Market Insights Snapshot
In the Tincture & Sublingual category, VIVE's performance in Michigan showed a slight improvement from July to September 2023, moving from rank 25 to 23. However, in October 2023, VIVE did not make it to the top 20, indicating a potential decline in its popularity or sales in this category. The fact that sales increased from 408 units in July to 477 units in September before the ranking data for October is missing, suggests a possible market fluctuation or increased competition.
Moving to the Topical category, VIVE's ranking in Michigan demonstrated a significant leap in October 2023, jumping 10 spots to rank 18 from its previous position at 28 in September. This is a positive sign, indicating a substantial growth in the brand's market presence in this category. The sales data corroborates this upward trend, with a remarkable surge from 657 units in September to a whopping 2640 units in October. This suggests that VIVE's topical products are gaining traction and resonating well with the consumers in Michigan.
In the Topical category within Michigan, VIVE has shown a notable upward trend in rank, moving from outside the top 20 in July and August 2023 to 18th place by October 2023. This suggests a significant increase in market presence, although it still lags behind competitors such as Tree House CBD, Zova, Lit Labs, and Bossy. Despite this progress, VIVE's sales remain lower than these competitors, with Tree House CBD and Zova showing particularly strong sales. However, VIVE's sales have shown a promising increase in October, suggesting potential for further growth. It's worth noting that while VIVE's rank improved, some competitors like Tree House CBD and Bossy have seen a drop in their ranks over the same period, indicating a dynamic and competitive market.
In October 2023, VIVE's top-performing product was the CBD Original Honey Stick (10mg CBD), which ranked first in sales at 444 units. This product did not rank in the previous three months. The second best-seller was the Happiness - CBD Peppermint Bath Bomb (250mg CBD), consistently ranking second since August, with 67 units sold in October. The CBD Broad Spectrum Salve (500mg CBD 2oz, 60ml) entered the rankings at third place, while the CBD Peanut Butter Bites Dog Treats 20-Pack (100mg CBD) maintained its fourth position from August. Lastly, the CBD Smiley Gummy (500mg CBD) made its first appearance in the rankings at fifth place.