Introduction
Today we’ll be covering:
- What you should be looking for
- How to access crucial information about your competitors
- Why you need to check this data regularly
A little background on myself: I’m the CEO and founder of Foot Traffic. I bring 20 years of marketing experience, technology, and work in the cannabis space for about eight years now. I’m passionate about advertising and marketing.
About Foot Traffic
We are a dispensary advertising and software company. At any given time, we work with upwards of 400+ dispensaries and delivery services throughout the United States, Canada, and beyond. Keep an eye out for us in Puerto Rico, Jamaica, and other regions where cannabis is legalized.
Housekeeping Items
Before we get started:
- Cell phones: We love them—they’re part of our business—but they can be distracting. Please put your cell phone on your desk, do not disturb, and face it down so you can focus on the webinar.
- Familiarize yourself with Zoom: There’s a Q&A function at the bottom (next to the cloud icon). You can ask questions there, and we will answer at the end. We have moderators to assist.
- Stay tuned: We have special offers for attendees that I’ll be sharing at the end.
Why Know Your Competition?
Knowing what your competitors are doing is crucial for running a successful business. If you want to be at the top, you need to keep an eye on your competitors so you can actively compete with them.
Dispensaries don’t operate in a vacuum, and maintaining customer loyalty is more challenging than ever. To keep customers coming back, you must differentiate yourself and offer something they can’t find elsewhere.
We’re not advocating for copying your competitors’ ideas. Instead, we’re about learning from others and improving upon their strategies—like sports teams reviewing game tapes to improve.
How to Spy on the Competition
1. Identify Who Your Competitors Are
Run a search for dispensaries in your area to conduct market research. If your market has few dispensaries, consider widening your search. While you shouldn’t target customers from far away, knowing how others operate is valuable.
2. Monitor Products
Your product catalog is key to attracting customers. Use online menus like Duy or Jane to see what brands they carry and their prices. Not all in-store products will be online, but you’ll get a good idea.
Some dispensaries try to compete by offering more products or lower prices, which can be challenging. If you carry a smaller, targeted selection—like only organic products—you can appeal to a niche. Larger offerings and competitive pricing help if your goal is to be the go-to dispensary.
3. Follow Them on Social Media
Follow competitors from your personal account to see how they interact with potential customers, what content they share, and engagement levels. This helps you understand which platforms are effective.
4. Use RSS Feeds
Follow their blog posts with tools like Feedly, which allows you to see all their updates in one place. This can reveal their brand voice, events, and what they value in their customers.
5. Set Up Google Alerts
Create alerts for industry news and your competitors. This keeps you informed about mergers, new products, press releases, and regulatory issues. Also, set alerts for your state’s cannabis regulatory agency to stay updated on policy changes.
6. Check Their Reviews
Read reviews to gauge customer sentiment—what they like or dislike about your competitors. This feedback can guide your own improvements, such as adjusting pricing or stocking popular brands.
7. Sign Up for Loyalty Programs
Use a personal email to sign up for their loyalty programs, deals, and event notifications. This insight helps you understand how they build customer loyalty and what incentives they offer.
Analyzing Competitors’ Operations
8. Visit Their Dispensaries
Experience their layout, music, security, staff training, product displays, and technology. Notice what makes the buying process enjoyable—like kiosks or digital menus—and consider how you can incorporate similar features.
9. Improve Your Website and SEO
Evaluate their website’s performance. Is there a live chat? Easy navigation? SEO strategies? Search traffic is a major driver of online sales. Use tools like Ahrefs or SEMrush to analyze their keywords, backlinks, and content gaps. This helps you identify opportunities to outrank them.
10. Run Digital Ads
Create targeted ads to stay top of mind. Use geotargeted display ads to showcase your advantages—more brands, better discounts, or unique offerings. Run Google Ads targeting their brand keywords with special deals for new customers.
Strategic Actions Based on Research
- Product Offerings: Adjust your catalog based on what competitors carry or price.
- Deals and Promotions: Use their sales as inspiration for your own, aligning with your brand.
- Store Experience: Incorporate technology or layout ideas that improve customer experience.
- SEO & Website: Optimize your site to rank higher and improve user experience.
- Advertising: Target their customers with tailored ads, emphasizing your strengths.
Final Thoughts
Monitoring your competition helps you maintain and grow your market share. Whether you’re in a crowded market or a single dispensary area, understanding what others are doing provides a pathway to increase sales and dominance.
Questions & Answers
Q: Can you run Google ads targeting your competitor’s brand name?
A: Yes, you can bid on competitors’ brand names. There’s no restriction, but it can be costly because you’re bidding against their authority. Be aware of the ethical considerations—your competitors might do the same, leading to a bidding war.
Q: How long does it take to outrank your competition on Google?
A: It varies. SEO depends on factors like domain authority, backlinks, reviews, and website performance. It can take at least 90 days to see significant results. Alternatively, Google Ads can produce immediate visibility—your ads can go live within about four days after approval.
Closing
Feel free to reach out to us anytime. Thank you for spending your time with us today. We appreciate your attention.
Special Offer: You’ve qualified for a free Yeti branded by Foot Traffic! Please contact us to schedule a call. Once you provide your shipping info, we’ll send you the Yeti and possibly other swag.
Thank you again for attending. Stay safe, and have a great day!