Alright, we confess. It is not only important to understand your target market as well as related target market segments in the cannabis industry.
But it is just as important in this industry as it is in any other.
Case in point: in Colorado, one of the states in which cannabis use has been legalized, upwards of 35,000 people work in the industry and it turned $25 billion in sales in 2021 alone.
The potential is there. However, the following quote, attributed to John Wanamaker, illustrates some of the challenges implicit in marketing, “Half the money I spend on advertising is wasted. The trouble is I don’t know which half.”
Let’s put it this way. Knowing your target market, and understanding who your users are, such as by leveraging cannabis consumer data for Colorado, can help.
1. Product positioning and marketing messaging.
One of the most important aspects of knowing everything you can about your target audience has to do with what sorts of products you sell, down to the imagery associated with your packaging, branding, and the messaging your marketing sends.
Keep in mind that not all cannabis users are alike. Some might even tell you that no two are alike (although that’s a stretch). Consequently, they use different cannabis products and methods of delivery.
2. Making strategic decisions about investing in new categories.
Deciding whether or not to invest in developing a new product or a series of new lines can be challenging, especially if the data is not there to substantiate the venture with the alluring promise of customer interest.
Again, data that suggests interest can help your business decide one way or the other.
3. Managing expectations effectively.
What your customers expect to experience when purchasing and consuming cannabis products should be as closely aligned as possible with the experience they actually afford.
Managing this requires the insight gathered from cannabis consumer studies.
4. Determining cross-selling opportunities.
ISA Group has developed a six-persona model for cannabis users that is applicable across most markets. Identifying the likenesses between different target segments can help a cannabis business pinpoint opportunities for cross-selling between customer cohorts that have similar interests and expectations.
5. Weighing the possibility of expanding operations into new areas of the country, or into different markets.
Remember, now – Colorado is not the only state in the country in which cannabis use has been legalized. Many others have done the same. However, cannabis consumer data in Colorado may be helpful in assisting you in the identification of opportunities in other areas of the country.
Cannabis Consumer Data in Colorado and Strategic Planning
Ready to learn more about the cannabis market in your area? Are you involved in cannabis sales in Colorado or in another state such as California where recreational and medical cannabis have been legal for some time?
Market research can help you make those tough decisions, and ISA Corp (ISACorp.com) offers unique products and surveys to help you gather intel on your target market beforehand. Visit their website via the link above or contact them at [email protected] today for more information.
