California cannabis consumer data gathering and analysis are important for growing a cannabis business. Determining new product development, marketing strategies, and business expansion are just some of the things you’ll get from conducting market research.
Cannabis is a developing market, and as with all developing industries, new products are introduced on a daily basis. Businesses are always innovating to attract customer attention and increase market share.
Understanding the industry and consumer trends, identifying new business development prospects, and keeping track of all advances are necessary for a successful business.
Below are important things you should know about conducting cannabis market research in California.
Cannabis in California
In California, recreational cannabis is legal. Since January 1, 2018, adults age 21 and older may legally possess marijuana or concentrated cannabis.
It is illegal to consume, smoke, ingest, and vape cannabis in public as well as in places where smoking is prohibited.
Possession and consumption of cannabis, including cannabis package-opening, are also not allowed on public spaces and federal properties like national parks even if the park is in California.
Consumers can only take cannabis on private property so long as the landlords do not prohibit it. Retail cannabis products can only be sold by state-licensed businesses.
So if you’re still establishing your cannabis business, the first order of business is getting a license.
California Cannabis Consumer Data Collection & Analysis
Data gathering and analysis of the cannabis market in California take the guesswork out of marketing approaches and strategies, helping your company position itself as a thought leader in the industry.
This is the main, if not the most important reason why you’ll want to conduct market research for your business.
Following are some aspects you should consider in your research:
● The regularity of purchase and use of cannabis
● Motivation for using cannabis
● Preferred methods of cannabis consumption
● Criteria for selection of cannabis dispensaries to buy from
You can monitor the cannabis market over a longer period and stay up to date on the latest cannabis trends by analyzing cannabis consumer behavior even in your company’s early stages.
Why Conduct Market Research
● Market research helps you understand your customers better
You’ll be able to make changes in your product to better meet the market if you know what your customers want. This is true whether you’ve already released or are still in the planning stages.
Researching locations that use comparable services and products can also help you figure out where you should expand in the future or which demographics to advertise to.
Is your target audience more likely to utilize TikTok than Facebook? Great! Placing advertising where your customers will see them provides you more bang for your cash.
You may also observe what types of promotional materials your customers are interested in. A lovely commercial could go viral or be a complete flop, depending on your target market’s perception.
Market research allows you to gain a deeper understanding of what your potential customers want.
● Market research allows you to test your product pre-launch
You’ll want to make sure your business is going to prosper before investing your hard-earned money. Market research enables you to determine whether there is a demand for your product or whether you should develop prototypes before going all-in.
For example, if your vision included customized cannabis concentrate containers, but you discover that there is no high demand for custom containers, that could be an area to cut money.
You’ll also be able to find options for upgrades and add-ons. What feature is missing from your product? Is it possible to include it in your usual price or sell it separately?
If your aims are aligned with your target market’s requirements, then that’s a step towards your business’ success.
These are just some of the best reasons why you should consider a California cannabis consumer data research and analysis.
When it comes to analyzing the data that will make your business successful, it’s a good idea to trust the experts. Conducting market research is essential for success, whether you’re just starting or you’ve been in the business for a long time.
Visit ISA Group and find out how they can help you achieve your business goals by creating marketing strategies based on solid market research.