Green Wednesday: Maximizing Revenue During the Biggest Cannabis Sales Day
Green Wednesday, Thanksgiving, and Black Friday are approaching, and for the cannabis industry, these three events present a tremendous opportunity to maximize revenue. In fact, Green Wednesday and Black Friday have been identified as the third and fourth biggest sales days in the US, surpassing even popular cannabis holidays like 420 and 710. To help you make the most of these occasions, we have gathered insights from various sources and compiled a list of effective marketing promotions and strategies. Whether you are a retailer or a brand, these tips will help you boost sales and attract new customers during the holiday season.
Understanding Green Wednesday and Its Significance
Green Wednesday, also known as the cannabis industry’s Black Friday, falls on the day before Thanksgiving. It has gained traction as a major holiday for cannabis consumers, with significant discounts and specials being offered by dispensaries to attract customers. The concept of Green Wednesday originated from the observation that sales tend to spike shortly before Thanksgiving, whether due to store closures, the desire to relax indoors, or the need to stock up on cannabis products for the holiday period.
According to data from Headset, Green Wednesday sales have consistently grown year-on-year since 2016. In 2019, sales were 40% higher than the average for the previous four Green Wednesdays. In 2020, dispensaries saw an impressive 80% increase in sales on Green Wednesday, generating a record $238 million. This surge in sales has made Green Wednesday the second biggest commercial cannabis day of the year, surpassing even Black Friday.
Tips for Maximizing Sales on Green Wednesday
To make the most of Green Wednesday, it’s crucial to plan ahead and implement effective marketing promotions. Here are some strategies that have proven successful for retailers:
1. Start Early and Offer Doorbuster Deals
Green Wednesday grosses the highest sales among the three events, so it’s essential to get started early and offer compelling discounts. Consider selecting 1-3 popular items that you can reasonably discount as “doorbusters.” Use keywords like “doorbuster” to signal that the pricing is exceptionally low. This tactic creates a sense of urgency and encourages customers to make purchases.
2. Promote Popular Edibles Brands
Edibles are a popular choice among cannabis consumers, especially during the holiday season. Promote well-known edibles brands such as Kiva, Wana, and Wyld, but make sure to discount these items strategically to avoid eroding profits. Offering discounts on popular brands can incentivize customers to make purchases and increase overall sales.
3. Implement “Spend More, Save More” Deals
Encourage customers to spend more by offering tiered discounts based on their basket size. For example, you can set up a deal that offers 20% off if customers spend $100 or more. Communicate the benefits of larger orders, emphasizing that they are the most cost-effective way to shop. This strategy can increase the average transaction value and drive sales.
4. Create an Incentive to Shop on Green Wednesday
To increase traffic on both Green Wednesday and Thanksgiving, consider running a raffle where customers can enter on Green Wednesday, with the winner drawn on Thanksgiving. This not only boosts sales on Green Wednesday but also provides an additional incentive for customers to shop during the holiday period.
Making the Most of Thanksgiving
Thanksgiving, although not as popular for sales as Green Wednesday, still presents an opportunity to capture sales if you approach it strategically. Here are some tips to maximize revenue on Thanksgiving:
1. Focus on Discrete Products
On Thanksgiving, many customers are likely heading to family or social gatherings. Consider promoting discreet products such as edibles, which allow consumers to consume cannabis without drawing attention. By catering to customers’ need for privacy and convenience, you can attract sales on this day.
2. Highlight Store Hours and Openness
While many retailers are closed on Thanksgiving, make sure to inform customers that your store is open and provide the operating hours. This reminder can be communicated through email, SMS, social media, and in-store signage. By being open on Thanksgiving, you can attract customers who may be looking to purchase cannabis products during the holiday.
3. Offer Thanksgiving-Themed Discounts
Create Thanksgiving-themed discounts, such as “Thankful for You” promotions, which can be a percentage or dollar amount off the customer’s purchase. This type of promotion appeals to the holiday spirit and can encourage customers to shop at your store.
4. Use Humor and Puns
Utilize humor and clever puns in your marketing messages to engage customers and make your brand memorable. For example, consider a promotion titled “Something to Roast before Digging into Your Roast.” A well-executed pun can go a long way in grabbing customers’ attention and building rapport.
Making the Most of Black Friday
Black Friday is typically a busy day for retailers, and the cannabis industry is no exception. Here are some strategies to make the most of Black Friday:
1. Provide Stress Relief
Acknowledge the stress associated with Black Friday shopping and position your products as a source of relief. Highlight the relaxing and calming effects of cannabis, emphasizing that your store offers a reprieve from the chaotic shopping experience.
2. Promote Black Friday Deals
Keep your Black Friday promotions straightforward and easy to understand. Use messaging such as “Check out our Black Friday deals” to inform customers that your store is offering discounts and specials. Clearly communicate the benefits of shopping at your store on Black Friday to attract customers.
Determining Optimal Discount Levels
Determining the appropriate discount levels for Green Wednesday, Thanksgiving, and Black Friday requires careful consideration. While average discounts for Green Wednesday, Thanksgiving, and Black Friday have been reported, it’s essential to analyze your specific product categories and basket sizes to maximize profits. Tailor your discounts to each category and set thresholds for triggering discounts based on basket size. By strategically managing discounts, you can drive demand without eroding profit margins.
As some of the biggest cannabis sales days approach, it’s crucial for retailers and brands to prepare marketing strategies that will maximize revenue. Green Wednesday, Thanksgiving, and Black Friday present unique opportunities to attract new customers and increase sales. By implementing effective promotions, focusing on popular products, and offering enticing discounts, you can make the most of these holidays. Remember to analyze your specific category and customer preferences when setting discount levels to ensure profitability. With careful planning and execution, you can make these holidays your most successful sales events of the year.