Managing customer retention is an important part of not only growing but sustaining your business. Not only do repeat customers bring in sales but they also help you understand how satisfied your customers are, and if there are any red flags with your business. Growing your relationships with customers and marketing to their specific needs, can help your business flourish. We meet with Stemless a retail marketing platform to chat about how to build a marketing campaign to retain customers.
Video Transcription
Harry Brelsford 0:02
Hey 420MSP I am with one of the logos. Welcome to the ecosystem. Koshi stemless how are you doing?
Koushi Sunder 0:16
I’m good. How are you?
Harry Brelsford 0:17
Good, good. Boy, I sure appreciate you reaching out after I published one of my columns, a Marijuana Venture magazine for a couple reasons. First of all, you had some good feedback. Number two, you read the piece. That’s always a little bit of a mystery, right? Like you’re that am radio announcer in Tacoma, Washington. And you wonder, is anybody even listening out there in the radio lab? So I thank you that that that gets me excited. That gets me up in the morning. What I’m looking up to the left, what is stemless? What is your story?
Koushi Sunder 0:52
Sure, yeah. So Stemless is a marketing tool that dispensaries use to increase their revenue. Basically, what we do is we look at a dispensary data. And through that we can uncover their guests behaviors or actions and their most likely outcomes. So our platform reveals the store’s most valuable guests. We entice new users to become repeat users and we entice repeat users to become loyal fans.
Harry Brelsford 1:24
So it sounds like a combination of analytics at some levels. And then, but also, a marketing motion offers incentives loyalty, I’m just doing some word soup is that it’s kind of a couple things.
Koushi Sunder 1:40
Absolutely. So we help dispensaries execute on their promotional objectives. But then we give them meaningful data on what those objectives are, what those executions actually lead to, in terms of what they care about most right, which is sales. And so you know, if they if they send out a text message, who of those recipients actually came into the store? What did they spend? What did they buy? How often do they tend to buy? When did they last buy from you, these are the types of things that we care about. And then on top of that, we also help them identify who should receive what type of marketing messages, right, I mean, you know, if you have someone that is solely buying concentrates, your marketing dollars may not be well spent sending them, you know, a general blast about your sale on flowers, they might not care. And so we help identify the people that are most likely to respond to their marketing messages so that you know, they conserve their marketing dollars to be as efficient as possible. And then they actually see some great returns on those on the spend as well.
Harry Brelsford 2:51
Yeah, I I like it a dispensary that I used to go to in the Seattle area Kitsap County, and I used to back email to sign up for their newsletter and their promotions. And there’s, there’s a story behind that because I’m not comfortable revealing my identity in this realm. Right? I do have some privacy needs. And without a respecter, it’ll You know, that’s, that’s a boundary for me. But to get to the point, they send out a generic Friday email out of constant contact, it’s typically about the Deal of the Day or the deal of the weekend, Superbowl weekend or March Madness. That’s good. I mean, they’re doing it and they’re doing it consistently. But Koshi it’s not meeting my needs, right? They’re not talking specifically to me and what I want to buy in here and that kind of thing. Does that make sense? Sounds like you take it to another level.
Koushi Sunder 3:49
Absolutely. Yeah. So we you know, we definitely have stores that are our clients that like to do that we like to encourage our clients to focus more on giving people the messaging that they want. So I think, you know, everyone wants a good sale, right? Everyone likes a deal on the things that they’re buying. But what’s important is that those sales need to speak to what you actually want to buy. And so I think that’s where Stan was really fills in that gap is we help stores identify who wants what deals send them to just those people and you know, obviously all of this is very automated just based on what’s happening in their POS. So it’s not like stores are actually like you know, finding these random people in in putting them together we do all that on the back end. And then all they need to do is send out these campaigns.
Harry Brelsford 4:37
Yeah, cool. Well, I think I think I got it so we’ll check back next quarter. And again, welcome to the world of Cannatech logos and we’ll check in quarterly what’s news a lot of change going on in the industry all of a sudden it’s it’s speeding up.
Koushi Sunder 4:55
It is it is can’t wait for federal legalization.
Harry Brelsford 4:58
There we go. Hey, maybe next quarter when we talk it’ll happen. All right. Take care. Thank you so much.
Koushi Sunder 5:03
Thanks for having us.
