Expanding Your Reach: How Cannabis Lookalike Audiences Amplify Ad Campaign ROI

With Matt Taverna, Principal of Statara Solutions

In the digital age, where the battle for consumer attention is fierce, marketers are constantly on the lookout for strategies that not only reach wider cannabis audiences but do so with precision and relevance.

One such game-changing strategy is the utilization of cannabis lookalike audiences. Through advanced data analysis and machine learning algorithms, you can reach audiences that mirror the characteristics, behaviors, and demographics of your best customers.

Finding and engaging new audiences who mirror your customer base means they are more likely to buy your products, and serving ads to an audience that is ready to convert translates to more impactful, efficient, and effective ad campaigns.

Whether you’re new to lookalike audiences or looking to enhance your existing data and audience targeting strategies, you will walk away from this webinar with valuable data insights and the ability to forge deeper connections with new customers, setting the stage for sustained growth and more successful cannabis advertising campaigns.

During our 60-minute webinar, you’ll discover:

• What are lookalike audiences, and how are they created?

• How to build your ideal seed audience.

• Best practices for creating compliant lookalike audiences.

• How to layer lookalike audiences with other targeting strategies for improved advertising ROAs.

It only takes one hour to invest in your future! Watch the webinar and say goodbye to inefficient audience targeting.

Speakers

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Webinar Highlights

How to Create Cannabis Lookalike Audiences

02:38 – 03:41: Jake, CEO of MediaJel, discusses using simple surveys at checkout to collect prospect email addresses. Emails are essential to unlocking advertising opportunities. He explains how to hash emails and protect personal information while enabling data integration for purposes like appending demographic information or creating lookalike audiences in advertising.

Defining Cannabis Lookalike Audiences

03:48 – 04:23: Matt Taverna, principal of Statara Solutions, defines lookalike audiences as groups of potential customers who exhibit characteristics similar to existing customers. You can determine similarity by analyzing your own cannabis customer data. Matt emphasizes that one can make the most of this data if they have customer lists from loyalty programs, email lists, or text lists.

Propensity Scoring to Identify Similar Audiences

06:10 – 10:16: Jake Litke and Matt Taverna discuss identifying potential cannabis customers through data analysis, focusing on trends and characteristics that inform advertising strategies. Jake wants marketers to move beyond assumptions and delve into the nuances of consumer behavior by understanding that customer demographics go far beyond income or location.

Matt explains that first-party data provides small bits of information on individuals, but you must also consider other consumer behavior trends. Looking at an extensive list, you may think income and gender would be a sales driver. While those things may be true, the most helpful information comes from viewing the data as an aggregate.

He also explains the scoring process used in lookalike models. When creating a propensity score, you must identify the non-customers propensity to shop at a dispensary in relation to the customer. They score the customers from 1 to 100 based on similarities to the known customers. From this information, they identify which advertising strategies to implement.