Top Data Operators Are A Guide To The Future Of Cannabis
LOS ANGELES, July 1, 2022 /PRNewswire/ — Amid industry-wide economic uncertainty marked by inflation and constrained financial markets, retailers are bracing for the storm. While cannabis companies have thrived relative to other consumer packaged goods (CPG) sectors throughout the pandemic, retailers must now compete and integrate CPG brands to earn diminishing disposable income to consumers. The good news is that there are plenty of ways for cannabis brands to batten down the hatches before trouble arises. Deploying various omnichannel sales and marketing strategies along with leveraging data and research can help brands stay competitive.
In today’s retail environment, regulated companies need to capitalize on customer engagement channels and adopt targeted strategies to drive long-term acquisition and retention. Diversifying sales and marketing channels keeps consumers engaged and can manifest in a variety of forms. Business-to-consumer strategies such as designing creative in-person dispensary experiences and optimizing web platforms allow for increased purchasing flexibility as brands adapt to changing times. In terms of business-to-business efforts, building a great wholesale team to maintain buyer relationships and provide full-service distribution capabilities can help brands thrive and streamline operations. In short, the more sales and marketing channels brands use, the better.
Not only are a range of marketing strategies essential to the success of a cannabis business, but gathering general market information is key to staying competitive and ahead of changing consumer trends and demands. This year, data companies have become invaluable sources of business intelligence, illuminating product and consumer trends to support retail success. From detailed sales insights to audience psychographies and marketing engagement, it’s the hard data that drives cannabis.
“The cannabis industry has proven its ability to weather tough times, and the current economic climate will be no exception,” said Kathee Brewereditorial director at Inc Media, parent company of an award-winning trade journal mg Magazine. “Since the earliest days of cannabis, industry operators have adapted to changing challenges, creating innovative sales and marketing strategies to keep consumers engaged and returning. Armed with critical data and resilient leaders, cannabis is well positioned to weather economic uncertainty.
About mg Magazine:
Founded in 2015, mg Magazine is the cross-platform media resource that executives, buyers, investors, manufacturers, marketers and agencies in the United States cannabis industry turn to for the insights and expert analysis they need. need to generate revenue and growth. By providing actionable insights into emerging trends, best practices and innovation, mgPrincipled, unbiased and factual journalism helps the industry navigate the present while preparing for the future. Visit mgMagazine.com.