Pot Economics: 5 Things Successful Businesses have in Common
It is a suppliers dream to “own” a percentage of the market. To stay on top, suppliers must meet the demand of consumers and compete with other suppliers. That is why it is important for suppliers to understand and adopt the qualities a successful supplier retains, and for the supplier to market their business to try and gain an edge on their niche. All successful businesses have a few things in common:
- They carry high quality products;
- They contribute socially;
- They have plaques on their wall.
- They have brand awareness; and
- They know how to collect, retain, analyze and utilize data
And as follows, they have repeat customers.
High Quality products
High quality products assure consumers that they are dealing with the best of the best as far as products go. If you are a retailer and you sell low quality products consumers will not be interested in what you have to offer; consumers know they can get better quality products for the same price or maybe even cheaper somewhere else.
Many big businesses give back to the community. This benefits the community and helps professionalize and legitimize the industry. When voters in Colorado approved legalization, they dedicated the first 40 million dollars from the excess tax to go to schools. Giving back to the community including the Fire Department, Police Station, and town council(s) will help keep your business in good standing with the community.
Social contributions also help market your business and get your brand name out there. Individuals are more inclined to support a retailer when they know their money is going to a good cause.
Plaques on the wall
Plaques on the wall are a sign of prestige and give consumers assurance. It lets the consumer know that they are shopping with a trusted retailor who has some sort of certification for being a good business. They may even have plaques on the wall for award winning products that they carry or for having service that is award worthy.
Consumers prefer to shop with stores/brands that they are comfortable and familiar with. This is why it is important for you to market your business and to network as much as possible. Doing so can and will bring in new customers. Consumers prefer to shop at places where they are familiar with the business, service, brand and the quality that comes with it.
By networking as much as possible, you will eventually meet an individual and find that you can be assets to each other.
Successful businesses have a team that collects and reviews company data and then implements ways to utilize the analyzed information. The data team’s duties can include, but are not limited to, gathering data, analyzing data, developing business solutions, and making business improvements that advance the company toward the business’s goals.
Having a team review and analyze what works, what didn’t work, when sales went up, and why sales went up would allow you to correlate events in the business’s history to certain economic outcomes the business experienced.
Every successful business heeds the previously referenced qualities and acts on them. As follows, the successful businesses have repeat customers. This is because consumers feel most comfortable giving their hard earned money to a business that they know they can trust, is in good standing with the community, and supplies high quality products. That is what makes a retail store a consumers “go-to”.
Once you are a consumer’s go-to store and you have all the qualities that a successful business is known to have, what will bring your business to the next level? The answer is the same as what you will learn in an economics course: technology.
Technology not only changes how we do business, it also changes how we think. One of the main focuses in technology is cost and efficiency. A successful business is highly efficient at the lowest cost possible. In the future we will see technology play it’s part in the industry to make life easier for consumers and make businesses more profitable for suppliers.
To learn about the Demand Side of the economy head over to HailMaryJane.com to read part one of this article.
Patrick Thompson is a freelance writer and the Co-Founder of OpenStrain. Patrick studies economics at Rutgers University as he pursues his ventures in the cannabis industry. He currently writes for CannaBusiness, HailMaryJane, OpenStrain, and Oogeewoogee.