In the face of industry-wide economic uncertainty marked by inflation and constrained capital markets, retailers are preparing to weather the storm. While cannabis companies flourished compared to other consumer packaged goods (CPG) sectors throughout the pandemic, retailers must now compete against each other and mainstream CPG brands to earn consumers' decreasing disposable income. The good news is there are many ways for cannabis brands to batten down the hatches before trouble hits. Deploying diverse, omnichannel sales and marketing strategies along with leveraging data and research can help brands remain competitive.
In the current retail environment, regulated companies must capitalize on customer engagement channels and adopt targeted strategies to boost long-term acquisition and retention. Diversifying sales and marketing channels keeps consumers engaged and can manifest in a variety of forms. Business-to-consumer strategies like designing creative in-person dispensary experiences and optimizing web-based platforms allow for increased shopping flexibility as brands adapt to the changing times. In terms of business-to-business efforts, assembling an excellent wholesale team to maintain relationships with buyers and offering full-service distribution capabilities can help brands flourish and streamline operations. In short, the more sales and marketing channels brands utilize, the better.
Not only is a range of marketing strategies essential to a cannabis business's success, but gathering broad market intelligence is key to staying competitive and ahead of evolving consumer trends and demands. This year, data companies have become invaluable sources of business intelligence, illuminating product, and consumer trends to support retail success. From detailed insights about sales to audience psychographics and marketing engagement, concrete data is what moves cannabis forward.
"The cannabis industry has proven its ability to weather difficult times, and the current economic climate will be no exception," said Kathee Brewer, editorial director at Inc Media, the parent company of award-winning trade journal mg Magazine. "Since cannabis's earliest days, industry operators have adapted to evolving challenges, creating innovative sales and marketing strategies to keep consumers engaged and returning. Armed with essential data and resilient leaders, cannabis is well-positioned to make it through economic uncertainty."
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