defining ‘data points’
For some people, a “data point” might sound like some abstract variable in a complex algorithm that only mac-geniuses and millennials understand. But the truth is, a “data point” is simply a discrete unit of information.
In a more general sense, any single fact is considered a data point. The place you get your coffee in the morning, the size shoe you wear or the show you're currently binging are all data points that make up the language of your life. In an analytical context, data points are often derived from taking measurements or statistical research.
Either way, the data of our lives has become the most precious commodity for businesses in the digital age. Knowing who we are, what we like, and how we behave helps advertisers determine the best way to get the things we are most likely to buy in front of us in the most effective way.
why data matters for dispensaries
Collecting and utilizing data points is especially beneficial in the world of cannabis. In the budding cannabis industry, the ability to know your customers/patients and connect with them is invaluable to building trust and consumer loyalty.
Here are 7 data points every dispensary needs in a cannabis CRM to build meaningful relationships with consumers.
1. average transaction amount
One useful data point for identifying and categorizing your clientele is the average amount they spend per transaction. For one thing, clients who drop more cash per visit are more likely to reach spend milestones and collect reward points faster than the average consumer. Catering your campaigns based on average spending segmentation can make your cannabis CRM and rewards program far more efficient.
Some special offers may be appropriate for those who spend less, but not so much for those who spend more.
For instance, say you reward all customers with 1,000 of your cannabis reward points with $10 off. To a customer with an average transaction amount of $20, that is a huge hookup! Conversely, for the customer with an average transaction amount of $200, it could still be nice, but it isn’t as enticing.
On the other hand, offering 10% would be great for someone who spends $200, making their total $180. Meanwhile, for someone who spends $20, the same offer only brings their total down to $18.
The average transaction amount is a data point that allows you to create a more proportionate rewards system. This way, whatever campaigns you create, you can make sure you are offering the best deals to customers at every level while keeping your loyalty rewards cost-effective. With springbig, you can segment customers based on average spend, helping you offer appropriate rewards accordingly.
2. visit habits
Next, collecting data on how often a customer visits can be extremely beneficial. In part, because this kind of information allows you to predict when a customer is most likely to visit again. With the effective use of CRM software, you can also try to influence customer visit habits.
Customer relationship management is about more than just advertising. It is also about meeting people where they’re at. By knowing how often consumers visit your dispensary, you can better tailor your text marketing campaigns to either reward people appropriately for how often they visit or encourage them to visit more.
For instance, if you have customers you know that visit only once a month, you can create a campaign targeting that segment of customers, trying to gradually close that gap between visits. Perhaps 7 days after their last visit, send them a text message that offers them a discount if they visit in the next 7 days.
On the other hand, you can reward your frequent shoppers in hopes that it inspires them to keep coming. If there are customers who come in consistently two or three times a week, you may try sending them a “frequent flyer” promotion at the end of the month.
As data points go, this is one that can easily help tempt casual shoppers into becoming consistent, loyal customers.
3. brands and categories that are most popular
Of course, knowing what inventory sells best is business 101. The most basic laws of supply and demand definitely apply to any cannabis business. You have to give the people what they want. So the most obvious data point every dispensary needs is the popularity of each cannabis brand.
As the leading CRM in the cannabis industry, springbig takes this a step further by helping you create targeted text marketing campaigns that are segmented to individuals based on the brands and products they buy most. After all, the best cannabis rewards are the kind that you know customers actually want.
So if a cannabis brand that makes concentrates for e-cigs is the most popular product on your shelf, then offering these products is an easy way to leverage your loyalty rewards.
Every cannabis retailer can benefit from collecting data points on the products their customers/patients buy most. Not only does it help you determine how to stock your supply to meet their demand, but it also helps you optimize your customer loyalty program by offering rewards and offers with your most popular items.
4. customer interests
One of the best ways for a business to build relationships with their customers/patients is to get to know them as people. We believe the best customer service goes beyond simply providing a product, but also an experience. And as we said before, every fact of a person’s life is a data point that can be utilized to enhance their cannabis purchasing experience.
Part of what places us so far ahead of our competitors is that we go beyond how often someone visits. We help cannabis retailers get to know their loyal customers. The springbig platform allows dispensaries to collect their audience's interests, such as:
- Outdoor activities
- Community events
- Product interests
It is completely up to each retailer to decide what kind of interests they want to ask their customers about. Then, based on this information, dispensaries can customize their marketing. So if you have sports fans who love the home team, you can create text messages that remind them to stop by before the big game.
Or maybe you have your own clothing to go with your brand, and your customers express interest. You can send out a campaign for free “T-shirt Thursdays” with a $50 purchase to drive some traffic.
Our springbig CRM software is designed specifically to leverage each data point in a way that streamlines the sales process by putting the right information in front of the people most likely to take action.
5. ROI of marketing
When retailers are trying to grow their business, knowing the return on investment (ROI) of their marketing efforts is a vital piece of development. Thankfully, springbig understands how important it is for a business to be able to see in real time what their campaigns are costing, and how much activity they see from their efforts.
That is why springbig offers a “track” feature, allowing retailers to view specific data on each campaign they run. For certain “tracked offer” campaigns, you are able to see:
- How many people clicked on the links provided in the text message
- Overall number of visits within 48 hours of a campaign
- The number of offers redeemed in that time period
- The total and average amount of money people spent per visit
- How much money the retailer spent on each campaign
Real-time reporting allows cannabis business owners to keep an eye on each marketing strategy and gauge their effectiveness over time. This way, you know where your ROI is really paying off, leading to our next data point.
6. customer birthdays
Everyone likes to feel a little special on their birthday, especially when it comes to cannabis rewards! This data point is probably the easiest to take advantage of, because, especially nowadays days, we pretty much expect that any loyalty program we have signed up for will send us something on our birthday.
Sometimes it is as simple as an e-card for brand awareness, but it really makes an impact when businesses offer discounts for birthdays.
By trying to collect customer/patient birthdays with your cannabis loyalty program, you can create personalized campaigns that go out to people on a day when they are more likely to spend more money on the things they want. So by enticing someone to visit your store with an offer, you increase their chances of spending some of that coveted birthday cash with you.
For example, if you send out a penny pre-roll offer for birthdays, some of those customers will come in to redeem it, and end up spending more while they are there. So by giving a little, you stand to gain a lot.
And in the end, even if they don’t spend more, that simple gesture can show loyal customers how much their business means to you. When it comes to connecting with people, even little cannabis rewards go a long way.
7. most redeemed rewards/offers/coupons
While your sales teams can probably give you some insight on the kinds of coupons or offers they see customers/patients cashing in, having the data points to match it makes all the difference. So whenever you run a special offer, send out coupons or set cannabis rewards for loyalty points, our specific CRM software allows you to keep track of which strategies perform best.
Consider the hypothetical offers from this article:
- $10 off
- 10% off
- A “frequent flyer” campaign
- Rewards on concentrates for e-cigs
- An offer for the fans of the local band or team
- Penny Pre-rolls for Birthdays
If a dispensary were to run each of these in a month, a valuable data point would be knowing which campaigns were most popular with the audience.
If everyone cashes in their 10% off coupon, or comes in for their “frequent flyer” deal, and the ROI is high, then you know these campaigns pay off. Meanwhile, if nobody comes in for their free T-shirt, maybe it’s time to design some new merchandise.
Again, customer relationship management is about improving the quality of the experience. That is how you build relationships with customers. Therefore, being able to see which rewards, offers, and coupons people redeem the most can help you figure out which campaigns are more likely to work in the future.
Every data point is an opportunity for you to leverage your cannabis CRM to improve both your marketing and your relationship with your customers. By offering a variety of features that help make this possible, springbig continues to provide the leading CRM for the cannabis industry.