Prices for All
For many of us, the first step when logging on to online shop is to sort the price from low to high. Whether it’s clothing, home goods, beauty, or anything in between, even the splurgiest shops will usually have less expensive items so customer hopefuls who can’t afford the hero products can still, at the very least, show their brand loyalty (see: Armani socks).
In the cannabis accessories market, this same principle applies: from investment pieces to throw-in-the-bag extras, you must ensure that your potential clientele are represented in all price ranges — even if it’s as simple as a sticker — not just your most elite.
White Label to Position Your Brand
One of the simplest ways to do this, besides diversifying your buying, is through custom-branded merchandise. Whether you’re looking to put your logo on a matchbox or a pack of rolling papers, Burning Tree offers customized white-label goods to help your biggest fans spread the word about your brand, whether they can afford it or not. The fun doesn’t stop at cannabis-adjacent accessories, though — open your mind to mugs, water bottles, and more that fulfill your vision. Even better, when you upgrade a common accessory — like switching from a BIC lighter to a refillable option — you further entice the customer to stray from pharmacy-stocked options. These can also be great options for influencer gifting or corporate sponsorship giveaways; if popular content creators post, their followers will come.
Add in Hero Products
At the same time, you likely also want to maintain a certain level of prestige. This is where your hero products come in, like your larger pieces and more expensive accessories. This adds a level of desirability to your lineup, while still ensuring everyone can have a piece of the pie. Burning Tree’s product development services can assist you in bringing your most important product visions to life as you develop a fully bespoke line.
Don't Forget the Middle
Once you outfit both ends of your price range, you must fill in the middle gap with a medium price point that is both accessible and sufficiently values your work. When most of your consumers are used to gas station pipes and headshop bongs, they’ll be willing to invest in something more tailored to their own aesthetic and of higher quality, but there is a ceiling. There is a fine line between pricing for perceived value and pricing to sell.
If you own a cannabis boutique instead of your own line, keep this in mind as you’re buying products and stocking your space. Incredible glassware is great, but too much and it will feel like a museum — not a place to shop.
What's the Toke Away?
(1) WHERE ARE YOU? - Get your brand on the shelf as a private label good to offer a new price point for your customers.
(2) A LITTLE HERO - Hero products are a must as aspirational purchases, gifts, and store props. Just don't overdo it as they don't turn fast.
(3) THE MIDDLE IS A MUST - Make sure you've got great product selection in the middle. Affordable and good quality options for most of your consumer base.
(4) MERCHANDISE FOR SALES NOT FOR SHOW - Stunning glassware is beautiful but you are running a retail business not a museum. Buy accordingly..
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