Creating a sticky icky icky experience with Meadow Loyalty
Loyalty, Loyalty Loyalty…
Nowadays, people quickly look for alternatives that will offer them lower prices with better rewards. Considering all the dispensaries out there, it is crucial to stand out with a convenient and accessible loyalty program that aligns with your business goals.
What exactly is a loyalty program?
A loyalty program is a program offered by a company to reward patients who frequently make purchases. A loyalty program can be organized in a number of ways, including giving a patient free merchandise, coupons, rewards, or even advance released products.
Why do patients love loyalty?
As a patient, there is no better sensation than saving up points and finally cashing them in for that sweet reward. A loyalty system enables a patient to feel as if they are valued by the dispensary that they visit. As a patient spends more money at your specific business, he/she will enjoy spending money, knowing that they will be rewarded for their visits to your dispensary.
Everyone loves loyalty no matter what age, 46.4% of baby boomers are very loyal to their favorite brands and 85% actively participate in loyalty programs. 48% of millennials value loyalty program discounts as their most valued benefit. Feeling valued by the business they visit is a feeling that all people are seeking.
Every aspect of a patient’s experience at your dispensary is important to consider. By implementing a loyalty program, you can ensure that your patients are happy and satisfied with visiting you.
Why should your business consider a loyalty program?
The most valuable patient is a loyal one. Across all other industries, loyalty programs have been proven to make consumers spend more and remain faithful to their business. Overall, obtaining a loyal customer who returns to a business is more important than bringing in large amounts of new consumers annually.
Acquiring a new consumer costs 5 to 10 times more than maintaining an existing one. In addition, returning consumers usually spend 67% more than new consumers. Loyal members to a dispensary will not only spend more, but they will provide more value long-term.
Loyalty programs help generate new consumers as well. Members of loyalty programs are 7 times more likely to spread positive word-of-mouth marketing to families and friends than non-loyalty program members.
Every industry out there utilizes loyalty programs: Finance, Transportation, Food and Beverage and many more. Data from all of these industries has shown how loyalty drastically improves revenue. In the Food and Beverage industry, Starbucks was able to increase their revenue from $2.17 billion to $2.65 billion the year after they introduced their digital loyalty program to their customers. In the Health and Beauty industry, MAC cosmetics did research into successful loyalty programs in the industry and found that customers engaged in their loyalty programs would often drive over 80% of their revenue.
Just as loyalty programs have been instrumental in helping various businesses across multiple industries bring in revenue, they have also been able to make clients more engaged with the company. Credit card consumers who rated their rewards programs as attractive tended to spend $1,132 per month on average compared to $744 per month spent by those who considered their rewards unattractive.
All of these other industries implement loyalty as a successful strategy; it’s time that the cannabis industry takes the next step forward and upgrades their loyalty programs into the digital age.
A Seamless Experience
When a patient walks into your dispensary or attempts to order online, the entire experience should be seamless. No one likes waiting in lines, having to deal with clunky UI or feeling like there is no personal connection between the staff and the shopper. Meadow makes achieving an enjoyable experience for both budtenders and patients streamlined and effortless.
Using Meadow, dispensaries have the ability to create a deep relationship between patients and dispensaries. A patient has many ways to get involved with the dispensary with Meadow, whether registering in-store, ordering online, or coming in for a pick-up. A comfortable experience, both in person or online, leads to a happy patient.
Meadow helps out at every step to give context and build on the patient-budtender relationship. The front desk can easily verify patient documentation and upload it to a secure location for later use. If there is anything that should be remembered about a patient, a budtender can easily jot down notes online or at POS to create a more seamless patient experience in the future. Budtenders can also effortlessly look at a patient’s order history, making it possible for them to make new recommendations or ask them how the last product they purchased turned out.
Meadow allows dispensaries to take control and offer the best experience possible to their patients. Happy patients lead to happy budtenders which lead to a more comfortable dispensary experience all around.
Meadow’s All-in-One Software Solution
At Meadow, we aim to provide a software solution that gives medical cannabis dispensaries the key to compete with an enhanced patient experience and higher efficiency. In order to achieve this goal, we decided to implement a custom loyalty program to help dispensaries offer an easy-to-use, streamlined loyalty program to their patients.
Meadow conducted a survey of over 150 dispensaries across California in order to look into how loyalty programs are set up in the cannabis industry. We found that 57% of California dispensaries implement a loyalty program.
Of the dispensaries we surveyed that do not have a loyalty program, 36% of them were looking to implement one in the future. Many stated that they had attempted to offer a loyalty program to their patients in the past, but it had been too difficult to generate and maintain.
We noticed this struggle and decided to focus on implementing software that would allow dispensaries to easily setup and maintain a patient loyalty program. Admins can now easily control and manage points and rewards from one centralized location.
In addition to being easy to apply to your cannabis business, Meadow Loyalty gives dispensaries the freedom to create a custom loyalty program best suited for its patients.
Points vs Punch Cards
Across California, dispensaries use a variety of different loyalty programs. In our survey, we found that of the dispensaries that have loyalty programs, 29% used a point system, 25% used a punch-card system, and 45% used a different system. The systems that dispensaries use nowadays are mostly manual and outdated. No longer do you have to deal with the issues brought about by archaic loyalty programs, Meadow can help you set up a convenient online loyalty platform that is specifically customized for your needs and your patients’ needs.
Reward your patients in whatever way that best incentivizes them to stay loyal to your brand. Cashback, free products, percent discount, flat discount; you have the options, we give you the tools.
Service Matters
A loyalty program is just one tool in your arsenal to help your dispensary reach new heights. Meadow’s All-in-One Software is able to help dispensaries take control of all facets of their business. Patients are already ordering online and at point of sale. Now they are able to keep track of their loyalty points when they order online and come into the dispensary. When they arrive, it’s imperative that they are greeted and treated well. When a patient is reminded of the value they bring to your brand, their satisfaction with your dispensary increases. It’s a win-win for everyone.
With the Meadow Loyalty, we are giving dispensaries even more power to take control of every facet of their business and to deepen the relationship between patients and budtenders with one easy-to-use, all-purpose system.
