The benefits of cannabis market research are in no way an industry secret. Much like in any industry, investing in market research can improve your profits, guide you through the process of making tough, important strategic decisions, and help refine your targeting and branding.
Recently, we’ve published on the importance of cannabis consumer demographic research, how cannabis customer satisfaction surveys can increase your revenue, and how professional cannabis consumer insights can help guide strategic decisions.
Check them out if you need clarification.
Otherwise, enjoy these interesting facts, tidbits, and insights we’ve gleaned over the years about cannabis purchasing behavior from our CANNApinion and GreenTime Polls.
Some Interesting Stats
●Cannabis consumers don’t simply purchase it for personal consumption. Evidently, some users either give gifts of cannabis or are interested in it. Overwhelmingly (69%), those that said they’d give it as a gift indicated they’d offer edibles. The top three categories which users said they’d give as gifts were gummies, brownies, and chocolate.
●On gift-giving: 39% of users polled in one study said they’d intended to consume cannabis products with a romantic partner on Valentine’s day. With almost half the market interested, promotional, seasonal, or themed products might be a lucrative strategic move.
●Move over, 4/20: In one poll, 100% of respondents said they also consumed cannabis as a celebration in observation of 4/20. However, it was not the only holiday that respondents said they celebrated in such a manner. A large number – 40% of respondents also indicated that they celebrated Thanksgiving by consuming cannabis as well.
●If you’re considering a celebrity endorsement, be aware of the discrepancy in cannabis purchasing habits that fall along gender lines. For whatever reason, women don’t seem to be interested in celebrity endorsement of cannabis products. 69% of females polled said that celebrity endorsements were not important to them, as compared to the 41% of males that said they were. Apparently, male and female users are not in agreement on the utility of celebrity endorsement.
●Do you offer a delivery service? Perhaps you should be – 30% of those that had not used a delivery service said that the only reason was due to unavailability in their area. Just make sure you mark it – 59% of people interested in cannabis delivery services said they’d like the driver to be driving a branded vehicle. Also: 52% said delivery time and 58% suggested that price would be an important factor in determining whether or not to patronize delivery services. Here’s another gem: apparently 35% of respondents already routinely use a delivery service. There may be an opportunity for repeat business in your area.
●Beyond the dispensary: 81% of respondents to one poll indicated an interest in visiting a cannnabis bar or lounge. That opens up all sorts of opportunities for cannabis entrepreneurs to offer a full-service experience, which may potentially revolutionize the way people consume cannabis in company.
●Know your stuff: Apparently, the experience matters as much as the products themselves. 63% of consumers suggested that dispensary budtenders that were experienced or knowledgeable were important to them. Training and professional development for your staff might be a good thing. Selection is important, too, though. 64% of respondents said as much, and 68% said they had a favorite dispensary.
●Give back: 71% of respondents indicated that a loyalty or rewards program was important to them.
●The merging of recreational and medical cannabis retail: Evidently, 69% of those that have consumed cannabis via an oral method have done so for pain relief. There’s some crossover in consumer behavior, though. 63% use it for stress relief and 62% for controlling anxiety.
●Topical methods of administration have seen a big bump since the COVID-19 pandemic began. A 44% increase, to be precise. 45% of respondents to one poll also indicated that they had used a topical method of administration – either a cream, balm, salve, or lotion.
●You’ve heard a lot about edibles and other non-typical routes of consumption, but there’s still plenty of room for growth in traditional avenues. 56% of respondents from states where cannabis is legal reported that they’d consumed cannabis through vaporizing. A separate cohort of 53% of respondents reported that they’d vaporized cannabis after work to help control stress. Overall, 51% of respondents said they’d vaporized cannabis in the past year.
●Drink up: 48% of respondents to one poll indicated that they’d had a cannabis-infused beverage in the past month. Respondents overwhelmingly (84%) reported that they’d expect the drink to taste better if made by a producer that was familiar with the cannabis industry, so be aware of that with any co-branding efforts you intend to undertake. Interest in cannabis-infused beverages was also highly varied, with strong showings for soda, juice, fruit punch, tea, and coffee. (Interest varied by age group, but even Baby Boomers showed significant interest in cannabis-infused soda – 50%!) All groups exhibited interest in trying new flavors of cannabis-infused beverages, with the highest interest coming from millennials at 83%.
●It should come as little surprise that edibles remain very popular. 76% of respondents to one poll indicated that they had consumed edibles within the past 12 months.
●Among edible categories, entrees and fast foods solicited the least interest. Millennials, baby boomers, and members of Generations X and Z were polled, and the only category that generated more than 10% of interest was among Gen Z, for entrees. Your funds might be better spent pursuing edibles like chocolates, gummies, and candies.
●Don’t skimp on positioning: Apparently, almost half of consumers would be interested in luxury-positioned cannabis products. 45% considered high-end or luxury positioning to be an important factor in decision-making.
Invest in Market Research for Insights into Cannabis Purchasing Behavior and Interest
As the legal cannabis market expands and the greater market for cannabis continues to grow, the value of targeted studies to better understand cannabis purchasing behavior will become all the more central to success.
Whether your organization is concerned with medical or recreational cannabis sales, data technology and targeted polling continue to shape the industry. Those that know better, perform better, and cannabis consumer research can help you make critical strategic decisions about fund and resource allocation, targeting, and more with confidence.
Take a look at our CANNApinion and GreenTime Polls for more information and get in touch with us at Hello@ISACorp.com to speak with a representative about how we can help your business thrive in this industry.