Cannabis Trade Shows and Pop Up Shops - Are They Right For You?
Cannabis Trade Shows and Pop-Up Shops - Are They Right For You?
If you're considering cannabis trade shows and pop-up shops as a marketing strategy, consider many factors. Cannabis trade shows and pop-up shops have been around for a long time now. Still, they've seen a resurgence in popularity recently with the legalization of recreational marijuana in some states. In this article, we'll discuss if these events can help your business succeed or if it's just another way for companies to exploit you.
What is a Cannabis Trade Show?
Cannabis trade shows occur in multiple locations to buy and sell different items, such as wholesale cannabis products or accessories. Cannabis pop-up shops typically only appear for a few days at a time.
For this reason, they don't get caught up with business licensing requirements like some dispensaries do. However, there is still an opportunity to make money off them if people visit properly marketed booths. The more popular ones might even have music and food vendors present too.
This allows attendees to purchase while also experiencing new brands and flavors of things they've never tried before, making it easier for businesses to attract potential customers. In addition, these types of trade shows will often include free samples provided by exhibitors to increase brand awareness.
How Much Does It Cost To Attend A Cannabis Trade Show?
Some events are free, but most cost money because you usually must register in advance for them - especially if they're happening at a convention center where space is limited, and costs are high. This can be not very pleasant because not everyone who wants to attend will necessarily have the funds available to do so right away.
That is because most people will participate after seeing the rates online or calling about discounts or payment plans ahead of time. This can also include breaking up payments into installments over several months instead of having everything due upfront. If your business does well enough after attending one trade show with decent returns on investment (ROI), this could quickly become worth doing again and again.
Businesses Benefit from Cannabis Trade Shows and Pop-Up Shops
There are many different types of businesses that can benefit from cannabis trade shows. Still, the most successful ones are typically those who make or sell products related to marijuana in some way, such as dispensaries, growers, edible makers, and paraphernalia distributors.
These events allow retail stores to buy wholesale items at discounted rates which is great for business owners to purchase more inventory without spending too much money upfront. There are also usually educational panels and demonstrations throughout the day so people can learn about new techniques or products, so it's a great place to network with other industry professionals.
What are Pop-Up Shops?
Cannabis pop-up shops are usually made to promote new products or brands, so they tend to only last for a few days at most. They don't always have the same things that trade shows do.
Still, it's an opportunity for businesses and entrepreneurs looking to get into the industry without having their brick-and-mortar stores. You can purchase booths according to time slots instead of buying them outright, as some conventions centers might require. Pop-up shops typically cost more per day than trade show booths.
So, your ROI will depend significantly on how much money was spent upfront compared with what sales occurred during those timeslots. This means there could be losses in addition to profits, so it's essential to do your research beforehand and have a solid business plan in place. Following are some tips to help you get started with Cannabis Trade Shows and Pop Up Shops.
- Do Your Research
This is probably the most important thing you can do when preparing for any business event. This will help you make better decisions, but it'll also save you money in the long run. Unfortunately, there are a lot of scams out there, so be sure to vet any potential vendors or service providers before signing anything or handing over any money.
- Have a Solid Business Plan in Place
This is something you'll want to revisit often, especially if things aren't going the way you planned. Things can change quickly in the cannabis industry, so it's essential to be flexible and ready to adapt as needed.
Planning and preparation are essential when attending any cannabis event, whether a trade show or pop-up shop. By doing your research ahead of time and having a well-thought-out business plan, you'll be able to make the most out of your time spent at these events.
- Timing is Everything
When it comes to cannabis trade shows and pop-up shops, timing is everything. Make sure you're aware of the dates and times for these events well in advance to plan accordingly. This will help you attend the most relevant events to your business goals.
- Have Honest Conversations
This is another excellent way to learn more about what's happening in the cannabis industry and make valuable connections. Industry professionals are usually happy to share their insights and experiences, so don't be afraid to ask around or attend networking events. You never know who you might meet.
Attending cannabis trade shows and pop-up shops can be a great way to learn more about the industry, network with other professionals, and find new products. Just make sure that you're well-prepared ahead of time to make the most out of these events.
- Make Them Educational
It's always a good idea to take advantage of any learning opportunity, especially cannabis. This is your chance to see new products and services that might interest you or benefit your business. Maybe there will even be something new and innovative on display.
Even if it doesn't seem relevant at first glance, make sure you ask about everything since they never know what might pique their interests down the line. You'll also want to try out different types of products to determine which ones best suit your needs. Just remember that not everyone selling items is an expert in all things related to cannabis.
Trade shows are probably the better option if you're looking to buy products at discounted rates. However, if you're looking for a condensed way to promote your new product or brand, pop-up shops might be ideal.
Ultimately, it's best to attend both types of events so that you can make comparisons and decide which is better suited for your needs. Whichever route you choose, make sure that planning and preparation are done ahead of time because you will want to make the most out of your time at these events.
- Learn from Your Mistake
Things can change quickly in the cannabis industry, so it's essential to be flexible and ready to adapt as needed. This also goes for any mistakes that you might make along the way. Learn from them and move on - don't let them hold you back from achieving your business goals.
You'll inevitably make some mistakes when attending cannabis trade shows and pop-up shops, but that doesn't mean you have to let them bring you down. Instead, learn from them and use them as a learning experience to help improve your business strategy. By doing this, you'll be able to stay ahead of the competition and continue succeeding in the cannabis industry.
- Be Selective with Your Products
Make sure you only bring the right products for your business needs. If they don't match up with your target audience or brand image, leave them at home instead of bringing them along to these events, where they might be a distraction from what's truly important.
Even if it seems like a good idea, in theory, always keep in mind that trade shows and pop-up shops will be jam-packed with people who aren't necessarily there to purchase goods related to cannabis.
With so many different factors affecting how well (or poorly) things go, it's always best to plan to stay on track with your business goals. It might not seem like a big deal if something doesn't go as planned, but those small mistakes could add up quickly and have a negative impact down the line.
- Give Stuff Away
Although you might be tempted to focus solely on sales, it's always better to give away things for free whenever possible. This will help build up your brand image and create a more favorable impression with potential customers since they'll be able to see the items in person before making any purchases.
It can be hard not to focus on sales when people everywhere could potentially want something from you. First, however, planning comes into play since you need time to determine what types of products or services would work best during these events.
If that means giving some stuff away, do it, even if there's no immediate benefit. But, on the other hand, there may be a long-term benefit that you're missing out on, so it's best to go into these events with an open mind and be willing to adjust your business strategy as needed.
There's always a chance for things to get lost or overlooked entirely with much going on. This is why creating flyers/business cards will help ensure that people have something tangible they can take away from their encounters with your brand. This keeps them engaged, but it also offers them another way to stay connected after the event has ended - which could result in more sales down the line if done right.
Are Cannabis Trade Shows And Pop-Up Shops Right For You?
It depends on what you're looking for as a business owner. Trade shows are probably the better option if you want to learn more about the industry, meet new people, and buy products at discounted rates. However, if you're looking for a condensed way to promote your new product or brand, pop-up shops might be ideal.
Ultimately, it's best to attend both types of events so that you can make comparisons and decide which is better suited for your needs. Whichever route you choose, make sure that planning and preparation are done ahead of time because you will want to make the most out of your time at these events.
Conclusion
Are you looking for more information about cannabis trade shows and pop-up shops? Contact us today. We can help you decide if this type of event is right for your business and advise how to make the most of it if you choose to attend.