Why You Should Use Data Analytics in Your Cannabis Business Operations

botaniCo  |  August 16 - 2021

When setting forth into the obstacle course of starting your cannabis or hemp business, it's important to be aware of the many moving parts involved so that you may more effectively launch and continue to operate. This means everything from having the right branding, to building a functional website and having a solid go-to-market strategy, to name a few major points. (This is just the tip of the iceberg, but not to worry!)

At botaniCo, our mission is to be a guiding force for prospective and current cannabis and hemp businesses by providing them with purchasing power into a vast network of trusted suppliers, while also giving them exclusive access to pertinent resources to help them thrive. These days with so much competition in the cannabis industry, brands need any leverage they can obtain in order get a leg up, but doing this properly within the right channels is key. 

In a previous blog we talked about our organization, the main points of our botaniCo membership and how it can benefit cannabis and hemp businesses - let's now pivot to talk about cannabis industry analytics and why you should consider implementing it in your operations. 

Cannabis Industry Data Analytics in 2021 & Beyond

The fact is: in the current market there is no brand differentiation without data. Standing apart from the competition in increasingly crowded segments throughout all parts of the industry is the name of the game, and the brands that embrace this ethos will surely be the ones that swim ahead instead of floundering and sinking. 

According to Cannabis & Tech Today

History tells us that even the most well-intentioned products can flop if they’re not positioned in the correct market segment. There are major opportunities for cannabis companies in leveraging transactional data, seasonality, trend forecasting, as well as regional and demographic data to pinpoint which segments of the market to serve and the correct marketing mix to utilize.

There is a lot more to cannabis data analytics than the above-mentioned factors, but you can see why it's vital to have trusted partners at your side to help you along your cannabis or hemp business journey. 

Utilizing Data Analytics in your Cannabis/Hemp Business Operations

So, why should you implement data analytics into your cannabis or hemp business operations? Simply put, using data analytics ensures you have your ear to the ground and are putting your best foot forward when formulating, manufacturing and marketing your products and services. 

botaniCo Supplier Spotlight - Fordis Consulting: Illuminating Market Research

While there certainly are many market research companies out there, it's important to seek out the most trusted data providers. At botaniCo, we value our relationships with our esteemed suppliers that are there to give you all the advantages you need to create and maintain a successful business; supplier partners such as Fordis Consulting. Fordis combines cannabis product and package testing, live virtual groups, and online surveys - all in efforts to gather data that assists with both B2C and B2B business challenges. 

Clients choose Fordis Consulting to:

  • Boost revenue: Turn more prospects into consumers
  • Discover your ideal target consumers: Spoiler alert! They often are different than expected.
  • Stand out from the competition
  • Optimize new — and existing — products and services

With designated areas of focus — such as budtender focus groups, cannabis consumer focus groups, and cannabis consumer online surveys — Fordis works to deliver ROI for clients that span the spectrum from start-ups to already established recreational cannabis businesses. 

*botaniCo member benefits* - 100 extra surveys and/or 2 extra focus group participants with any full-service market research project.

Want to know more about how botaniCo can help your cannabis or hemp business thrive? Let's Connect

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