You have to understand how consumer trends impact sales in the market in order to build effective strategies that truly resonate with your customer. To do that, we’ve created two new Insights add-ons to help you dial-in your revenue drivers and further develop your understanding of the cannabis consumer. The data in both sets of dashboards serve as add-ons to current Insights Premium subscriptions. Upgrade your account today to start leveraging our new consumer focused tools.
Read through this blog post to learn more about the details of each dashboard and how they’ll help your business better prepare for today’s cannabis consumer. Request a demo.
Access a collection of four dashboards built to give you insights into the cannabis consumer basket, allowing you to dive into purchasing behavior and start thinking of sales as a bi-product of the transactions that create them. Leveraging these insights enables you to estimate the average basket in the marketplace as well as the average items per basket.
You’ll be able to dig into a few new metrics you haven’t been able to access before.
Drilling into purchasing behavior uncovers gaps and opportunities in your sales strategy, allowing you to increase revenue and improve tactics such as cross-selling and upselling. You’ll build better marketing and promotional plans because you know which products sell best together, with which type of customers.
On top of that, market basket analysis can help with benchmarking and market sizing activities. Set realistic goals and projections for the amount of sales that you can reasonably achieve & use the data to adjust product selection & pricing. You’ll be able to assess how sales are growing in the market and answer if its primarily due to increases in the number of baskets or instead if it’s due to larger basket sizes, informing your approach to the market.
If you’re starting a new business, you can learn how many transactions occur in the market as well as the average size of each transaction to properly forecast revenue and prepare for demand.
First, let’s breakdown your total sales into the formula below. We see that there are only two ways to increase sales.
Total Sales = # of baskets + basket size
With this new add-on, you’re set up to drill into these vital components of your revenue stream and answer a multitude of questions to further understand consumer purchases.
Let’s get started. We’ll add this to your current Insights Premium subscription, and you can purchase it down to the category & market level. In order to purchase access to the data, you must be subscribed to the specific market and category within your current Insights Premium subscription.
That said, one dashboard will be available to all Insights Premium subscribers – the Overview dashboard. This dashboard gives information on the average basket sizes, illuminating any information by category.
The receipt-level data for these dashboards is populated at the start of the month for the prior month. For example, on August 1st you will see data for all of July.
At a high level, the purpose of these four demographic dashboards is to help the Insights user drill further into who is purchasing cannabis and analyze sales by age group & gender.
Built from demographic data from individual retail purchases, this addition to Insights Premium will help Headset users better understand their customers and improve the way they market their products. A critical piece of this data is that it is derived from transactional data from our POS connections. This is not survey data and we’re not relying on customers to remember things and self-report. You’ll have visibility into what actually happens each day as consumers hand over cash and bring home products.
There’s a lot you can dig into with these new demographics dashboards, and you need to understand a few key metrics in order to get the most out of them.
The industry is still very new, and businesses don’t have decades worth of consumer information to plan and get ahead of consumer trends. The Demographics add-on delivers long-awaited consumer insight into legal cannabis consumption. Finally, you can start understanding who you’re marketing to and what products perform best with which type of consumer segment.
Knowing who your customer is will be critical to deciding how to spend your advertising dollars and which products serve your customer base best. These dashboards provide insight into what types of consumers buy which kinds of products, ultimately helping you determine if your product offering matches your customer profile. Develop products and enter markets with key demographic insights that help inform projections and set realistic growth strategies from the get-go.
Overall Cannabis Consumer
Cannabis Consumer Purchases
Wallet Share and Customer Penetration
Start leveraging this add-on with the same steps and subscription we reviewed earlier with the Basket Analysis Add-on. You must be subscribed to the category & market for Insights Premium in order to access to the demographics dashboards with the exception of the Overall Cannabis Consumer dashboard.
The data comes from our POS data just like everything else in Insights. Many retailers use a CRM platform to manage their customers. As part of our POS integrations we have access to this CRM data. We leverage three pieces of this anonymized data from each retailer (yes, that’s right, this is all anonymous):
The receipt-level data for these dashboards is populated at the start of the month for the prior month. For example, on August 1st you will see data for all of July. Finally, our data is currently available in four US markets: WA, CA, CO, NV.
Click here to learn more about our Insights Premium offering or fill out the form below to request a demo of our new powerful add-ons.