If you’re reading this, you probably already operate a cannabis business in Colorado or you are considering investing in one.
Good news: because the cannabis market is heavily regulated, there is a lot of data gathered each year that can be put to the benefit of your company. You just need to partner with the right company to gather cannabis consumer data in Colorado so you’re left with fewer questions that need answering.
The Legality of Cannabis in Colorado – Market Size Estimates
Cannabis, as you may know, is legal in Colorado – with a caveat. To purchase recreational cannabis products, one must be at least 21 years old and present a government-issued ID for the purpose of age verification. Adults between the ages of 18 and 21 must apply for a medical marijuana card.
As one of the states that allows for recreational cannabis usage, Colorado has a growing, robust cannabis industry, evaluated by the Colorado Department of Revenue at over 10 billion USD in 2021. It is expected to grow – opening the way for new merchants and investment opportunities.
However, as in all industries, competition abounds. Here are some of the ways that strategic partnership to gather cannabis consumer data in Colorado may benefit your organization or your ambitions in the long term.
Cannabis Consumer Data in Colorado: How We Can Help
Before any cannabis dispensary can make strategic decisions about marketing, budgeting, investment or positioning, its leaders must answer basic, granular questions about the basic purpose of, and place in, the cannabis market.
Like all industries, the marijuana industry is complex and subject to changing consumer habits and much more. While Colorado’s cannabis industry continues to grow, without securing proper market insights, attempting to make strategic business decisions without actionable insights is literally identical to throwing darts at a board.
Here’s how we can help your cannabis business – by answering some basic, fundamental questions.
More Accurate Budgeting
Businesses in the cannabis industry – not just in Colorado – are all faced with unique challenges when it comes to setting their budgets for the year. As with any business, arriving at a budget requires an accurate analysis of revenue, the identification of fixed and variable costs, and then determining what can be reasonably allocated to the various departments within the organization.
In order even to make an attempt to analyze revenue, it’s vital to have a good grasp of the size of the market. Partnering with ISA Corp to deliver cannabis consumer data in Colorado will help answer in-depth questions with information that will enable you to formulate learner, more accurate budgeting for more aggressive growth.
More Effective Marketing Strategies
In addition to assisting with the development of more accurate budgeting, cannabis consumer data in Colorado can help you develop more effective marketing strategies as well.
There is a saying in marketing: “Half my advertising spend is wasted; the trouble is, I don’t know which half,” often attributed to John Wanamaker.
The point is that marketing spend is vital to growth, but it can be difficult to know how effective your marketing measures are, at least by conventional means. If there were agencies around in John Wanamaker’s day that could have furnished him with real, actionable consumer insights, the reality is he’d have a much better grasp on which half of his advertising was wasted, and he’d be able to fix it.
Luckily, today there are such tools at your disposal. If you’re looking to encourage growth in your cannabis sales in Colorado, a lot of the strategy will hinge on an effective marketing plan. Cannabis consumer data in Colorado can help you answer questions like:
●Which portion of the market should I be marketing to?
●What type of positioning resonates with them? What appeals to them as consumers?
●What are their usage habits?
●How frequent is their usage?
●How price-sensitive are they?
●How age group constitutes my target market?
●Are any segments of the market shifting?
Despite the fact that these sound like encompassing questions, they are actually very high level. In order to cultivate effective marketing strategies, you’ll need to furnish your business with much more specific information about your target market’s identity, usage, and more. Only with such specific cannabis consumer data in Colorado will you be able to tackle the complex challenges of the evolving landscape of the cannabis market.
Greater Insight into Investments
Serving either the medical cannabis or recreational adult use cannabis market in Colorado is not without its challenges, especially when it comes time to analyze future investments.
An investment in new products or services can be the best decision a business can make, but it can also be disastrous.
For example, our records indicate that during the pandemic, one of the trends among recreational cannabis users was an increased demand for delivery services. This is not necessarily unique to the cannabis industry and reflects larger changes across industries, but it applies nonetheless.
Your organization might also have questions about whether or not consumer product preferences are consistent or whether they are shifting with time. Your business might be considering a strategic decision to move into edibles and concentrates as well as flowers – but in order to do so effectively, you need to thoroughly understand your market preferences, inside and out.
Making these decisions about what products or services to invest in, and how much to invest in them, is something that can only be done responsibly with the help of accurate, applicable data – the kind of data that can be furnished by partnering with ISA Corp for cannabis consumer data in Colorado.
Long Term Planning Made Easy with Cannabis Consumer Data in Colorado
Ready to learn more about the adult-use market in your area? Work with ISA Corp to gather cannabis consumer data in Colorado and then turn it around to the benefit of your organization.
If you have any questions about our products or services, please consult the previous link or contact us directly, at Hello@ISACorp.com or at 818-989-1044.