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Looking back at the cannabis industry in 2022, one might think there isn’t a lot to be excited about for 2023. The industry is struggling, so it’s time to dig in your heels and get ready to work hard in the coming months. Making cannabis business resolutions for 2023 is a great way to put your business on a path forward. Here are five resolutions to help you get started.
The future of the cannabis industry is Generation Z – those people born between 1995 and 2012 (approximately) who make up the largest generation in the United States. They’re not the same as any generation before them, and businesses will need to create products, market, sell, and provide service differently for this unique audience that holds enormous spending power (more than $140 billion).
Gen Z is a digital first audience. 74% of Gen Zers say their primary activity is spending time online, and 65% have made a purchase based on an influencer’s recommendation. They prefer chatbots and messaging for customer service than phone calls with live agents, and they’re okay with brands responsibly using their personal information to provide personalized experiences and content. In fact, they expect personalization.
If you want your business to attract and keep consumers from Gen Z in the future, you need to start developing strategies and solutions that cater to this unique audience. 2023 is the year to do it if you haven’t already.
For years, research has shown companies that use data to make decisions are more successful. According to a study by Collibra, data-driven companies are 58% more likely to exceed their revenue goals compared to businesses that are not data-driven.
Furthermore, a McKinsey Global Institute report found that data-driven organizations are 23-times more likely to acquire new customers, 6-times more likely to retain customers, and 19-times more likely to be profitable.
If your company isn’t already collecting and using data to make decisions, then you need to take steps to become a data-driven company in 2023. The evidence shows data-driven decisions lead to better results.
Here are some resources to help your business become data-driven in 2023:
In my list of cannabis business resolutions for 2022, I included a resolution to create an email marketing plan. It’s one year later, and the importance of email marketing is even higher today than it was 12 months ago. Why? Because it’s so affordable and highly effective if you follow current email marketing best practices.
Today, successful email marketing is all about sending personalized content to the right people. In other words, you need to send content people want, or you’ll quickly lose permission to return to a recipient’s inbox. Use B2B email marketing trends for the cannabis industry in 2023 to guide you, and you’ll be more successful.
Following are links to some useful content to help you prioritize email marketing this year:
With so many marketing opportunities not available to the cannabis industry but the majority of people using the internet to find products and services (including the digital-first Gen Z audience), your cannabis business must invest in search engine optimization (SEO) in 2023.
Keep in mind, SEO isn’t a short-term investment, and your SEO investments are unlikely to drive instant, big results. However, if you stick with it and are consistent and persistent with your efforts, your SEO investments will work and will be worth it.
Here are some articles to help you learn more about SEO for cannabis and cannabis-related businesses:
In a struggling industry, everyone looks for ways to cut costs. Unfortunately, cutting costs often leads to lost opportunities. Rather than just looking to cut costs in 2023, look for ways to improve processes for less money. Automation is the solution that typically drives the biggest savings along with improved results.
Analyze all of your company’s processes – from operations to sales, customer service to marketing, and everything in between. You’ll undoubtedly find many tasks that can be automated, which will not only help you cut costs but also improve productivity so your investments and your employees can focus on revenue-generating activities.
For instance, if you use the right customer relationship management (CRM) tool, you can automate a variety of tasks related to your sales pipeline, prospect outreach, email marketing, customer service, and more.
Let’s take a look at a real-world example. The Cannabiz Media License Database not only includes a cannabis industry CRM, email marketing tool, sales tools, and automation features, but it also comes pre-loaded with over 70,000 verified cannabis and hemp license holder leads. The amount of time you’ll save and the opportunities you can pursue when you use the Cannabiz Media License Database far exceed the subscription price.
When it comes to automation, you’ll likely have to spend money to get the right tools to automate processes, but once those processes are automated, you’ll end up saving or making even more money. In other words, invest some money today to get bigger rewards later.
As 2023 begins, it may feel like there isn’t a lot to celebrate in the cannabis industry, but things will change. Now is the time to set your goals and create plans to achieve them. That way, when the industry turns around, your business will be ready.