How do cannabis consumers make buying decisions?
What guided your purchase the last time you bought a cannabis product? Was it the packaging, the reputation of a brand, or did you ask the budtender? In most cases, especially for new patients and consumers, purchases are usually made based on the recommendation of the budtender.
How about the last time you went grocery shopping? What guided your purchasing decisions? Was it your shopping list, what’s on sale, or perhaps were you just hungry? Grocery and retail stores have spent millions of dollars analyzing their customers’ every move to determine their purchasing habits. On this episode, we discuss the various ways CPG’s manage to get consumers to purchase their products with zero human interaction guiding their decisions, and what cannabis manufacturers and retailers can learn from them.
What we talk about
- Why you need to understand and be obsessed with you consumers.
- What are Consumer Packaged Goods
- What some tactics to measure Consumer Behavior and shopping habits are
- What a typical marketing spend is for a Consumer Packaged Goods
- How Consumer Packaged Goods market and advertise. You’d be surprised of some of the tactics out there.
- What is the difference in a dispensary sales experience vs a traditional CPG purchasing experience. It is all about the budtender!
- What are some solutions cannabis manufacturers and retailers can implement into their business today!
- Analyze your marketing budget to ensure that you have the best ROI. CPGs are spending 20% of their annual on marketing, how do you compare?
- Determine your value proposition. How do you engage with your customers and ensure that they are returning and happy? Loyalty programs and nurturing your relationships will provide you an understanding of your value proposition.
- Know you numbers. There are tools to measure purchasing habits of customers; however, it is imperative understand how the retail environment may impact those numbers.
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This episode was hosted by Simone Cimiluca-Radzins and Kristen Yoder of LIV Consulting. We wouldn’t be able to produce this show, without our brilliant podcast editor and producer Gustavo Bulgach from East Venice Studios. Our theme song is Funkadelicoscious, by Ketsa.