In the small business world, success means seizing every single opportunity that comes your way. Each customer that walks into your shop, trend that takes over the tobacco industry, or product that emerges onto the market is a chance to take your business to a new level.
But there’s one opportunity that smoke shop owners often overlook: tobacco scan data incentive programs. These programs can cut your inventory costs, boost your profits, and help you learn more about your customers’ preferences and shopping habits.
In this blog, we’ll explore everything you need to know about tobacco scan data incentive programs — including what they are, why tobacco manufacturers offer them, and how you can start reaping the benefits.
What Is a Tobacco Scan Data Incentive Program?
As a smoke shop owner, you know that customers’ shopping habits are constantly changing — and so do tobacco manufacturers. To meet demand, these suppliers need to know which products are selling and which are collecting dust.
That’s why manufacturers like R.J. Reynolds, the Altria Group, and ITG brands offer tobacco scan data incentive programs.
Tobacco scan data is generated every time you scan a tobacco product’s barcode at the checkout counter, and these tobacco scan data sheets help manufacturers understand customer demand and produce the right products in the right amounts.
So, what’s in it for you? Tobacco scan data is so valuable to manufacturers that they’re willing to offer incentives like rebates and discounts on their products in exchange for it.
In short, participating in tobacco scan data incentive programs is a win-win for you and your product suppliers.
Other Benefits of Collecting Tobacco Scan Data
The opportunity to earn financial incentives from manufacturers is a great reason to start collecting tobacco scan data, but it isn’t the only one.
Tobacco scan data helps you understand your unique customer base, their behaviors, and product preferences so you can provide a better selection and shopping experience. Here are a few specific ways to use it:
Let’s look at a few ways you can use tobacco scan data to improve your customers’ shopping experience:
- Avoid stockouts: Identify your bestsellers and make a plan to keep them in stock.
- Prevent overstocking: Pinpoint slow-moving products and stock less of them to save space and cut costs.
- Spot trends: Stay on top of your sales trends and be prepared to meet your customers’ changing wants and needs.
- Plan promotions: Take a data-driven approach to promotions to increase turnover on underselling products or capitalize on the popularity of your bestsellers.
Your tobacco scan data is invaluable, whether helping manufacturers understand major industry shifts or giving you insights into your customers’ behaviors.
How To Take Advantage of Tobacco Scan Data Incentive Programs
So, you’re ready to unlock new opportunities by leveraging your smoke shop’s tobacco scan data. What’s next?
Here are four simple steps to get started with tobacco scan data incentive programs and make the most of your shop’s sales reports.
1. Ask Your Tobacco Suppliers About Opportunities
First, you need to know your options. Tobacco suppliers offer a variety of tobacco scan data incentive programs, ranging from a flat rebate on every product sold to fluctuating discounts on specific items.
To see what tobacco scan data incentive programs are available, get in touch with your vendors. They should be able to explain your options, walk you through the enrollment process, and help you start reaping rewards from your tobacco scan data.
2. Invest in a Tobacco POS System
Now it’s time to start collecting your tobacco scan data. To be eligible for incentive program perks, most manufacturers require you to export your tobacco scan data in a specific format, making it easy to analyze.
We recommend investing in a tobacco point of sale (POS) system designed to help you participate in tobacco scan data rewards programs. This tool makes collecting and exporting your scan data effortless — giving you everything you need to unlock rebates and discounts and learn more about your customers’ shopping habits.
Along with tobacco scan data reports, here are some must-have features to keep in mind as you search for the right tobacco POS solution:
- Age verification to prevent underage tobacco sales and protect your business from legal issues and repetitional damage
- Inventory tracking to monitor your stock levels and keep your shelves full of the right products
- A customer loyalty program to keep your shoppers coming back and your profits high
- Tobacco promotions to boost your sales and keep customers coming back for more
- Reporting and analytics to help you learn more about your customers and your business’ overall performance
A tobacco POS system that checks all these boxes will keep your smoke shop running smoothly.
3. Keep a Close Eye on Your Tobacco Scan Data Reports
Tobacco manufacturers shouldn’t be the only ones analyzing your scan data reports — you should be, too.
Your tobacco scan data reports are a goldmine of insights about your customers’ behaviors and your store’s performance. They reveal your bestselling products, inventory turnover rate, and changing trends — all of which can help you take a data-driven approach to your stocking and marketing strategies.
For example, if you set aside time monthly to review your tobacco scan data sheets and compare them with your historical sales reports, you’ll spot steadily emerging trends, like an increase in vape purchases or a decrease in cigar demand. From there, you can adjust what’s on your shelves to stay one step ahead of your customers’ changing wants and needs.
4. Stay Flexible and Adaptable
Since tobacco scan data incentive programs often change, make sure to stay up to date with your manufacturers’ offers. Stay in close contact with your vendors to ensure you leave no money on the table from unclaimed discounts and offers.
Using tobacco scan data to improve your customers’ experience should be an ongoing process. Regularly review your data to ensure that your product selection, inventory management strategy, promotional plan, and marketing approach align with your customers’ preferences.
Make the Most of Tobacco Scan Data Incentive Programs With Cigars POS
Ready to start turning your tobacco scan data into higher profits? All you need is a tobacco POS system with powerful reporting capabilities.
Cigars POS is an all-in-one POS solution that includes tobacco scan data reporting and in-depth sales analytics — plus features like real-time inventory monitoring, built-in age verification, and sales-boosting features like promotions and loyalty rewards.
Take Cigars POS for a spin by scheduling a personalized demo with one of our tobacco industry experts today!
