Liz Connors, Director of Analytics at Headset, joins Agrify’s VP & Head of Horticulture, David Kessler.
David & Liz discuss how using data in the cannabis industry can put you ahead of the game. Learn how Agrify and Headset are implementing data and analytics into their customers’ operations, and how you can start doing the same with your cannabis business.
- Headset is an analytics company that focuses on market insights for customers that make, sell, and invest in the cannabis industry.
- It is important to focus on why competitors are doing better rather than who is doing better to make sure critical products are in stock and being sold.
- Holidays are important in accessing buying trends, and cultivation seasons are planned around holidays. For example, winter and gifting holidays provide a pop in cannabis, specifically topicals and premium edibles having the most pop because people are giving gifts or even using products to cope with the season.
- Other holidays such as 42/0, Dab Day (July), Green Wednesday (before Thanksgiving), Labor Day, Memorial Day, and the Fourth of July are holidays where buying increases and it is important for retailers and producers to track these pops to service customers and capitalize.
- Customer buying trends depends on segmentation. For example, terpene enthusiasts have knowledge of products therefore their preference will be different than new customers that focus on marketing and packaging because they want a feeling of expectation.
- COVID changed consumer habits as there was initially a dip in inhalable products because people were unsure about the virus and its respiratory effects.
- Because of COVID, there is a shift from people going in often and buying less to now people going to dispensaries less and buying in bulk (more 1/8ths and ounces purchased than grams). This is bad for brands because there is less opportunity for customers to try new things.
- There is a niche for craft cannabis as markets mature because MSOs are continuing to grow.
- The key to branding is to get really good at what you are good at and what the customer wants before you do something else. For example, if you are great at $6 100mg chocolate be great and own the market for this product.
Interested in learning how Agrify Insights™ software is being used to aid cannabis cultivators through data? Learn more here.