Cannabis is a competitive industry, and there are usually many different brands vying for retail shelf space in every product category. Of course, every brand should be able to tell its own story and have a solid selling proposition about quality, origin, and price. But understanding the competition is also really important. Using information about the competition can be huge in getting into new doors and expanding shelf space.
Want to outsmart your competitors? Here are some ways you can use information about your competition to help you get in new doors and expand shelf space.
- Target your competitor’s accounts. Sometimes you can tell a store is likely to be interested in stocking your product if they stock certain other brands. For example, stores that already stock premium concentrates could be more likely to stock more SKUs, since they have determined that their customers are interested in such a product. You can use Pistil to find out where any brand is for sale, and use that information as a way of finding likely prospects.
- Hit ‘em where they ain’t. Alternatively, you may want to focus on stores where your competitor is not on the menu. Pistil lets you filter prospects this way to find stores where you aren’t head to head with another brand.
- Use Winbacks to grab shelf space. Pistil tells you when your brand is out-of-stock at a retailer. But you know what? You can also use Pistil to see where your competitors may have dropped off the menu too. As soon as your competitor is out-of-stock is a great opportunity for you to step in and grab their shelf space.
- Beat your competitor on price. Sometimes you have the ability to undercut your competitors on price. Using Pistil, you can see the retail price of every one of their products in stores across your state. Targeting stores with a wholesale price that would allow the retailer to lower prices (or capture more margin) is sometimes an effective way to get into a new retailer.
Sales intelligence about your competitors is one way that Pistil can be your “secret weapon” in reaching your sales goals. If you want to hear more about how Pistil can help you get in new doors, expand shelf space, and get faster reorders, request a demo below or contact your customer success representative.