we just mentioned, data is a great tool to provide better insights to your clients, but data is worthless if it doesn’t have any application. Closing the loop and finding a way to utilize your data is key and Traffic Roots provides our advertisers with that opportunity.
Here are just some of the data points we can provide for you:
Understanding foot traffic
Zip code data
Frequency of visits
Client Hot zones
MSOs are utilizing this data to understand how locations across state lines compare to each other along with competitor data. We can provide this granular information to anyone using our platform.
How does Traffic Roots close the loop on the data? We provide you the platform that gathers thousands of data points using advanced machine learning techniques to help find your ideal client – giving you the opportunity to build a marketing strategy that can directly target the right people. With Traffic Roots, you can then take things a step further and create lookalike (LAL) audiences from those users. Additionally, you can create extension audiences from first party and LAL data that allow increase reach immensely to users with similar characteristics.
As with any AI-learning platform, your data will only get better over time because our system learn to become more effective and impactful with your best converting audiences. Understanding your client will become second nature to you and scaling your marketing strategy will be easy as pie.
Our marketing experts can provide you with a full report to understand your business or competitors. You can check out some of our demographic tools using our Dispensary Insights Report tool and don’t hesitate to book a welcome call with one of our marketing specialists to learn what Traffic Roots can do for you.
A successful marketing strategy can do wonders for your business and can create lasting revenue and growth. With the increased success of dispensaries and delivery services, we have seen a lot of marketing strategies implemented across the spectrum.
But – the big question – how can you gauge the success of your campaigns? If you can’t provide a clear picture of how well your marketing strategy is providing results, you can’t possibly be able to tell what revenue or benefit your strategy is providing.
Effective conversion tracking and attribution reporting will help you be efficient and impactful with your marketing campaigns. Conversion tracking can apply to both paid media and organic marketing. At the end of the day, if your team is investing time into something you must be able to track the success rate of that investment.
Proper key performance indicators (KPIs) are crucial from the beginning of a marketing campaign. Here are a few KPIs you need to be paying attention to:
Lead Generation – How many leads were generated?
Awareness – How many people were reached?
CTR and Clicks – How many people did we have to reach to achieve a click?
Direct Sales – How many sales did we make?
CPL – How much did it cost to get one lead?
CPA – How much did we spend to acquire a client?
Retention – Did we increase the rate of client retention?
Once you have identified your KPIs you can then set up proper tracking of these important conversions.
Have you considered how your current tracking tools are functioning?
Conversion and attribution tracking is important and you should be spending some time to ensure your systems are properly set up. A simple way to make sure you have a trackable process is to go through it yourself. By performing a few test transactions you can literally walk through your customer’s journey to make sure it is a smooth transition.
Traffic Roots offers internal conversion pixels that can help you track these important marketing conversions. Our easy to install pixel can track users from the top to bottom of your sales funnel, giving you access to the full picture of your client’s journey. Additionally, our attribution reports can provide you a heat map so you can better visualize your customer journey. Traffic Roots empowers you with the tools you need to see where your clients are coming from and where they are going – which allows you to structure a local marketing strategy based on strong data points.
As a bonus, our attribution system can illustrate active users entering competing locations as well as yours. This gives you an idea of clients you are converting from your competitors and where you may be missing out.
Schedule a call today with one of our Marketing Experts. During our welcome call we will show you exactly how these proprietary tools can help you increase your bottom line by building better, data-proven marketing campaigns.
Every single day you see customers coming in and out of your dispensary storefront – actual foot traffic. A client walks in, speaks with your team, and makes a purchase. Once they leave, do they come back? If so, how long until their next visit? How much is their average spend over the course of a month? A quarter? A year?
While every sale matters, a higher customer lifetime value will create long term business growth. Unfortunately, in this business, many dispensaries are solely focused on day-to-day revenue because of the difficulty of being able to effectively track consumer behavior over time.
Lets take it a step further. Have you taken the time to explore who’s walking in the door of your competition and how often they’re returning? Are there ways you can capitalize on any ineffective strategy?
If you’re unable to track your own lifetime value, then its nearly impossible to track what is happening down the street. Fortunately, Traffic Roots offers the tools needed to both gauge your dispensaries consumer behavior and the behavior of your competitions’.
Geo-fencing is the answer.
Our inherent and proprietary geo-fencing tools allow you to build a digital fence around a specific location. Once that radius is set, we give you the ability to extract consumer data from it. This audience contains gender, age, income, proximity to the address and is able to be parsed from any date range. With Traffic Roots, not only can you extract audience data for your store’s address, we allow our advertisers to build an audience using any radius. Your retail location, the storefront down the street, a well known dispensary in Vegas – literally anywhere.
Utilizing Traffic Roots, you can now target any consumers (yours or another’s) via our network and create a higher LTV by staying in front of your clients. We give you opportunities to generate a lead from those audiences or provide them a deal to return. Our geo-fencing tools allow you to super serve your loyal customers and entice new consumers eager to buy directly into your store.
Schedule a call with one of our marketing specialists today and we’ll show you exactly how our geo-fencing tools can take your dispensary to the next level.
Dispensary marketing is a process that is continually evolving. With new roadblocks and hurdles in the conventional marketing space daily, we understand that it is not easy for dispensaries to reach active users effectively. Fortunately, Traffic Roots has blazed its own trail and have created a platform that gets both exposure and results. In fact, we offer specific solutions for dispensaries and retail locations that can provide significant results.
Our team at Traffic Roots is a great resource for dispensary marketing and cannabis marketing. More than just a programmatic ad marketplace, we aim to help clients navigate through our technology and provide guidance and resources that help advertisers generate sustainable growth. Over the course of the next few weeks, we will be releasing our Dispensary Marketing Series of blog posts that will explore targeted and effective techniques for dispensary clients nationwide.
Simply, we will be providing a free resource to illustrate how a dispensary can utilize the tools Traffic Roots provides to scale an effective and impactful marketing strategy.
We ask that you come along on the journey but not silently. Engage with us and reach out to our team to open up the conversation regarding your experience marketing in this difficult landscape. Comment questions and concerns on the individual posts and we’ll reply. The purpose of this series is to provide education and answer any specific questions you might have.
Our Dispensary Marketing Series will provide in-depth information regarding the following topics: