In the oversaturated world of cannabis retail, customer retention is crucial for sustained success. Tact Firm, spearheaded by Steve Riparip, excels in helping dispensaries turn lost opportunities into cold, hard cash. The company’s focus is on leveraging customer data to drive repeat business and increase revenue by converting current customers into loyal fans who keep coming back for more.
Imagine running a cannabis dispensary where every customer who walks through the door becomes a repeat buyer. Sounds like a dream for the dispensary owner, right? Tact Firm is turning that dream into reality.
Specializing in retention strategies, the Tact Firm team helps dispensaries not just survive but thrive. With a track record of impressive revenue recovery, this team is showing the cannabis world that keeping customers is just as important as attracting them.
Let’s take a look at how their innovative approach to customer retention has generated substantial revenue gains for their partner brands.
Meet Tact Firm
With a growing portfolio of over 30 stores in five states, Tact Firm has demonstrated its ability to significantly impact dispensary revenue through effective retention strategies.
They’re not slowing down either. Their website is a treasure trove of insights into how they transform customer data into dollars, proving that their methods are not just effective—they’re revolutionary.
Since April, Tact Firm’s retention strategies have successfully recovered over 5,652 customers, leading to more than 10,017 purchases and adding over $630,446 in new revenue for dispensaries on their roster.
Industry Impact & Recent Results
In July alone, Tact Firm successfully recovered $261,691 in revenue for their dispensaries.
Notable revenue recoveries included:
- Top Five Stores: Revenue recoveries of $36,958, $30,742, $23,287, $22,080, and $21,621
- Regional Performance:
- Michigan: $121,960
- East Coast: $114,273
These numbers are more than just statistics; they’re proof that Tact Firm knows how to turn customer data into tangible results. This is real money that was recovered by focusing on retention strategies.
Helping New Dispensaries Avoid Rookie Mistakes
New dispensaries often make crucial errors that undermine their long-term success. Tact Firm points out that 40-60% of dispensary customers make only a single visit, largely because their contact details are not captured.
Failing to collect and utilize customer contact information is a major oversight.
A staggering 87% of these customers leave without providing their email addresses, which limits the store’s ability to re-engage them.That’s a lot of missed potential!
Underestimating the Power of Email Lists:
Emails are not just for marketing; they are a lifeline for building a loyal customer base. By gathering email addresses and using them to communicate with customers, dispensaries can significantly enhance their retention efforts.
With the right tools, you can reconnect with these customers based on their shopping habits and preferences. It’s like having a secret weapon that helps you bring back customers and boost revenue.
New dispensaries can address these challenges with Tact Firm and their team’s tailored strategies designed to recover lost revenue and enhance customer loyalty.
Building A Retention Engine
So, how does Tact Firm put their skill to action? The team employs a structured approach to creating a retention engine for their dispensary partners focusing on the following key points:
Data Deep Dive: The process begins with a comprehensive analysis of key retention metrics.
Tact Firm examines opt-in rates, loyalty rates, retention rates, and lost revenue to identify areas of opportunity. This data-driven approach helps the team pinpoint where improvement can have the greatest impact. At this step dispensaries uncover hidden gold mines of revenue waiting to be tapped.
Revenue Recovery: Next, Tact Firm focuses on recovering revenue by re-engaging customers who have not shopped in over 60 days.
For example, within just two months, they recovered $96,000 for a Michigan-based store. This involves targeted campaigns designed to bring back lapsed customers and reinvigorate their interest.
For many dispensaries, this is where the transformation truly begins.
Engagement Galore: Keeping current customers engaged is where Tact Firm shines. The team employs strategies at this level to support ongoing customer engagement.
This includes sending weekly messages, tailored to customers’ preferences, purchase history, and spending habits. As an added bonus, they help stores increase customer opt-ins – building a robust list of potential repeat buyers.
Turning Newbies Into Regulars: Lastly, Tact Firm concentrates on converting first-time shoppers into loyal regulars. Their goal is to get these customers to shop more than five times, which contributes significantly to revenue growth.
This strategy focuses on encouraging customers to make multiple purchases, boosting the store’s revenue without needing to attract new customers.
With this innovative “Retention Engine” strategy, Tact Firm is helping increase revenues for dispensaries of all levels. Whether you’re just starting out or trying to make waves in an oversaturated market, Tact is there to help.
By avoiding common pitfalls, leveraging data, and engaging customers in a meaningful way, ordinary stores are able to become revenue powerhouses in no time. Their work exemplifies how focusing on existing customers can lead to impressive revenue recovery and long-term business success.
For any dispensary looking to increase revenue, Tact Firm is the partner to have in your corner.
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