Artificial intelligence and data analytics are not only changing the world, but they are also changing the cannabis industry and the way it is advertised.
Artificial intelligence is a technological development that has been used extensively in recent years. It is now expected to have a more significant impact in the marketing area, including cannabis marketing. This is because it can be an invaluable ally when it comes to increasing the efficiency of strategies, segmenting audiences, and managing advertising campaigns.
The same goes for data analysis; the more data you have about your customers, target audience, and your own business, the better you will be able to focus on individualized and segmented strategies focused on what consumers really want.
Without a doubt, these are two tools that every marijuana business should consider including in their cannabis marketing strategy.
Artificial intelligence or AI refers to systems or machines that mimic human intelligence to perform tasks and can continuously improve from the information they gather.
This sounds a lot like those movies where androids take over the planet earth, but in reality, artificial intelligence has been around for years and its main purpose is to make our lives easier.
Artificial intelligence is much more about the process and capacity of super-powered thinking and data analysis than about any particular format or function. Basically, what artificial intelligence does is carry out cognitive functions typical of humans.
So, the main goal of artificial intelligence is to significantly improve human capabilities and contributions, which also applies to the broader cannabis industry.
Data analytics turns raw data into actionable information that helps you understand your cannabis business and make timely decisions. Data analytics includes a range of tools, technologies, and processes to find trends and solve problems using data.
Through data analytics, companies, including cannabis companies, can gain a holistic view of their business. This means a greater understanding and knowledge of their processes, services, and opportunities for improvement.
As with artificial intelligence, knowing the data and analyzing it allows cannabis companies to create personalized experiences for their customers and better segment their marketing campaigns.
Artificial intelligence and data analytics are still many years away from being fully integrated into cannabis marketing, but their application in everyday life is already in motion. And you don’t want to be left behind.
Artificial intelligence and data analytics are incredibly useful in cannabis marketing, facilitating many tasks that can be repetitive, such as sending marketing emails and segmenting target audiences based on customer preferences.
These tools can also predict customer purchase actions and preferences based on data analysis and interpretation. By knowing what the audience is really interested in, campaigns will be much more effective. This means more revenue and less expense in the long run.
For example, the application of virtual assistants on the website or chatbots are increasingly common practice, and having them integrated into the pages of cannabis brands is undoubtedly a breakthrough in the use of technology in favor of the cannabis industry.
But we will look in detail later at how each tool can be applied to a cannabis marketing strategy.
If we can sum it up somehow: these two technological tools will make cannabis marketing much easier.
You know that with data analysis, you can have comprehensive knowledge about how the brand is working -or not-, the points to improve as well as identify what works and exploit it even more.
Know your customers, but know them better than they know themselves, anticipate their purchases and needs, to be there when they need you. Segment cannabis marketing campaigns according to interests and products.
Artificial intelligence will help you automate processes that data analysis allows you to conclude should be automated for efficiency reasons, for example.
Additionally, you will be able to employ many better-targeted campaigns focused on what the cannabis brand really needs.
The possibilities of implementing artificial intelligence in cannabis businesses are almost endless, and its potential is only now being discovered. Here, we will cover just a few of the most common uses that do not only apply to cannabis marketing.
Inventory management: AI can be incredibly useful in meeting the changing needs of consumers over time. Its applicability ranges from tracking more information about product preferences consumption habits, and more, so companies can proactively prepare their inventories accordingly to helping companies predict inventory levels based on current sales and supply.
Even with artificial intelligence, they can receive instant notifications about low stock and, if desired, automate ordering from suppliers.
Virtual assistants and chatbots: good customer service can ensure a sale. And if virtual assistants or chatbots are used to solve basic doubts, as well as to guide users through the available product offering, it can be an invaluable competitive advantage.
Content creation: AI can be a help when creating valuable content focused on users’ needs.
Segmented campaigns: Through predictive analytics and more accurate customer data, which is achieved through data analytics, campaigns can be generated that are more likely to work, and AI can help identify the best sales opportunities, as well as customer retention and recovery.
Regulatory compliance: AI is not only useful for creating general content. It can be programmed to help create content that complies with the laws cannabis companies have to follow. Some AI software can even flag potential issues in content, including hashtags, captions, and visuals that could initiate bans or shadow bans on key marketing channels.
Cannabis Crops: The implementation of artificial intelligence in crops could be a complete game changer, and not just to have better crops or know when to harvest, but to prevent diseases, pests, and defective batches. It really could be a revolution in cannabis cultivation as we know it.
What you don’t measure, you don’t improve. Analyzing cannabis company data will allow you to improve all processes internally, which will eventually improve the company as a whole. Here are some of the scenarios where having data analytics could be useful.
Cultivation: Using data, companies can begin to refine many of their processes related to plant health, harvesting, and processing.
Distribution, shipping, and delivery: The shipping and logistics process should be a data-driven machine.
Marketing: Cannabis marketing data can help companies understand what attracts customers, what works and what doesn’t in a marketing strategy. How users relate to the website, social media, the product, and the brand in general. Likewise, identifying what works well through brand or product design, advertising, demographics or segmentation, and competition.
Overall, the use of data lets you know when and how marketing strategies should be improved.
Sales: Sales performance has a strong correlation with the use of data. Some useful data in cannabis marketing related to sales are understanding buyer trends/behavior, dispensary or store performance, supply and demand, tracking sales team performance, and sales targets.
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