Your cannabis consumers are the lifeblood of your company. Cannabis consumer research will help you refine your marketing and build your business by gathering as much information as possible about your customers.
There are many kinds of consumer research, but what is it and how can it help you grow your recreational and medical cannabis business?
What Is a Consumer Research?
Consumer research is a part of market research. Market research is about collecting and analyzing data to answer business questions while consumer research focuses on the study of consumer behavior and consumer preferences to improve your business.
By definition, consumer research is the process of determining your target customer’s preferences, attitudes, motives, and purchasing behaviors.
In consumer research, you can discover shared features among distinct customer groups. Through various research methods, you can categorize these groups into customer segments and buyer personas, which you can then use to construct marketing campaigns targeting each specific segment or persona.
In other words, consumer research is the secret marketing weapon that can prevent stale marketing in your business and motivate you to continually design effective campaigns for recreational and medical cannabis users.
What Is Customer Segment?
Even the strongest marketing strategy will have inconsistent outcomes if you try to apply a one-size-fits-all approach. Some cannabis users will respond positively to a certain campaign, while others may disagree. No matter how successful your marketing efforts are for some of your customers, they may fall flat with others. This is why customer segmentation is important.
Customer segmentation entails dividing customers into groups based on shared characteristics. When you have a customer segment, you can tailor your marketing strategies to those segments.
What Is Buyer Persona?
A buyer persona is a detailed profile of your ideal client. It’s a document that includes information such as demographics, hobbies, work background, and family size, all written like the persona is a real person.
When you have a buyer persona, created through research, you can understand your target customers better and improve your cannabis products to retain and attract new customers.
Why Conduct Consumer Research?
Without conducting consumer research, you won’t understand your users. You may have a basic understanding of who they are and what they want, but if you want to earn their trust and loyalty, you must dive deep into their persona.
The only way you can come out on top is to obsess over your users. You will lose potential consumers to someone who does and who cares about them.
And if you want to expand to other cannabis markets in the United States or start a cannabis or cannabis-related business, consumer research studies can be a wonderful place to start.
Having proprietary data on cannabis consumers takes the guesswork out of marketing to cannabis users and positions your company as a cannabis industry thought leader.
By analyzing cannabis consumer behavior early on, your brand may watch the cannabis industry over a longer period of time, strengthen product development, and stay up to date on the latest cannabis trends.
Regular cannabis consumer research can have a big impact on your business, whether you’re a startup or an established company. The information you gather can influence how you improve your products, sell them, and communicate with your audience, all of which are linked to healthy and long-term business growth.
To put it simply, consumer research helps cannabis brands make money. If you’re ready to take your business to the next level or start a profitable medical or recreational cannabis business, talk to the guys over at ISA Group. They are a full-service research firm that specializes in cannabis research for businesses of all sizes. Get in touch with them today!