Unlocking Competitive Advantage Through Data Analytics and Customer Data Enrichment

04:37 – 09:41: Jake Litke, CEO of MediaJel, and Matt Taverna, Principal of Statara, discuss enriching the customer data most relevant to cannabis marketers. Suppose a cannabis business has a POS system. In that case, they can easily append basic customer records like first and last names and residential addresses, transforming contact details into actionable insights.

One critical customer data point is the person’s address. Knowing where customers live informs whether they’re locals or tourists. You can also append gender, age, simple demographics like estimated household income, and more advanced consumer behaviors like what people spend their money on and where they spend their time. Marketers can create targeted campaigns by exploring the cross-section between demographics, interests, and purchasing behaviors.

Cannabis marketers can also identify lookalike audiences through data enrichment processes, develop tailored messaging, and optimize customer acquisition strategies that resonate with specific customer cohorts.

12:53 – 18:01: Jake Litke and Matt Taverna explain how to handle personally identifiable data securely. Jake emphasizes the importance of entrusting customer data to a reputable third-party vendor with stringent security measures. Matt agrees by adding that customer data is the most important asset a business can own.

Jake inquires about how a dispensary with a thousand records or customers who have purchased can enrich names and email addresses before using them in targeted campaigns.

Matt lists the following requisites:

1. There should be an upfront contractual relationship with a non-disclosure agreement and a statement on how the vendor will handle the customer data. The vendor must secure the customer data, so it can’t be hacked or leaked.
2. The vendor should only use the dispensary’s customer data for the project. The contract should block a vendor from reselling that data to competitors.
3. There should also be an agreement on the data transfer protocols. You should be able to recognize the software you are using when you download and upload your customer lists, like Dropbox.com, Box.com, or Amazon Web Service.
4. Establish a detailed list of how the vendor can use your data while it’s in their possession.

Jake emphasizes the importance of establishing contractual agreements that include non-disclosure clauses, data usage terms, and secure data transfer protocols to prevent unauthorized access or leakage.

Additionally, there’s a focus on ensuring that the vendor only utilizes the data for the intended project and does not redistribute it without consent. Matt describes this as data retention and destruction clauses to safeguard the ownership and privacy of the data. It’s normal for the data vendor to destroy a customer data list immediately after delivering the finished product.

22:19 – 24:38: Jake Litke believes marketing is a fair exchange of values between businesses and customers. While the primary transaction involves selling a product, effective marketing communication offers additional value through information, entertainment, or other engaging content.

Instead of focusing on promotional offers, marketers should provide meaningful content that enriches the customer experience and strengthens the relationship. By understanding customer preferences and segmenting the audience accordingly, marketers can tailor their messages to resonate with consumers on interesting or relevant topics. Using customer data, you can segment your list and communicate more naturally.