To great success On petrol Spotlight on the cannabis market in California conference held in Los Angeles on February 22 Matt Shterenbergco-founder of Deeproots Partnershared his vision on optimizing cannabis retail through technology, underlining a principle that seems simple but is revolutionary in practice: “Keep it simple.”
An in-depth look at optimizing retail technology
The conversation, led by Rachel Wright From Highly capitalized AND 420 CPA, revealed the complexities behind a successful retail operation in the cannabis industry. Shterenberg began by outlining the challenges retailers face, highlighting the plethora of technology stack options available. “Retailers have so many different choices… They all have different costs, they all come to different investment points,” she explained.
Partner of Deeproots, an SEO agency focused on dispensaries, sits at the intersection of technology and retail, helping clients navigate the multifaceted world of e-commerce, website development, and POS systems. Shterenberg’s approach is holistic, considering every aspect of the retail technology stack, from in-store experiences like kiosks and tablets to the nuances of payment systems and online viewability platforms.
The essence of customer acquisition and retention
At the heart of Shterenberg’s strategy is the concept of direct customer acquisition. He highlighted the inefficiency of relying on third-party marketplaces for visibility, instead advocating that dispensaries capture traffic independently. Using compelling data, she compared search volume for “dispensary” to specific market names, highlighting the untapped potential of a direct online presence. “Our job as a retailer: get that traffic yourself,” she said, arguing the importance of owning customer data and lists through the effective use of SEO and digital marketing strategies.
Loyalty and efficiency: the pillars of success
Shterenberg touched on the critical role of loyalty programs in customer loyalty, advising retailers to choose systems that align with their business goals and cautioning against the allure of complex solutions that may not provide additional value. He shared anecdotes of companies achieving significant savings and sales increases by simplifying their technology stacks, moving from custom platforms to simpler, more cost-effective solutions.
A call to action for retailers
Toward the end of the panel, Shterenberg summed up the essence of his message: the importance of simplicity, thorough vetting of technology partners, and strategic alignment of technology with business objectives. “These pieces of technology are the lifeblood of your business and should help you make money,” she concluded, offering a mantra for the modern cannabis retailer seeking profitability in a competitive market.
The conversation between Wright and Shterenberg has emerged as a model for survival and growth in the ever-evolving cannabis industry. For more pioneering discussions and networking opportunities, join us at Benzinga Cannabis Capital Conference in Hollywood, Florida on April 16 and 17, 2024.