8 Reasons to Hire a Cannabis Market Research Company | Colorado

cannabis market research company in Colorado

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:

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.

cannabis market research company in Colorado

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.

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.

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!

New York Cannabis Market Sizing Tips and Strategies

Because legal cannabis has the potential to attract higher cannabis sales, New York legalizing recreational cannabis was one of the biggest cannabis news pieces in 2021.

So, if you’re a cannabis company looking to expand in the state of New York and wondering how you can conduct New York cannabis market sizing research to infiltrate the market, this article is for you.

By the end of reading this article, you’ll have a better idea of how you can do your research and determine the size of the cannabis market in New York.

What are market size and market sizing?
Market size refers to the number of units of a product or service sold in a given period or the number of customers expected to buy or avail of the product or service.

Market sizing or estimation of the number of consumers of marijuana in New York aims to calculate that number and uses questions like:

●What is the legalized cannabis market size in New York?

●How many people in New York purchase medical cannabis each year?

There are two approaches you can use to estimate the number of your future cannabis customers in New York. These are the Top-Down and Bottom-Up Approaches.

How to estimate the size of your Cannabis market
Estimating the market using a top-down approach means obtaining an overall size of a market, then applying filters to break it down to a more close estimate of your specific market.

In other words, from the total number of New York residents to the total number of cannabis consumers in New York.

The bottom-up approach, on the other hand, is the exact opposite. It starts with the smallest number of customers, or units, then builds those numbers up to get a clearer picture of the market size.

Top-Down Approach
The framework for the top-down approach would look like this:
●New York population
●The estimated percentage of the population who consumes cannabis
●The estimated percentage of the population who consumes medical marijuana and recreational marijuana
●The estimated amount of cannabis consumption in a year
●The estimated cost of the cannabis product

Multiply all the figures to determine the market size.

Bottom-Up Approach
In a bottom-up approach, you start with:
●The individual user
●The amount of cannabis product consumed in a year
●The estimated cost of the cannabis product
●The annual cannabis spend of an individual
●The number of individuals that regularly purchase cannabis

Multiply all the figures to determine the market size.

Both approaches can lead to a reasonably realistic answer.

A top-down approach to market sizing may be easier in some cases. A bottom-up technique may also be easier for some cannabis sectors. You’ll have to choose which method and framework to utilize and go with the one that’s most straightforward for you.

Market Sizing Tips

●Before making any market sizing calculations, decide on the approach first. Whether you use a top-down or bottom-up market sizing model, be sure to define it according to the geographical scope you want to cover, which is New York in this case.

●To get more specific figures, segment your population by their demographic characteristics. Age is the most common way to divide a group. You can split your population into age groups or generations such as Baby Boomers, Gen X, and Gen Y or Millennials

Segmentation is based on the premise that each section has distinct cannabis purchasing behaviors or motivations.

●To make math easier, use round numbers. Use 19.5 million instead of 19,415,392, the estimated New York State 2022 population.

●Use a separate sheet of paper for calculations. Your method or framework should be on one page of paper, and your computations should be on another. This ensures that you’ll be able to refer back to your framework at any time. This also helps to keep your computations tidy.

Opening a Cannabis Business in New York

Here are other important details that you’ll want to know if you’re going to launch a cannabis business in the state.

●The bill to legalize recreational cannabis, which was signed into law by Gov. Andrew M. Cuomo, allows for adults 21 and older to possess up to 3 ounces of cannabis or 24 grams of concentrated cannabis, such as oils derived from a cannabis plant.

●Those who have been convicted of marijuana-related offenses will have their records expunged as well.

●People will be allowed to keep up to five pounds of cannabis at home, but they must keep it in a secure location.

●Possessing more than the allowed amount of cannabis or selling it without a license carries penalties ranging from a minor infraction to a crime.

●To secure a business license to sell cannabis in New York, visit the Office of Cannabis Management.

Business licenses for adult-use cannabis include Adult-use Cultivator, Adult-use Nursery, Adult-use Processor, Adult-use Distributor, Adult-use Cooperative, Adult-use Microbusiness, Adult-use Retail Dispensary, Adult-use On-site Consumption, Adult-use Delivery, Registered Organization Adult-use Cultivator Processor Distributor Retail Dispensary, and Registered Organization Adult-use Cultivator Processor Distributor.

●The number of recreational cannabis business licenses to be issued in New York has yet to be determined.

However, the goal is for 50% of licenses to go to social and economic justice applicants, minority- and women-owned businesses, handicapped veterans, and distressed farmers.

Loans and grants are also available for these groups.

●The cost of a business license is yet to be determined but it is likely to be non-refundable. The fee will also depend on the kind of license you’re applying for, your product volume, and other factors.

●The retail sales of recreational cannabis in New York are expected to begin this 2022.

Need help with your New York Cannabis market sizing project?
If you’re ready to open new retail locations in New York and you need help with market sizing research, we’re here to help.

We are a full-service market research company and we aim to deliver the right insights to help brands make better decisions.

Interviewing Service of America is one of the most trusted names in market research. With over 40 years of experience providing a reliable source of business information and data for companies worldwide, we can help you understand the cannabis competitive landscape and target your prospects more effectively.

Get in touch with us today for New York cannabis market sizing research and all your cannabis marketing research needs.

2021 Year in Review: The Highs and Lows of Brand Building in the New Era of Cannabis

The new era of cannabis will be driven by data.

This statement is not just a catchy tagline. It also describes the natural progression of a dynamic, diverse industry with unlimited growth potential.

In recent history, we’ve witnessed dramatic shifts in consumer behavior. The disruptions caused by Covid, the evolution of cannabis from illegal to “essential”, and the dismantling of stigmas have all contributed to a transformation of consumers’ relationships with cannabis. As a consumer insights firm, we’ve had the privilege of observing and measuring these monumental changes. Why not take a moment to pause and reflect on the experiences of 2021? This is by no means an exhaustive list of everything that happened in cannabis in 2021, but rather, just a few highlights related to marketing, branding, canna-business and of course, consumer data and insights.

To read our recap of 2020, check out this Ganjapreneur articleWhat we learned about cannabis consumers during the weirdest year ever.

State markets to watch in 2022

First up, the legal landscape looked a lot different in 2021. In 2020, we saw perceptions of cannabis shift dramatically when dispensaries were deemed essential businesses. In 2021, the momentum continued. A whopping 5 new states came online for adult use in 2021. The most exciting markets we’re watching closely in 2022 include New York, which some say could become the largest U.S. state market. Colorado continues to break sales records and is home to dozens of innovative brands. Of course, we can’t overlook our home state of California, which is developing a robust tourist destination with spas, cannabis agricultural tours and cannabis-friendly lodging.

Related articles

The Benefits of Hiring a Partner to Gather Cannabis Consumer Data in Colorado

If you’re reading this, you probably already operate a cannabis business in Colorado or you are considering investing in one.

Can a Cannabis Market Research Company in California Guide Strategy?

The national cannabis market is on the upswing, and in recent years several states have passed legislation…

Bud and Booze Sign a Truce

After months of marketing campaigns deriding the effects of alcohol and promoting cannabis as a healthy alternative, Hollywood’s favorite beverage brand, Cann, ended their unofficial war on booze by launching a series of partnerships with alcohol brands. The topic of hangovers was notably absent in Cann’s 2021 holiday ad, featuring Kate Hudson and Kate Hudson’s vodka brand King St.

Why the sudden change?

ISA’s study of beverage consumers from 2021 revealed that consumers are not necessarily looking for an alcohol replacement, and 40% of cannabis beverage consumers say that when they drink cannabis, they’re also drinking alcohol. If you’re a cannabis beverage brand, it makes sense to pivot away from a marketing strategy that could potentially alienate 40% of the market.

Anti-alcohol rhetoric is so 2020.

Celebrities Crowd into the Cannabis
Market - Consumers yawn

Speaking of celebrities…

Seth Rogan, Justin Bieber, Pitbull, DJ Khaled, Lil Kim, Ice Cube, Melissa Etheridge, Drake, Bella Thorne – this is only a partial list of the celebrities who announced their foray into cannabis in 2021. It’s obvious that some partnerships between brands and celebs are a natural fit, and the wave of celebrity entrants is a good indicator of growing cultural acceptance. For most consumers, however, it’s just adding to the clutter. This Twitter user is over it.

How many consumers share this guy’s opinion? A lot. Last year we partnered with mg Magazine to understand the luxury cannabis market and how consumers define luxury for cannabis products. We asked 1,000 cannabis consumers to rate how important a celebrity endorsement is for them when evaluating products. The majority (56%) said it’s of little importance or not important at all.

Marketing professionals have limited options when it comes to promoting cannabis online. Facebook and Instagram are famous for shutting down accounts, often without so much as an explanation. LinkedIn is cannabis-friendly, but the business-forward platform can be a turn off for those who appreciate the subversive, counter-culture characteristics of the industry.

Enter Clubhouse. In 2021, the censorship-free audio-based networking app exploded in popularity and cannabis entrepreneurs found a safe space to promote their products, discuss business, and network.

Learn More about Clubhouse and Cannabis

Cannabis in the Metaverse (Cannaverse?)

In December of 2021, Higher Life CBD grabbed headlines with a promotion that allowed customers to browse and buy cannabis products in the metaverse and then have it delivered to their real-world homes.

Some say it will take years or even decades for the metaverse to reach a point of critical mass, where it really takes off and regular people start to spend their free time shopping, socializing, and gaming on the new platform. However, cannabis people are not regular people. The words pioneer, subculture, experimental and “not risk averse” come to mind. It stands to reason that the same group that was first in line to seize opportunities in cannabis will also be early entrants in the digital “Wild, Wild West.” The cannabis business leaders who survived and thrived through Prohibition, constantly shifting regulations, natural disasters, supply chain issues and a global pandemic are battle-tested, and well poised to gamble on a new platform and win. Also, they know how to throw a party, so there’s that.

The Birth of Weed Week

Speaking of industry gatherings, 2021 also brought us the return of live, in-person cannabis networking events. After canceling their live event in 2020 (along with the rest of the world) MJBiz Con triumphantly returned to the Las Vegas strip in 2021 for their 10th annual show. This time there was something different. A new event called MJ Unpacked opened up down the street and kicked off the same day that MJBiz Con wrapped up. MJ Unpacked caters exclusively to brands and retailers. Ancillary businesses are not allowed. Is the fragmenting of events a cause for alarm or a natural progression? Some say the addition of MJ Unpacked means we can now look forward to a yearly mega event in Las Vegas – unofficially dubbed Weed Week. See what industry insiders are saying about Weed Week.

Insights Take Center Stage

In the early stages of development as an industry, consumer preferences were often over-looked in the rush to bring products to market. There was a sense that any product would sell, and any product could make it onto retail shelves. Fast forward to 2022 – brands are more deliberate with their planning and attentive to their brand and what it represents. Specific, core audiences and usage occasions are no longer an afterthought in product development and marketing strategies.

In 2021, we saw more leaders embrace the need for insights and level-up their investment in research.

Related article:

There’s still a long way to go before cannabis catches up with major national brands, in terms of analyzing their customers’ behavior to uncover market opportunities. With federal legalization on the horizon, and further consolidation, it’s quickly becoming too risky to ignore fundamental questions related to brand health.

In 2022, more organizations will need to answer questions such as…

  • What are our customers experiencing when they use our products/ visit our locations?
  • How loyal are our current customers?
  • Why have our lapsed customers moved on?
  • How does our product address consumers’ underlying emotional needs?
  • Are we optimizing the use of our customer data?
  • Which product types or new state markets represent the greatest opportunities with minimal risk?
  • How do we stay in front of trends?
  • How can we create a customer feedback loop that informs new product development and/or helps us improve our current offering?

If any of these questions are on your to-do list for 2022, get in touch.

Cannabis Customer Satisfaction Survey: How It Can Increase Your Revenue

One of the most important metrics of a successful business is customer satisfaction. Some would say it’s even more so in the growing cannabis industry where competition is downright cutthroat.

Your price and your product matter a lot, but it’s the positive customer experience that will set your brand apart from others. So if you’re not conducting a cannabis customer satisfaction survey, it’s time you do.

Client satisfaction is a key brand differentiator in the cannabis industry, but as with all other retail businesses, customer satisfaction—or even brand success— does not mean anything if you can’t translate it to sales and revenue.

This article aims to help you use your consumer survey results to not only improve the overall experience of your customers but also to leverage them in increasing your revenue.

If you’re not familiar with the Customer Satisfaction (CSAT) Survey, read on and learn why it matters.

What is a Customer Satisfaction Survey?
Customer Satisfaction (often abbreviated as CSAT) refers to how your customers feel about your products and your brand. To measure their level of satisfaction, companies can use a CSAT survey.

CSAT survey can help you identify customers who are happy with your brand and customers who aren’t.

A CSAT survey usually consists of 5 to 10 questions about your product, the customer’s personal experience, and overall satisfaction.

The survey can be in digital form or a written form that you can ask them to fill out after buying from your store. You can also send them SMS surveys or conduct the survey over the phone. Just be careful not to take too much of their time, which is why 5 to 10 questions are ideal.

How to Use CSAT Survey to Increase Your Revenue
The CSAT survey can provide valuable insights that allow you to develop and improve your products and services. These surveys also can give you a push in the right direction to better meet your customers’ expectations.

Understanding what your customers appreciate and value is essential for scaling your business. Below are some of the ways you can leverage CSAT surveys to improve your revenue.

Identify your satisfied customers
Your cannabis customers are made up of many personas. Your job is to identify those who aren’t happy—so you can address their dissatisfaction, and those who are happy and satisfied with your cannabis products so you can strengthen your connection, improve customer retention, and create more amazing customer experiences for them.

If you’re conducting a cannabis customer satisfaction survey, identify your satisfied customers so you can also make them your brand ambassador to expand your market reach and attract new customers.

Happy customers are at the bottom of your sales funnel and so you can also create different targetting ads or marketing campaigns for them to increase conversion or get them to buy continuously from you.

Generate testimonials
Connect with your satisfied customers and ask for their feedback. Choose those who have given you a high score for customer satisfaction. You can then use these testimonials in your campaigns and generate leads for your cannabis business.

Reviews and recommendations are very effective because they function as third-party endorsements for a company.

People tend to trust reviews and recommendations more than traditional advertising. So if you’re also looking for a cost-effective ad, there is no better form of advertising than positive reviews from users.

Improve your product
To remain competitive in an ever-changing market, upgrades are necessary.

You can determine which products in your store need to go, and need to be changed and improved by measuring the level of satisfaction of your customers.

So to increase your sales, you can use the CSAT survey to know what products are good and what are not.

By ensuring you always have quality products and products that meet your customers’ satisfaction, you can encourage your customers to buy more of your products, impacting your sales and revenue.

High-quality products not only can boost your revenue, but they can also increase your market share.

Create a CSAT Survey Today
Solid market research is your gateway to increased sales and revenue. If you start with a cannabis customer satisfaction survey, you’ll find out what drives positive experiences in your brand.

You could do the survey yourself but you and your business could benefit a lot from outsourcing your research to professionals. Let ISA Group help you.

Interviewing Service of America is a full-service market research company with a focus on helping businesses thrive in an ever-changing landscape of modern businesses.

Our primary goal is to support the needs of organizations and their stakeholders by providing trusted and accurate research.

We provide access to a wide range of methodologies and research topics, including cannabis. Get in touch with us and start improving your sales and profitability today.

The Benefits of Hiring a Partner to Gather Cannabis Consumer Data in Colorado

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.

The Importance of Cannabis Consumer Demographics Research in Marketing & Advertising

Understanding customer demographics is important when it comes to determining the success of any marketing campaign for business. In a volatile industry such as cannabis, businesses should always be on the lookout for new ways to promote their products and reach out to new customers. Knowing your cannabis consumer demographics is one way you can do this.

Demographics will help you identify each member of your market according to their characteristics, motivation to use, and overall attitude towards cannabis use.

This article will discuss the various reasons why you should be doing consumer demographics research in marketing your products and how it can help you reach your business goals faster. Read on.

Market Segmentation
Consumer demographics research is important because it can help you segment your customers according to their characteristics and what drives them to use cannabis. By doing so, you can adjust your marketing tactics to address those characteristics and needs.

Dividing your target market into smaller groups, based on shared characteristics is called market segmentation. Some of these characteristics include:
●Marital status
●Educational background
●and others

When you can identify your market according to these characteristics, you can inform your marketing and advertising strategies and create campaigns based on data.

With the data, you can customize your product presentation, distribution channel, marketing message, and price to grab the attention and meet the specific needs of your segmented group.
Psychographics is different from demographics. Demographic data is a quantitative method of measurement or analysis, while psychographics is qualitative data.

Psychographic characteristics include:
●Social Status
●Activities, Interests, Opinions (AIO)

By Age or Generation Segmentation
Understanding age or generational characteristics is important because different generations have different sets of beliefs and attitudes towards cannabis.

For instance, just as Millenials have a different way of speaking compared to Baby Boomers, they also have different buying habits. Their attitude towards the use and legalization of cannabis for recreational and medical use can also be starkly different.

By Gender Segmentation
Males and females have different beliefs towards cannabis, and this is evident in the distribution of cannabis use between these genders. Knowing which group uses cannabis more will help you focus and refocus your marketing messages.

By Ethnicity Segmentation
People from different ethnic backgrounds have different characteristics. The population of these groups also differs in certain areas. If you have a brick-and-mortar store with one ethnic group more dominant in numbers than the others, understanding their belief system is crucial to your marketing plans.

By Marital Status Segmentation
Married people have different priorities than single individuals. These groups can also view cannabis use differently.

By Employment Status
It’s easy to create marketing strategies based on stereotypes. You shouldn’t however. If you do, you might find yourself marketing to the wrong group. That’s why getting a cannabis consumer demographics report before planning your marketing and advertising approach is important.

By Income Segmentation
People with different incomes have different buying characteristics. The more you know about buying characteristics of your market, the better you can target your marketing strategies towards that group.

By Educational Background Segmentation
The public population is widely educated to stay away from drugs. The narrative for cannabis is changing due to its legalization. Knowing how your target market perceives cannabis use will be crucial to your marketing and advertising campaigns.

The Impact of Cannabis Laws in Marketing
The legal status of cannabis in the United States has evolved rapidly over the past few decades. Cannabis is now legal for recreational use in 10 states, and medical use in 33 states.

Its legalization has changed the way people think about cannabis. However, despite legalization in several individual states and the increasingly positive public reception, cannabis is still federally illegal, which can impact your marketing efforts.

The federal government classifies marijuana as a highly addictive drug, along with cocaine and heroin, the federal government views them as drugs with no medical value.

Being lumped with cocaine and heroin doesn’t bode well for the cannabis industry. And though cannabis laws are changing and there are more calls to legalize the drug, marketing cannabis is still fraught with economic dangers.

The Future of Cannabis Marketing
Cannabis marketing is a hot topic in the marketing world. As more and more states are legalizing cannabis, marketers are looking for ways to promote their products without running afoul of federal law.

There are many challenges that lie ahead for cannabis marketers, but the future looks promising thanks to social media and the Internet. Marketing cannabis to the world has become easier.

Need Cannabis Consumer Demographics Research?
If you need in-depth demographics research, the ISA Group provides cannabis research solutions for your marketing needs. Aside from cannabis research, we specialize in custom business research, data collection, qualitative research, and academic research.

Get in touch with us today to discuss your research needs. We will be glad to assist you.