Leveraging Demographic Data to Understand Cannabis Consumer Behavior
This comprehensive training video delves into the critical subject of how demographic data can be utilized to understand consumer patterns within the often complex and elusive cannabis market.
The coarse begins by illuminating how data is aggregated primarily from point of sale systems, with the key data points including customer gender, year of birth, and anonymous customer ID. This data is then processed to assign customer-specific attributions. The refined capabilities of their proprietary customer relationship management (CRM) platform are showcased, displaying how individual transactions can be traced and analyzed for repeat purchase tendencies, all while guaranteeing sturdy privacy regulation compliance. The presenter dives deep into the peculiarities of real-time data and the necessity to forecast data after each month's closure.
- Demographic data obtained from point of sale systems is pivotal in understanding customer behaviors and trends, and can be effectively utilized within CRM platforms.
- Real-time demographic data, though insightful, has its limitations and it is paramount to forecast demographic data after each monthly closure.
- There are variations in cannabis product preferences across regional markets and demographic groups. Understanding these variations can influence product development, price point decisions, and marketing strategies.
- The growth rate of female consumers purchasing cannabis products is increasing, signaling the need for businesses to pay more attention to this demographic.
- Regulatory impacts can significantly alter consumption patterns and market trends, therefore, it becomes necessary for businesses to stay continually informed about changing regulations.