Having a finger on the pulse of your dispensary’s performance is crucial for succeeding in the highly competitive cannabis industry. That’s where setting and tracking key performance indicators (KPIs) — measurable metrics that show your progress toward a goal — comes in.
The right dispensary KPIs can help you identify patterns or trends and uncover areas for improvement you might not have otherwise known existed. You can make data-backed decisions to improve your operations, enhance the customer experience, and make adjustments sooner to stay on track to reach your goals. Not sure where to start? Here are five essential dispensary KPIs that your business should be monitoring.
1. Transactions per Day
The number of transactions per day shows you how many sales your dispensary is completing — how many customers are buying products — each day. Fewer transactions than expected could indicate long transaction times. Your customers could be waiting too long to be helped or to check out, issues that can frustrate them and drive them away. With this data, you can pinpoint the problem, such as insufficient staffing or a poor point-of-sale system, and fix it to improve wait times, daily transactions, and dispensary monthly revenue.
2. Average Cart Size and Value
Cart size and value KPIs offer valuable insight into customer buying habits, showing how many products customers buy and how much they spend on average. With this information, which you can collect from a good point-of-sale (POS) system, you can assess price points and identify promotional campaign and upselling opportunities to encourage larger purchases and increase your dispensary profit margins. You can also see which budtenders are performing well and who might need additional training and support.
3. Product Sales by Category
As a dispensary owner, your customers are your top priority. If you want them to buy products — and keep them coming back for future purchases — you’ll need to stock the items they want. Keeping track of product sales by type, strain, and even brand using analytics from your POS can show you which items are most popular, allowing you to adjust your inventory to your customers’ needs.
4. New vs. Repeat Customers
Attracting new customers is vital for growth, but you also want to retain the ones you already have. The new vs. repeat customers KPI shows you if you’re maintaining a balance between the two or if you’re falling short somewhere. That way, you can make changes to either bring in more new customers or boost customer loyalty. You can track repeat visitors in your POS using data like phone numbers, email addresses, card numbers, or a loyalty program.
5. Marketing Campaign Performance Metrics
When you run marketing campaigns, you need to know if — and how well — they’re working. Otherwise, what’s the point? There are many dispensary KPIs you can track to monitor campaign performance, including:
- Website metrics: website visitors, traffic source, click-through rate, bounce rate, conversion rate
- Social media metrics: engagement, impressions, shares, number of followers
- Email marketing metrics: subscribers, open rate, click-through rate
With these KPIs, you can see what’s working or adjust your campaigns to improve their performance. Tools like Google Analytics, built-in social media analytics, and digital marketing software solutions can provide valuable insights. Having an experienced marketing partner well-versed in the cannabis industry, like Highopes, can ensure you create effective campaigns that generate results.
Track Progress and Exceed Your Goals With Highopes
With the right KPIs, you can stay on top of your dispensary’s performance and not only achieve but exceed your goals. And if you’re looking to implement or improve your marketing efforts, Highopes is here to help. We’ll work with you to create, track, and adjust online and offline marketing campaigns customized to your dispensary.Are you ready to crush your analytics? Visit Highopes online to learn more about our services, or contact us today. We’d love to chat with you!
