Fyllo Compliance Cloud, a digital marketing company focused on the cannabis industry, commissioned a study conducted by Forrester Consulting in November 2020 that examines the pivotal role second-party data plays in strategic planning, and exposes a foundational new audience for growth—cannabis and CBD consumers.
More than ever, marketers across different verticals (from CPG, to healthcare and big box retail) are seeking differentiated sources of data in order to keep their audience insights fresh. The study, which surveyed marketing leaders from a variety of brand categories, delves into how brands can use cannabis/CBD consumer data as a source of differenciented insights to help them deliver more relevant messaging.
- On one hand, consumers expect a lot from the brands they interact with. They demand highly relevant, personalized ad experiences from brands at a time and in a channel of their choosing. On the other hand, brands can enable more progressive media planning and ad targeting by utilizing second party data that reveals more about their audiences’ interests and lifestyles (for example, how and why the use cannabis/CBD).
- Many brands lack a full picture of audience behaviours and interests. Just 38% understand their customers’ interests in emerging product categories, and 34% can track interests and hobbies.
- An overwhelming majority of respondents (91%) agreed or strongly agreed that they are interested in expanding their audiences beyond known customers and existing prospects. Brands understand that their growth and success hinges on their ability to target new audience groups in an effective and resonant way.
- As brands seek to expand their potential customer bases, they turn to differentiated and high-value audiences that will fuel growth. Respondents reported they are particularly interested in profiles including online high-spenders, those with high household incomes, early adopters, and influential customers who can help expand their reach.