3 Ways You Can—and Should—Be Using Your Cannabis First-Party Data

With Matt Taverna, Principal at Statara Solutions

Unlock the Cornerstone of Cannabis Marketing: The Power of First-Party Data

Are you ready to turn your cannabis business into a customer magnet? Imagine having a crystal ball that tells you exactly what your customers want, when they want it, and how they want it. Well, you don’t need a crystal ball—you need cannabis first-party data. This goldmine of information, harvested directly from your customer interactions, offers you an unparalleled view into their behaviors, preferences, and buying habits.

How First-Party Cannabis Data Enhances Customer Engagement

With this level of hyper-personalization at your fingertips, you’re not just improving customer engagement—you’re skyrocketing it. Think beyond generic product recommendations and promotions; we’re talking about tailor-made experiences backed by data-driven cannabis marketing techniques that make your customers feel like you’ve read their minds. The result? Higher conversion rates on cannabis advertising campaigns, increased customer loyalty, and a competitive edge that sets you apart in the crowded marketplace.

Don’t miss our upcoming session with Matt Taverna, Principal at Statara Solutions, as he unravels the best practices for collecting and leveraging first-party data. Learn how to turn these insights into real-time, impactful decisions that can transform your business from just another option to the go-to choice for consumers. In today’s cutthroat cannabis industry, knowing your customer isn’t just a nice-to-have—it’s the linchpin of your success.

This webinar will explore three critical ways you can—and should—be using your cannabis customer first-party data to drive engagement and increase ROI.

During the webinar, we’ll cover:

Understanding the value of first-party data in the cannabis industry
Enhancing customer engagement through personalization
Increasing ROI with data-driven decision making

Ready to elevate your business to new heights. Your future in the industry starts with the data you already have. Don’t let it go to waste. Join us!

Speakers

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Webinar Highlights

What is Cannabis First Party Data?

01:44 - 04:30: Matt Taverna, Principal of Statara Solutions, defines first-party data as information companies collect from their customers. When customers opt-in to loyalty programs, email lists, and text programs, they consent to providing their contact information to the company in exchange for receiving information and promotions. When that happens, the company adds data like name, phone number, and email address to a customer list, which they may sell to other companies as second or third-party data.

Cannabis businesses collect cannabis data through different feeds and software and use it in CPG workflows to determine customer behaviors and identify business trends. However, first-party data’s primary use is to keep in touch with cannabis customers.

Jake Litke, CEO of MediaJel, adds that first-party data has a few dimensions beyond customer identity. It can also include various types of contact information and behavioral data like purchase history.

Data Management Challenges in the Cannabis Industry

08:14 - 10:48: Jake Litke and Matt Taverna talk about some best practices for cannabis data collection, management, and consolidation. Although the cannabis industry has seen progress with 280 E and rescheduling, Matt cautions data collectors against violating data privacy laws. He emphasizes that cannabis businesses must be responsible when sending customer data lists to vendors and ensure proper precautions based on regional regulations.

Jake drives this point home by discussing PII (Personally Identifiable Information) and outlining the laws that govern how you must handle and manage first-party data.

Building a Cannabis Data-Driven Marketing Strategy With Your First-Party Data

26:38 - 31:22: According to Matt Taverna, first-party customer data is pivotal in the cannabis industry's post-prohibition era. Possessing direct access to this data empowers cannabis businesses to cultivate and engage targeted customer groups, fostering enhanced communication and enriching a dispensary's understanding of its customer base. Jake Litke describes first-party data as an enduring intellectual asset that can be leveraged in perpetuity without depletion, reducing reliance on external platforms like Facebook for advertising.

Matt emphasizes the importance of developing insights from customer data to identify unique value propositions and drive customer loyalty beyond discounts. Dispensary owners can influence their company's overall valuation by assigning value to their first-party data and retaining it through regular data maintenance.