Market Insights Snapshot
Starting with the positive, Hedy has shown a consistent upward trend in the Edible category within the Colorado market. The brand managed to improve its ranking from 11th place in August 2023 to 8th place by November 2023. This is a clear indication of Hedy's growing popularity and acceptance in this market. However, the brand's performance in the Illinois market is a bit stagnant, maintaining a position outside the top 20, specifically in the 34-35 range over the same period. This could suggest a need for increased marketing efforts or product innovation in this region.
On a less positive note, Hedy's performance in the Massachusetts market has been on a downward trend, with its ranking falling from 59th to 71st place between August and November 2023. This decline could be a cause for concern and might require some strategic adjustments. In the Maryland market, Hedy has been able to maintain a steady position within the top 20, specifically at the 22nd rank over the same period. However, the brand's performance in the Missouri market is not very encouraging, as it failed to rank in the top 20 in the last two months of the period under review. This suggests that there is significant room for improvement in this market.
In the Colorado Edible category, Hedy has shown a steady rise in rank from 11th in August 2023 to 8th in November 2023, indicating a positive growth trend. This is in contrast to Dixie Elixirs and Cheeba Chews, which have shown fluctuations in their rankings over the same period. Coda Signature, another competitor, has seen a decline in rank from 7th to 9th, while Good Tide has maintained a consistent 6th position. In terms of sales, Hedy has seen a steady increase, outperforming Cheeba Chews and Coda Signature in November 2023, but still lagging behind Good Tide and Dixie Elixirs. The data suggests that while Hedy is not currently a top brand in the Colorado Edible market, it is showing promising growth and competitiveness.
In November 2023, Hedy's top-performing product was the Sour Cherry Lime Gummies 10-Pack (100mg), maintaining its number one position from previous months with a notable sales figure of 11,371 units. Following closely was the Sour Watermelon Gummies 10-Pack (100mg) which retained its second position. The Sour Green Apple Gummies 10-Pack (100mg) saw a slight improvement in its ranking, moving up to the third position from fourth in previous months. The Blueberry Acai Gummy 10-Pack (100mg) dropped a rank to fourth place, while the Orange Cream Gummy 10-Pack (100mg) held steady at the fifth position. These rankings reflect consistent customer preferences for these products over the past few months.