Six Reasons Novus Cannabis MedPlan is Replacing Loyalty Programs in Cannabis Retail Brands  

The Novus Cannabis MedPlan provides benefits for both cannabis consumers and businesses, addressing essential challenges identified in recent industry insights. It improves foot traffic accessibility, creates new revenue for dispensaries through Novus’ reimbursement strategy, and enhances consumer retention. Additionally, Novus offers retailers data-driven insights that enable more targeted marketing and inventory optimization than traditional loyalty programs.

1.  Improved Foot Traffic and Loyalty: In a saturated market, Novus Cannabis MedPlan helps retailers retain customer loyalty by offering savings on cannabis purchases, encouraging repeat purchases, and fostering greater loyalty. This aligns with the insight that consumers are less loyal to brands in the cannabis industry, especially for flower products, but are more likely to stick with brands when added value—such as discounts or consistency in effects—is involved.

2. Access to a Broader Market of Medical Recreational Cannabis Users: As more states legalize cannabis for both recreational and medical use, the medical cannabis segment continues to grow. Novus Cannabis MedPlan policyholders provide tapping into a market that prioritizes consistency and quality. Cannabis users, particularly those who prefer value-added products such as edibles and vapes, are more loyal to brands that provide reliable experiences. By aligning itself with these consumer preferences, Novus MedPlan positions itself as a crucial tool for businesses seeking to attract and retain this demographic.

3. New Revenue Stream For Cannabis Businesses: The Novus Cannabis MedPlan offers cannabis businesses a unique and sustainable revenue stream through its reimbursement model, which covers income in a territorial basis. Enabling customers to access cannabis at reduced costs while ensuring dispensaries receive reimbursement drives consistent sales and customer retention. This continuous cycle of patient savings and retailer reimbursements creates a stable revenue stream over time, even in competitive markets.

4.  Enhanced Consumer Education: Educating consumers about cannabis products, their effects, and proper usage is crucial for building trust and loyalty. Many consumers struggle to distinguish between strains and brands and make purchasing decisions based on potency and effects. The Novus Cannabis MedPlan can assist retailers by integrating education into their offerings. This helps consumers make informed choices that lead to a positive experience, improving consumer confidence and reducing the likelihood of switching to a competitor.

5. Integration with Retailer Marketing Strategies: Cannabis businesses who adopt Novus Cannabis MedPlan as a Provider can leverage the platform’s benefits to strengthen their marketing strategies. They can attract new customers and incentivize return visits by offering exclusive insurance benefits in hearing, dental, and vision plans, along with traditional benefits. This is particularly important in mature markets where consumers have many choices and are more willing to try new stores for better deals. The MedPlan can serve as a unique selling point for dispensaries, helping differentiate them from competitors who do not offer such incentives.

6. They are leveraging Data for Better Consumer Insights: The Novus Cannabis MedPlan also allows retailers to leverage valuable data on consumer behavior, which can be used to refine product offerings and marketing efforts. By understanding which products patients purchase through MedPlan, retailers can optimize inventory and target specific consumer segments with tailored messaging. This type of data-driven marketing is essential for enhancing consumer loyalty in an evolving market.

In summary, the Novus Cannabis MedPlan offers a strategic advantage for cannabis retailers looking to enhance loyalty and attract cannabis users. Providing discounts, improving education, and supporting retailers with valuable data are win-win for both businesses and consumers.