Five Reasons Why Your Dispensary Needs Cannalytics
January 13, 2022
While operating in the rapidly evolving cannabis industry is exciting and interesting, it’s also incredibly complex. Running any business can feel overwhelming, but the ever-changing landscape of the cannabis trade presents many challenges to business owners and dispensary operators —from managing inventory and staffing to understanding customers and how to market to them—adding a level of intensity that’s not for the faint of heart.
BioTrack, the industry leading dispensary point-of-sale and traceability software, has been a mainstay of the cannabis industry for over a decade, and we understand the challenges that retailers face every day. That’s why we created Cannalytics: a new standard of business intelligence and analytics for the cannabis industry.
The unparalleled advantage that Cannalytics offers is insight derived from combining your point-of-sale (POS) data with the Forian Data Factory—a comprehensive data collection of over 250 million consumers. Powered by Forian’s Data Factory, Cannalytics augments your data with proprietary consumer and health datasets to provide powerful, actionable intelligence that you can’t find anywhere else.
Cannalytics ensures improvement in all areas of your company by detailing each variable that affects financial performance. All sales, profit margins, and purchasing behaviors—amongst many other key performance indicators (KPIs)—are tracked in easy-to-use, customizable dashboards. Have a question about what’s going on in your business? Find the answer in Cannalytics.
We could talk for hours about all the dynamic uses you can find in this powerful platform; reach out to us to schedule a demo for a deep dive into its countless capabilities. But for now, here are 5 reasons why your dispensary needs Cannalytics.
1. Create a loyal customer base
Cannalytics will help you improve all aspects of the customer experience by making sure your shoppers are happy, consequently turning them into loyal customers. You can guarantee that you have the right products at the right time and that you’re marketing them to the right people. Then, you can train your staff on individualized product recommendations based on your customers’ characteristics.
With access to our robust yet intuitive customer segmentation model, you’ll gain a new depth of insight into your customers’ behaviors with profiles that you would have never found using POS data alone. Segment your customers based on a host of demographic information that goes far beyond gender and loyalty status to include income, age, and even lifestyle designations like “pet owners” or “hiking enthusiasts.”
By thoroughly understanding your own customers, you can tailor their experience to assure their satisfaction and drive foot traffic to your store.
2. Gain the industry’s first health, wellness, and self-care insights
An industry first: we integrate a unique, proprietary health dataset available through Forian’s Data Factory to give you a powerful grasp of what customers with specific medical conditions and prescriptions are buying from your dispensary. Go beyond just the conditions for a medical marijuana card to recognize how both medical and adult-use customers may be using cannabis for self-care and to manage conditions.
Answer questions like:
How might my customers self-treat any medical conditions with cannabis? What products do people with certain medical conditions like insomnia purchase? What manufacturers do they tend to lean towards? Which medical conditions do my customers who drive the most revenue seem to have?
Use these unparalleled dashboards to know which products and brands to carry based on your customers’ health data. You can even focus retail displays or build campaigns that market products toward certain conditions (“People with sleep issues like this product.”)
Please note we take privacy and compliance seriously. All our health insights are aggregate, de-identified, and HIPAA compliant, so you’ll never see data for an individual in these views.
3. Save your managers’ precious time and resources
Cannalytics equips business decision-makers with tools to make sound, data-driven choices. Owners, managers, and operators need to know their KPIs to make accurate and timely decisions. Cannalytics reduces manual data entry requirements, eliminates calculation errors, and ultimately saves your staff’s time. Consequently, managers have more time to implement efficient workflows, train staff, and improve the customer experience.
4. Streamline your inventory
Cannalytics allows you to hone your inventory, making sure you always have the hottest product assortment in stock—all tailored to your customers’ preferences. Dashboards allow you to identify your top-selling brands and products and include average discounts and profit margins by product. Using this information, you can identify opportunities to shift inventory to higher performing products and stock keeping units while maximizing your return on investment. Cannalytics will also give you inventory recommendations, including when and what to reorder based on location.
5. Optimize your staffing
You can’t run your business without the help of your staff, so optimizing employee performance is critical. Cannalytics lets you quickly and easily evaluate your employees’ KPIs—altogether or by individual. View sales target contributions and average discount rates given, allowing you to pinpoint individuals or teams who may need to adjust sales tactics. You can determine when additional training is necessary and identify opportunities to set performance incentives. With Cannalytics, you can reduce employee churn, raise sales, and increase both employee and customer satisfaction.
Overall, Cannalytics is an invaluable system that keeps track of each aspect of your business, providing you with actionable insights to scale your venture and your revenue. From mobilizing customers to streamlining operations and improving resource allocation, Cannalytics is the all-in-one solution for your dispensary’s needs.