Pricing & Percentages
RCC's Retail Cannabis Forum
What drives cannabis consumers?
At first glance, it would appear that cannabis consumers are all about pricing and percentages—with a focus on how much THC is present in the products they purchase and the lure of the illicit market’s cheaper weed. But delve beneath the surface and a different story presents itself. Cannabis users—new, returning and existing—are eager to try a wide variety of innovative products, and the more sophisticated a consumer is, the more willing they are to pay extra for quality.
Marketing cannabis, like any other consumer product, comes down to basics—price, quality and convenience. But after three years of legality, Canadian cannabis retailers must up their game and proactively meet the needs of their evolving clientele. New consumers are primarily interested in CBD-based products available through legal sources with a focus on health and wellness. Whereas existing cannabis users seek a variety of different products with greater emphasis on quality and premium products.
Why do cannabis consumers consume?
There is no denying that the pandemic has been a strong driver in cannabis consumption over the last two years. Feeling overwhelmed with a heightened sense of dread, consumers are looking for products to help with sleep and relaxation, reduce stress and anxiety, improve mood, and address specific medical conditions. Understanding these needs and offering innovative products and convenience is key to matching retail product mixes to consumer expectations.
Leadership from within the cannabis space
RCC’s Retail Cannabis Forum brings together industry experts to share their knowledge of the ever-evolving cannabis market. In The Newest Opportunities for Growth in the Canadian Cannabis Industry, Rishi Malkani, Partner, M&A Advisory and Cannabis Practice Leader at Deloitte LLP presents the findings of their 2021 Cannabis Consumer Report: Seeding new opportunities ~ Listening to Canada’s cannabis consumer, from which he paints a clearer picture of the sector today, its potential for tomorrow, and the path forward.
In the panel discussion What Comes Next in Your Cannabis Retail Strategy? skilled moderator Gary Cohen, CEO Cova, looks at the evolution, over the past three years, of some of the most consistent challenges facing cannabis retailers including competitive product mix and pricing, industry stigma, and the disparity in market saturation.
Marketing cannabis, like any other consumer product, comes down to basics—price, quality and convenience. But after three years of legality, Canadian cannabis retailers must up their game and proactively meet the needs of their evolving clientele.
Graydon Stock, Executive Director, Client Services at Cineplex Digital Media addresses how In-Store digital experience strategy is a game changer in the session In-Store Digital Experiences Drive Customer Loyalty & ROI. Focusing on how digital experiences empower agile customer-first experiences, the value of comprehensive data and product assortment insights, as well as POS integrations and media revenue opportunities.
Next up is Brand Experiences That Resonate with Your Customers, in which Jeff Goldenberg, Co-Founder and Chief Strategy Officer, Abacus Agency, shares a case study of California luxury brand Dodi Blunts. He examines five ways brands and retailers can collaborate to increase store sales while ensuring the retail brand experience resonates with customers.
Leveraging the largest daily active panel of Canadians and industry-leading PRIZM consumer segmentation, Colleen Martin, Chief Revenue Officer, Caddle and Adam Bernatt, Vice President, Business Development, Environics Analytics bring their data together in a unique session titled The Canadian Cannabis Consumer Insights for Retailers Navigating the Industry. The session highlights the Canadian cannabis consumer's path to purchase, including consumer attitudes, consumption habits, traffic drivers and the decision-making process so critical to brand and retailer success.
Rounding out the forum is a panel discussion on How Cannabis Retailers can Compete in a Competitive Employment Market headed by Kris Anderson, People and Operations Director, Four20 Premium Markets, Rob Fisher, Principal, JRoss Retail Recruiters, and Krystal Laferriere, Director, People & Culture, DECIBEL Cannabis Company. The session will examine how cannabis retailers can compete in a competitive employment market and set themselves apart, building a strong team for incredible customer experiences and long-term operational success.
The path forward—today and tomorrow’s potential
Canadian cannabis retailers must better comprehend their customers’ needs and preferences in order to strategically plan for growth. The greatest short-term gains will come from redirecting existing cannabis consumers away from the black market towards licensed sellers. Whereas, new and returning customers will drive long-term growth with a focus on non-combustibles and health-and-wellness products. To truly understand the cannabis consumer landscape, wise retailers should seek the advice of experienced industry leaders to tease out the subtleties of cannabis consumers’ habits, attitudes and purchasing behaviours. RCC’s Retail Cannabis Forum offers invaluable insight and guidance on how to capture the vast potential of the maturing market.
Register for the Virtual Retail Cannabis Forum on May 3rd today!
Visit https://rcccannabisforum.ca/register-now/ to register.