Indie Retailing 101: 2023 Product Planning
Aaaaand we are back!
We been busy working away to create some great content for you in 2023. The first newsletter this week is a friendly reminder about your private label orders for 420.
Getting ready for 420 in 2023 is as easy 1-2-3.
(1) Product Planning
April 20th, or 420, the highest of cannabis holidays, has consistent, quantifiable increased cannabis and cannabis accessory sales. Can you capitalize on this holiday with a simple order of custom papers?
Well you can, but with a little more consideration, you can leverage a better product plan to drive more traffic to your store:
Custom lighters can be a great giveaway or gift with purchase
Custom rolling papers, the billboards of our industry, are also inexpensive enough to serve as a marketing only tool, with no plans to sell them
Kitting together a lighter, papers, and 510 battery as giveaways in-store, at festivals/parties, or for social contests can be highly engaging to build your followers and customer base
The lead up to 420, January, February, and March, can be a great time to discount your old inventory to make room for your custom product. When your custom wants papers, why not sell yours for a better margin and the added marketing touchpoint?
(2) Add Artwork
Good design takes time and costs money, but pays dividends. Yes, you can slap your logo on a lighter and hope for the best, but our experience has been that this isn't successful from a sales point of view. Spending a little extra with your, or our, graphic designers can generate many captivating artworks that can make your branded lighters, 510s, grinders, papers, or ashtrays pop on shelf.
Artwork often takes 2 weeks to move from concept stage, 1-2 rounds of feedback, and then the creation of production ready files. Investing in design is an important step, as it often means getting your investment on the inventory back much quicker. Quicker turns means more cash flow and higher profits.
Hitting the go button on your order is the best part of the process. But its also important to plan for how long this will take. Supply chains are improving, but some are still quite delayed. Here is a helpful list to plan your 420 private label orders but always add a buffer for any unforeseen delays:
510s - 5 weeks
Rolling Papers - 3 weeks
BIC Lighters - 4 weeks
Clipper Lighters - 3 weeks
Grinders - 5 weeks
Ashtrays - 5 weeks
Here is a great, but old, video of how BIC makes, and ensures the quality of their ubiquitous lighters.
What's the Toke Away?
(1) PLAN, PLAN, PLAN - Plan your purchases to ensure your can sell through quickly, and leverage your product for marketing purposes.
(2) DESIGN, DESIGN, DESIGN - Good design = good sales. We don't recommend overlooking this step even though there is a cost associated with it.
(3) PRODUCE, PRODUCE, PRODUCE - Consider production lead times, and a safety buffer so you can have product on shelf in time for marketing efforts ahead of 420.
Interested to Learn More?