4 Ways to Re-Engage High Value Cannabis Consumers with Andrew Watson at Happy Cabbage Analytics

Increase eCommerce Customer Retention Rates with Win-Back Campaigns

What are your most successful cannabis customer retention strategies? If you can’t rattle off the campaigns that drive revenue and re-engage latent customers for your cannabis business, this webinar is for you.

It’s normal for customers to churn in any business, but when you see your retention metrics in a free fall, it’s hard not to feel the sting. Stats show that customers who repurchase can account for up to 65% of company revenue, and with new customer acquisition costing five times more than customer retention, it pays to keep your cannabis customers happy.

There are massive opportunities for cannabis businesses to create customer re-engagement experiences that translate into sales. During this week’s podcast, we are meeting with Andrew Watson, CEO and Co-Founder at Happy Cabbage Analytics to discuss how to segment and activate your company’s first-party data to create full-funnel cannabis customer retention strategies that put more cash into your pocket.

We will cover reactivation, advocacy, deal, and subscription-based re-marketing strategies that integrate programmatic, email, and SMS marketing channels to help you reach and interact with your customers in a personalized and meaningful way.

We are even going a step further and bringing you the data comparison reports for latent customer re-order rates and average order sizes that were captured on four channels: in-store, on cannabis websites, via Weedmaps, and by MediaJel’s cannabis programmatic display ad campaigns. We’ll show you the data behind the channels with the highest recapture rates and increased average order sizes.

During this webinar, we’ll cover:

Four must-have customer re-engagement strategies that bring high-value customers back through the door.
Which KPIs to track and measure with your team, and how to predict cart abandonment
See the data: How programmatic display ads crush Weedmaps recapture rates, average order sizes, and order frequency.

Join us and gain deeper insights into your customers so you can leverage first-party data to re-engage high-value cannabis customers and create memorable brand experiences.

Speakers

Related Webinars

Webinar Highlights

Why Should You Re-engage Lapsed Customers?

07:17 - 10:44: Guillermo Bravo and Andrew Watson, CEO and Founder of Happy Cabbage Analytics, discuss the huge percentage of cannabis customers who haven't returned to a dispensary location in the last 90 days. When the average cannabis customer reorders from a shop every 25 days, latent and lapsed customers add up to thousands of lost opportunities for dispensaries.

Andrew explains how cannabis businesses can leverage data to re-engage lapsed customers from their preferences and purchase history including buying frequency and behavior patterns. Reactivating latent customers is far more cost-effective than acquiring new ones through expensive marketing channels like Weedmaps or billboards. He stresses the importance of applying data to re-engage customers by tailoring curated messages and strategies based on their past interactions and preferences.

How Should Cannabis Retailers Sort Their First-Party Data?

22:23 - 23:49: Andrew Watson encourages cannabis businesses to focus on segmenting audiences based on factors like recency or frequency of purchases, and latency since the last purchase. He said that these are the driving factors when it comes to figuring out the possibility for a cannabis customer to convert when they receive a message. They also indicate whether or not a customer needs to receive messages.

He proposes segmenting audiences into categories such as 90-day shoppers, weekly, monthly, or bi-weekly shoppers, describing the different levels of engagement and potential receptivity to re-engagement strategies.

Furthermore, he advocates for considering product category-based segments because customer preferences within specific product categories can enhance targeted marketing efforts.

Maximize your Ad Spend with the Latent Customer Strategy

36:41 - 37:49: Guillermo Bravo demonstrates the effectiveness of leveraging first-party data for advertising within the cannabis industry. Using a case study example, he highlights the substantial impact on ad effectiveness (around six to seven times more conversions).

He notes the value of targeted advertising, ensuring that ad spending isn't wasted on individuals who aren't existing or potential consumers. Instead, he stresses the power of directing advertising efforts toward customers who have previously made purchases.

Connecting with customers through email addresses and mobile advertising IDs is the key to reaching existing customers effectively.