How can your company stand out in the competitive cannabis industry where new business pops up every second? Even if you’re confident that you have a superior product, market research will give you the upper hand.
Market research will also guide you in the right direction towards your one ultimate goal: success.
Give yourself a goal to work toward and pick the appropriate market research for your business. Below are the different kinds of market research that you can do to gain solid cannabis consumer insights and boost your sales or expand your cannabis and CBD business.
Some of these, you can manage on your own, but you’ll need a cannabis market research company for the others for data collection accuracy, availability of resources, and professional data analytics.
Interviews are in-person or virtual face-to-face discussions, where you can maintain a natural flow of dialogue while keeping an eye on your interviewee’s body language.
Your interviewers can help you create buyer personas by answering questions about themselves. These buyer personas reflect the age, family size, budget, job title, and other details about your ideal customer’s lifestyle.
Focus groups give you a small group of carefully chosen people to test your product, watch a demo, provide feedback, or answer particular questions.
This form of market research can help you come up with product differentiation concepts or traits that make your product stand out in the marketplace.
Buyer Persona Research
Buyer persona research offers you a realistic picture of who your target client is, what issues they face, why they desire your product or service, what they require from your company and brand, and more.
Market Segmentation Research
Market segmentation research helps you divide your target audience into distinct groups or segments based on distinguishing criteria, allowing you to better understand their wants, pain points, and expectations.
Competitive Analysis Research
Competitive analyses are useful in providing you with a thorough grasp of your market and industry’s competition. You may learn about what’s working in your business, what your target audience is looking for, which of your competitors you should seek to keep up with and outperform, and more.
Customer satisfaction research will help you figure out how to encourage current customers to do more business with you and what will motivate them to do so. This research will assist you in determining the most efficient methods to satisfy and retain your customers.
Everything your target audience knows about your brand comes from their awareness of your company name and products. Find out what kind of information they associate with your brand when they think about you or how popular you are with them through brand awareness research.
Pricing research will show you what similar items or services in your market sell for, what your target audience expects to pay, what they are willing to pay, and what a reasonable price to list your product or service at. All of this data will aid you in determining your pricing approach.
Product Use Research
Product use research can reveal how and why your target customer uses your product. This form of market research also allows you to determine whether or not a type of cannabis product is suitable for your target market.
Campaign research includes reviewing and analyzing previous campaigns’ success among your target customers and current customers. It takes trial and error, followed by a thorough dive into what appealed to and resonated with your target audience so you can keep those things in mind for future campaigns and focus on the aspects of your business that matter most to them.
You’ll be able to better tailor your product to match your market if you know what they want. Whether you’ve already started your cannabis business or are still in the planning stages, you’ll need market research.
Get the research services of ISA Group to start your business right or get your business in the right direction. ISA Group is a cannabis market research company that offers custom cannabis market research to provide cannabis business owners with actionable insights on their customers and help them make informed decisions to grow their business. Contact them today.