Top 3 data points from Cannabis Marketing Association’s member webinar
Introduction
On September 14, 2023, Cannabis Marketing Association hosted a member webinar where Cannabiz Media’s Ed Keating and Alyssa Gatto joined us to shed light on the fastest-growing cannabis markets in 2023 and the best means of engaging new license holders. In this blog post, we’ll delve deeper into the insights gleaned from the webinar and explore how they can empower businesses to thrive in the cannabis industry.
Understanding the Fastest-Growing Markets
One of the central themes that emerged from the webinar was the importance of identifying the fastest-growing cannabis markets in 2023. For any cannabis business, staying ahead of the curve is essential, and this starts with understanding which states are experiencing the most rapid growth. To do this effectively, it’s crucial to emphasize the significance of state-level data when evaluating market trends.
What states are noticing change in particular? “California and Oklahoma stand out as rapidly growing markets in the cannabis industry, each with its unique dynamics and opportunities,” said Keating. Next, he explored what sets these markets apart, noting that “the intricate patterns of license issuance over time reveal the evolving landscape of the cannabis industry, where factors like regulations, demand, and market maturity play a pivotal role.” By understanding what drives success in these regions, businesses can gain valuable insights that inform their strategic decisions.
Deciphering Cannabis Licensing Patterns
Understanding when licenses are issued can be a game-changer for marketers, as it allows for strategic planning and resource allocation.
Keating stated, “Another angle or view is, when did these licenses get issued? Now, here you can see it’s almost like the Loch Ness Monster where it goes up and down. There’s no real rhyme or reason here. But something to keep in mind is occasionally, this is driven by maybe a new state coming online, in issuing a whole bunch of licenses, we still see that happening, where an announcement is made, and new licenses come online. A lot of these lists in the early part of the year were driven by Oklahoma, where they were issuing several hundred licenses at once. And that’s just, I think, how their licensure program was working at the time. It has since drastically changed, as you’ll see in future slides. But it’s a good thing to keep an eye on.”
Next, Keating broke down the diverse array of licenses that are issued within the industry, encompassing cultivation, retail, manufacturing, and consumption lounges. “I also wanted to highlight the activities that are being licensed and those that are not, because if you’re selling to cultivators, well, you’re in good stead, because quite a few of the licenses that are issued still are for cultivators, if you’re trying to sell to consumption lounges, there aren’t many of them. So that’s going to be a perhaps a harder market just in terms of value and girth.” This analysis shed light on the relevance of various license types to different segments of the industry, providing businesses with a roadmap for tailoring their marketing strategies.
Crafting Personalized Cannabis Marketing
In an era of fierce competition, generic marketing messages often fall by the wayside. Personalization is the key to resonating with today’s cannabis consumers. CMA Member Alyssa Gatto showcased the stark contrast between generic and personalized marketing content and let us know that, “Long lost are the days of generic one size fits all marketing. You will not succeed if you are attempting to cast a wide net”.
The driving force behind this personalization? Data. Gatto emphasized the central role that data plays in segmenting target audiences effectively. By harnessing data, businesses can identify distinct customer segments with unique preferences and pain points. Armed with this knowledge, marketers can tailor their messages and offerings to meet the precise needs of each segment, resulting in heightened engagement and improved marketing effectiveness.
Conclusion: Empowering Your Cannabis Marketing Strategy
In closing, the webinar provided a wealth of insights that can empower businesses in the cannabis industry. By adopting data-driven strategies, companies can not only survive but thrive in this rapidly evolving landscape.
CMA Members: log into the Member Portal now to watch the full recording!
As we look ahead, stay tuned for our upcoming content and webinars on the integration of AI in cannabis marketing, and don’t forget to become a member of CMA! By joining our community, you can remain at the forefront of industry developments and make informed, data-driven decisions in your marketing efforts.
We extend our heartfelt gratitude to Ed and Alyssa for their invaluable contributions to this webinar. To connect with them or for further inquiries, please find their contact information below:
- Ed Keating: [email protected]
- Alyssa Gatto: [email protected]
Thank you for being an integral part of the CMA community!
