Have you ever ever walked right into a dispensary, requested a budtender for recommendation and left questioning if they’d any thought what you had been speaking about or wanted? In an unique interview with Benzinga Hashish, Martez Knox, founder and CEO of BakedBot AI, shared data on AI-driven bots are altering buyer experiences and B2B transactions by ensuring you get the proper product each time.
BakedBot AI launched in January 2023, however Knox’s journey with AI started earlier when he labored in advertising and marketing automation and lead technology.
Frustration with the budtender’s lack of know-how sparked the thought to leverage AI for extra personalised hashish suggestions.
“The thought hit me once I realized that the budtender had no clue what would work greatest for me as a buyer,” Knox mentioned. With superior AI instruments, his techniques are boosting effectivity, gross sales and buyer retention for dispensaries.
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Fixing Dispensary Ache Factors With AI
Knox recognized a number of ache factors within the hashish trade, notably the problem of reaching clients by way of advertising and marketing channels.
“Larger carriers like Verizon VZ and T-Cellular TMUS usually block messages containing sure phrases, making it troublesome for dispensaries to attach with clients,” Martez famous, including that BakedBot AI addresses that situation. How? By utilizing AI-powered autonomous brokers that streamline buyer engagement whereas enhancing outreach with out counting on costly advertising and marketing businesses.
One in all BakedBot’s flagship merchandise, Smokey, the AI budtender, performs a vital position in personalizing buyer expertise.
Smokey makes use of clients’ buy histories and different knowledge factors to suggest strains based mostly on particular person preferences, from terpene profiles to private preferences.
“We’re conserving their clients completely satisfied, reducing acquisition prices, and rising lifetime worth (LTV),” Knox defined, underscoring how AI-driven personalization enhances buyer loyalty and reduces enterprise prices.
Past personalization, Knox emphasised that BakedBot AI is designed to streamline day by day operations for dispensaries, serving to scale back losses and optimize workflow. Firms have discovered that after implementing AI instruments, they will automate duties corresponding to value monitoring towards native opponents.
“We have saved entrepreneurs hours by automating the method of gathering competitor knowledge,” Knox defined, highlighting how AI-powered instruments allow companies to take care of aggressive pricing methods with out the necessity for handbook enter.
BakedBot’s AI additionally assist dispensaries optimize shelf area by analyzing gross sales developments and buyer preferences.
“We assist house owners decide which merchandise must be discounted and which ought to stay at full value, based mostly on real-time market knowledge and buyer demand,” Knox mentioned.
These instruments not solely stop losses from overstocking slow-moving merchandise but additionally assist maximize profitability by specializing in top-selling objects.
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Creating Purchaser Archetypes With AI
One of many key benefits of BakedBot AI is its capacity to create detailed purchaser archetypes. “AI is nice at discovering patterns in massive knowledge,” he mentioned. “We have a look at hundreds of information factors to foretell buyer conduct, whether or not it’s a university pupil on a finances or a extra established grownup searching for particular results.” This capacity to construct purchaser archetypes ensures that dispensaries can tailor their advertising and marketing and product choices extra successfully.
“If a buyer likes OG Kush with a excessive share of sure cannabinoids and terpenes, there’s likelihood they’ll take pleasure in an identical pressure.”
Integrating Native Data Into AI Programs
Knox defined that BakedBot AI integrates each massive knowledge and native data to create a complete answer for dispensaries. “Dispensaries themselves can add their knowledge about native developments, buyer preferences, and phrase of mouth into the system,” he mentioned.
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Lead Technology And Knowledge Possession
Knox says there’s nice potential in AI’s capacity to drive lead technology. “Lead technology is all about getting clients into your funnel.” BakedBot’s headless menu answer permits dispensaries to optimize product visibility on Google, driving natural visitors with out counting on exterior platforms.
He was clear on the significance of dispensaries proudly owning their buyer knowledge. “Dispensaries want their internet presence to generate first-party knowledge. In case your dispensary is utilizing the largest marketplaces on the market, you’re not having access to first-party knowledge,” he mentioned. “We offer dispensaries with the instruments to assemble that knowledge immediately from their web sites.
“AI is all about recognizing patterns,” Knox defined. “Once you have a look at massive language fashions, it’s primarily predictive analytics at work—figuring out which phrases and phrases are almost certainly to comply with others based mostly on big knowledge units. Machine studying comes into play by enabling techniques to seek out these patterns and study from them, enhancing predictions over time.”
He added that with AI, “it’s extra like superior predictive analytics, serving to companies make selections based mostly on huge quantities of information that continuously refine as new data is available in.”
It is Freemium
“We provide a freemium mannequin,” Knox mentioned, noting that small operators can entry a restricted model of Smokey without cost. This mannequin consists of fundamental AI-driven options, such because the budtender software and a headless menu answer.
For extra advanced wants, corresponding to superior automation and in-depth analytics, dispensaries can improve to paid plans beginning at $50 monthly.
“This pricing mannequin makes AI instruments inexpensive for smaller operators whereas offering bigger operations with the pliability to scale up.”
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Meet The Bot
Knox mentioned he’s assured the corporate will additional disrupt hashish retail. “We count on to be out of beta in a month or two,” he mentioned, hinting at future developments that would additional improve the dispensary expertise.
BakedBot AI might be on the Benzinga Hashish Capital Convention in Chicago on October 8-9, 2024. Traders can take a look at how their AI instruments drive crucial enhancements in margins, price of products, and shelf optimization by way of predictive analytics.
With over 2,000 attendees and 200 traders anticipated, it’s a first-rate alternative to see how AI can maximize income in hashish retail.
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