The New Year is coming in at a record pace (at least it seems like it, doesn’t it?), and now is the time to make sure you use up the rest of your marketing dollars before the year closes.
For marketing analysts, brand managers, and product development professionals in the recreational and medical cannabis industries in California, 2022 promises to provide a wealth of opportunities. The cannabis industry in California is one of the most robust in the country.
But running an efficient business requires strategic planning. Right now is the time to invest the remainder of your marketing budget for 2021, on a quick turnaround study providing insight into valuable California cannabis consumer data, before it’s too late!
Use It or Lose It!
Here’s the thing about marketing budget allocations. More often than not, companies are under strict pressure to as closely forecast as possible how much funding will be necessary to research the market and develop products in a given year.
Those funds are allocated as necessary to business development – up to a point. It is commonplace for budget reassessments and reallocations to follow years in which the books closed on a surplus of funding.
That means marketing managers often lose their unused dollars – and worse, the next year they might only be granted a smaller budget, reflecting the loss of the funds failed to use the previous year.
You’re given those dollars to invest in products, market research, and advertising so you can generate higher sales for your company. Money spent well is well spent, and for players in the California cannabis market, market research is one of the most potentially valuable investments that can be made.
You Don’t Know What You Don’t Know: California Cannabis Consumer Data and Strategic Planning for 2022
It’s important to keep in mind that there just isn’t that much historical data on medical and recreational marijuana use. In the United States (even in California) legalizing cannabis is a trend that has only relatively recently started to generate a head of steam.
Yes, cannabis sales are projected to grow, but that doesn’t answer any of the minute questions about the industry that offer up the details. There’s still a lot to know, and California cannabis consumer data is worth its weight in gold.
What Cannabis Businesses Need to Know
Guessing never pays off in business. Success is no accident, but the result of gathering accurate insights into a target market and making actionable decisions.
For businesses that operate in the industries for medical or recreational marijuana in California, using the remainder of a marketing budget to gather California cannabis consumer data via a study with ISA Corp can answer some of the following vital questions:
●Who are my customers, really? A study can help you gather direct insights into your target demographic; it might not be just who you assumed it to be.
●How familiar is my target audience with the specific products I sell?
●Is it worth investing in developing new products, such as edibles, tinctures, or cannabis drinks?
●Does my target audience have a preferred method of consumption? If so, is it worth my company’s time and resources to proliferate into additional product categories?
●How familiar are cannabis users with my company’s brand? Does my company’s brand align well with the expectations of my target audience?
●What marketing channels will be most effective at reaching members of my target audience? How much does my organization need to spend in the coming years to reach them?
●In what areas of the state will demand for cannabis products be the highest in 2022? Are there any areas projected to have higher than average growth?
●How price-sensitive are the members of my target audience? How often do they use cannabis products? Are their usage tendencies independent of price or does expense impact usage trends?
●Does my organization need to start offering free shipping or delivery services in order to remain effective?
●What other competitive moves are other players in the industry making that are either popular or effective with shared target customers?
●What are the reasons that my company’s target users consume cannabis? Is it to relieve stress, to combat cabin fever, or do they only habitually use when amongst company?
●Does my company need to adjust targeting or positioning in order to take advantage of a growing segment of the market that will not be effectively reached by our current approaches?
●Is it potentially worth investing in markets outside of my company’s home state (California), especially in light of burgeoning public support for legalizing adult use in neighboring states, like Oregon?
●What platforms does it make the most sense to advertise on, given both reach and the plausibility of advertising on platforms that may impose restrictions?
These are only a few of the questions that partnering with ISA Corp for a study to deliver California cannabis consumer data can answer. Ultimately, the questions are up to you to ask, but together we can help you answer them.
Partner with Us for a Quick Turnaround Study on the Cannabis Industry in Your Area
ISA Corp has developed the world’s first cannabis consumer panel – The Green Time – which consists of a panel of both cannabis users and industry professionals who are committed to answering questions about cannabis products, branding, and the overall industry.
Members of the panel are extensively vetted and qualified and must pass a rigorous screen process to verify their age and identity before being admitted to the panel.
You can also take advantage of our CANNApinion Poll, a bi-monthly survey of U.S. cannabis consumers. The CANNApinion Poll allows you to closely target your questions to the needs of your business and generate quick, accurate insights into your target user behavior, preferences, and more.
There’s never been a better time to take advantage of cannabis consumer insights, especially if you still haven’t used your entire marketing budget for 2021. Start off 2022 armed with answers to the questions that have plagued your organization most, and enter the New Year with a plan for sustained growth.