Our retail owner, John, was a little frustrated with CBD because he had too many brands on his shelf and only 1/3 of it was moving. I asked him some of the basic questions, why did he have so much product? Why so many similar products? What is the difference between product A, B and C? He says that he hadn’t evaluated his products in that way. He told me that he put products on his shelf that customers either requested OR in the early days, what CBD had great packaging.
I explained to him as a sales and marketing company, we help customers incorporate a strategy to effectively sell CBD. After review, it was clear this customer did not have a solid sales strategy. Too much inventory, crap product and the sales team, (budtenders and associates) had little to no education on the products they sold. We assisted him in inventory management, improving product quality and maximizing revenue. We built some strategies around selling CBD and we redid his inventory from top to bottom. We discussed the products that are actually popular and selling in the market. Next, discussed carrying product that you know is high quality and the reasons why. We also made recommendations on products for everyone and hitting every price point. We also noted in our visits that the “associates” had little to no knowledge on the products they sell.
At the end of the day, he went from 46 CBD products to 16. He now only stocks high quality products that have COA’s on and he can strongly recommend them. He also has products in each price range. Low – Medium -High. And we gave his team 2-30 minute webinars on the “value” of CBD, why people use it and the effectiveness.
John tells me today, 90 days later, one of the best decisions he made was sitting down with the specialists at Michigan Select Distributors to help him develop a real strategy to sell his CBD products. “Working with Mike at Michigan Select Distributors was a real eye-opener for my business. I thought I was doing a decent job of selling CBD, but I quickly realized that I didn’t really have or know my vision around CBD. With MSD’s assistance, our inventory is down, sales are up and our staff is much more engaged with the customers. I would recommend MSD’s services to anyone looking to improve their CBD sales.”
