The cannabis industry was once marked by discrete transactions, likely with attempts to maintain anonymity and privacy. Cannabis legalization has opened that door to a more open, transparent customer base. The reality is that cannabis legalization has created a land of opportunity for marketers. While cannabis is finding legalization in many places, it is still not universal which creates a unique problem for those in the industry. Having the inability to advertise to the general public limits marketing options that typically drive-up revenue. However, the tides are changing. Many states are loosening their restrictions and have allowed online shopping, curbside pickup, and delivery as well. These changes have created a necessity and reliance on technology to secure customer loyalty.
The Crux of the Cannabis Industry
The cannabis industry today is at a crux of de-stigmatization, legalization, and technology. What separates successful cannabis companies is the ability to consume data that allows insight into the mind of the cannabis customer. Studies show that 85% of Americans own a smartphone. Utilizing technology is a crucial method to connect with customers and their desires. The pandemic also exploded the demand for online retail. Having the ability to shop online changed the landscape of the retail industry forever. And the other piece of data that is pivotal for cannabis companies to utilize is the access to consume data, whether that is online shopping, loyalty programs, surveys, or the like. Data is at the crux of all advancements in the cannabis industry.
Collecting Data is Easy
While many will rightfully tell you, it is easy to collect data. What’s not easy though is determining how to understand the data and how to use it. Learning how to interpret data and make business decisions from it is something cannabis companies should not leave to chance. The days of what you are selling being the most important thing are over. Today it matters more who you are selling to. Technology is at the heart of collecting the data, understanding the data, presenting the data, and acting on it as well.
Creating Brand Loyalty
Technology and the act of data mining allow companies to connect to their buyers in a way never seen before. Being able to understand each customer, on their own terms, not as just a number; allows cannabis companies to tailor their marketing and products to their customers. A data driven approach to marketing, selling, and cultivating is only possible with the right technology. As legalization inches closer and closer to being universal, it is important for cannabis companies in the market today to stake their claim and obtain the technology to allow their vision to grow.
Utilizing technology allows industry advantages to those who are investing in the right tools. Backcross Solutions is a company focused on the cannabis industry with the experts to create the right technology stacks for companies looking to get their foothold in this booming industry.