Creating Your Competitive Advantage: Part 1
Welcome to our Cannabis Operators Blog and to our Learning Community!
In previous blogs, we have shared data to support the case that employee turnover costs your operation substantial money, time, stress, and decreases your customer’s experience.
If you would like to have an industry “competitive advantage” leading to Increased productivity, greater employee retention and lower costs, it’s time to focus on why your employees are “jumping ship” and strategies to retain them.
When we use the term “competitive advantage" in the Cannabis industry, we are referring to those systems you have in place that differentiate you from your competitors. In Retail operations, walk into any of the thousands of dispensaries and what will you see? Basically, the same thing. Kim & Mauborgne refer to this as swimming in the “Red Ocean”.
Dispensaries that entered the industry early were the “Blue Ocean” swimmers. Original. Unique. But as the years have passed and dispensaries are plentiful, they and every dispensary that opened later are now in the “Red Ocean”.
Occasionally an operation might find a new niche that hasn’t been tried before, but they will soon be copied and forced back into the Red Ocean.
All dispensaries have a “Market Zone”. The Zone is the geographic area where their customers live or work. A dispensary would need to create and execute something very appealing to draw customers from other Zones. So, barring new subdivisions, corporate offices or businesses, your customers are who they are. They’re the only ones you are going to have.
What is the correlation between a great customer experience and employee turnover? It’s simple.
In any retail industry, customers are looking for more than advice, they are looking for a shared experience. They don’t just want a transaction; they want a relationship. Positive relationships will increase your customer’s experience and expand your Market Zone. People will travel further for a better experience.
If it isn’t becoming obvious by now, a fantastic guest experience will increase your profits. Unless of course, your store is a dump.
If you have no competitive advantage with facilities and products, it’s your team members that will make the difference.
Countless studies have proven that employee turnover has a negative impact on customers. The friendly face that knew my name was there yesterday and gone today. The knowledgeable experience they received yesterday…….. The professional attitude is replaced by slang and sloppy appearance. Creating the best “customer centric” culture will not be realized with a continual change of team members.
YOUR TEAM MEMBERS are your COMPETITIVE ADVANTAGE!
Please join us for Part 2 of our Creating Your Competitive Advantage Blog to learn more about how to retain the team members you want to stay.
Thank you for joining our learning community. As always, if you have any questions about employee engagement and creating your competitive advantage, do not hesitate to contact us. We are here to help you simplify your operations!