Why hire a cannabis market research company in Colorado? Keep reading and be informed.
Whether you’re in Colorado or not, it is critical to understand who your consumers are, what motivates their purchases, and how to connect with them in order to run a successful business.
Market research may help you gain accurate and specific information about your consumers and competition, which is a key component of launching or expanding your cannabis business. Cannabis consumers’ demands influence and control all parts of your company’s operations, and they might determine your company’s success or failure.
So if you want to enter the cannabis market or grow your business, there are two things you can do. You can either do the market research yourself or outsource it to professionals. Outsourcing is always the better choice. Here are the reasons why:
1.Expertise
Hiring a market research firm will provide your company access to skills and experience that you might not have in-house.
The expertise could be in the form of a trained moderator leading focus group discussions. It could also come through a unique methodology or analysis tool. Most importantly, it could be in the form of industry knowledge. So employing a cannabis market research firm will give you access to their expert knowledge of the cannabis sector.
Experts rely largely on domain-specific information to perform better, and this knowledge allows them to better anticipate and prepare for future activities, so you can be sure that they will use their years of experience to complete a project correctly from start to finish.
2.Direct & Actionable Interpretation of Data
In a market research project, the data analysis stage is where qualitative, quantitative, or a combination of both data is brought together and scrutinized in order to form conclusions. Raw data is not the sole determinant of reliable research conclusions. A strong component of the latter is the analysis and interpretation of the data.
A good research company will have the ability to analyze complex data to form actionable insights that you can use to start or move your cannabis business forward.
They should be able to provide a more direct and actionable interpretation of the data, which means that instead of telling you that 75% of the sample are satisfied with your cannabis products, they should tell you that the satisfied 75% of the sample have tried a specific product you have.
3.Save Time & Resources
Hiring a market research firm will save your company time and money. Quality market research can be time-consuming and difficult. Most businesses lack the personnel or skills to accomplish this work thoroughly, and costly mistakes may be made as a result.
Market research professionals will save you numerous hours and ensure that the job is completed accurately and on time.
A survey project, for example, could take an internal team 8 to 12 weeks to complete, whereas professional market researchers could finish it in half the time.
Having a research partner also frees up your team to concentrate on their daily work and priorities. They won’t have to learn how to create, program, and analyze data, which can be a daunting task.
Overall, they can act as an extension of your internal team, allowing you to complete analysis, insights, and suggestions more quickly than you could if you did it yourself or in-house.
4.Accurate & Reliable Method of Sampling
Companies that are doing their market research typically rely on their customer database as their sample. This saves them time and provides them more convenience but the sample is hardly representative of the entire Colorado cannabis market.
Convenience sampling is a method of sampling where the sample is drawn from the part of the population that is near or readily available. It’s good for basic research but not if you want to get a larger and more representative sample.
If you hire a cannabis market research company in Colorado, you can be sure that the sample they will draw will not be limited to your customers and that the best possible results are achieved.
5.Appropriate Method of Data Collection
Expert market researchers will know what methodology to use to get the answers to the most important business questions you want to be answered.
Whether they’ll use interviews, questionnaires, direct observation, focus groups, and others, they can give you the answers you need to make decisions.
Most of all, they know the best language to ask your questions. Remember that a single word in a survey question, for example, has the potential to distort the data and affect the results significantly.
6.Impartiality
Impartiality is important in any research, including cannabis. To minimize the risk of bias, you can hire a market research company with expert researchers who can remain impartial.
The accuracy of your results depends on the impartiality of your researchers. So look for a company that offers the result as a fact, conclusion, or recommendation.
7.Credibility
Another advantage of hiring a market research company is that your results will be seen as more credible by your target market.
Also, if for whatever reason you decide to publicize some information you gained from the research, your claim will not be seen as self-serving or biased. You can make it clear that the research was conducted by a market research company.
8.Impactful Marketing Insights
Market research is important in marketing. When done correctly, it can help you create marketing campaigns that highlight the needs of your customers along with the key message that they can connect with.
You can easily achieve this if you have a partner research company that can give you data-driven insights you can use in all of your marketing efforts.
Ready to Hire a Cannabis Market Research Company in Colorado?
Start your cannabis market research with us here at ISA Group. We specialize in cannabis research and our years of experience in the industry can help you strategically position your cannabis business for success. Start or improve your business today and begin creating marketing initiatives that not only will build your cannabis business but also put you ahead of the competition. Contact us and let’s make it happen!