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Transforming 7/10 into a Summer Sales Bonanza
As summer rolls in and the temperatures rise, cannabis retailers are leaning into seasonal events to boost their sales figures. While April 20 has historically been the big draw for the cannabis industry, July 10—better known as Oil Day—presents a fantastic opportunity. The key to maximizing sales on this day lies not in limiting the celebration to just a single day, but rather in seeing it as the launchpad for a sustained summer-long sales campaign.
A Launchpad Instead of a Limit
According to insights from the retail management experts at Sweed, thinking of 7/10 as a one-day event is a rookie mistake. Instead, they encourage retailers to use it as a starting point for a series of promotions that can last throughout the summer. Surprising data from the past year indicated that while July saw a surge in interest, it was the following month that really outperformed it in net sales and new customers for oil-based products. The timeline suggests that 7/10 gets the engines revving, but the long race is rounded out over the course of August.
Education: The Unsung Hero
It's easy for retailers to hit the panic button and resort to flash sales and discounts, but Sweed’s analysis reveals something pivotal: education is the key to expanding the market for concentrates. Many customers are curious about various products like dabs and wax, but they often hesitate simply due to a lack of understanding. Imagine having a budtender explaining the ins and outs of how to use these products! In-store signage and live demos can transform confusion into confidence, effectively lowering the barrier for newcomers.
Vapes: Sustained Interest Over Short-Term Gains
One particularly lucrative segment of the cannabis market is the vape category, which saw impressive movements during July 2024, making up 20% of net sales. Sweed advocates for an extended promotional strategy rather than a single-day offer. Instead of squeezing all promotions into 7/10, retailers could announce early-access deals and then build excitement leading into what they label an “August Oil Fest.” This approach keeps the buzz alive and encourages regular customer visits.
Cross-Category Bundles: The Gateway to New Sales
For those new to oil-based products, offering bundles can be a game-changer. Retailers can put together attractive combinations, such as a vape cartridge paired with flower or a cool accessory that enhances the experience. According to the experts at Sweed, such bundles offer an approachable way for hesitant consumers to dive in without feeling overwhelmed. Plus, who doesn't love a good deal?
That 7/10 Spark: Lighting Up Future Sales
Ultimately, the winners in the cannabis retail game will be those who view 7/10 as a kickoff rather than the finish line. By prioritizing education, crafting appealing bundles, and designing campaigns that extend through summer, dispensaries can engage oil-curious customers more effectively and thus, cultivate long-term buying habits. This holiday can become much more than a niche event; with the right strategy, it has the potential to develop into a highly profitable retail season.
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