Why the Cannabis Industry Should Care About Retail Analytics

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The Cannabis industry is a relatively new marketplace facing intense competition from both internal and external forces. This, in turn, is placing pressure on executives in the industry to continue to find new ways to grow their revenue in the most profitable ways possible. Retail analytics is most commonly use to accomplish this in a world of competitive pressures.

Retail analytics for the cannabis industry is the study of people as they move about the country, tracking them from where they live to where they go. Of course, once you understand where they live, you have a wealth of information available to make informed decisions. But Vado Analytics takes this one step by also analyzing who your competitors’ customers are and where they live. This allows our clients to understand the complete marketplace with competitive pressures from outside forces.

Once cannabis executives know the marketplace, they can make more informed decisions about where and who to target with marketing messages, the channels that those people respond to, and the creative messaging that should coincide with the product offering.
But what about opening a new location? By understanding where people are coming to your target business and your competitors’, you can identify where the market is saturate with competition and where you are most likely to succeed due to a lack of competing businesses.
Retail analytics is critical to business success; it just takes finding the right partner. Vado has been helping businesses answer all of the questions above for years. Want to be more informed about your location? Vado can help. Let’s get started.

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