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Sales and marketing integration is essential to cannabis industry success, and the most powerful way to integrate these two functions is through the strategic use of data. In fact, revenue growth is 70% more common among B2B organizations that have tightly aligned sales and marketing departments than those organizations that have not integrated their sales and marketing teams according to the findings in Outfunnel’s Revenue Marketing Report 2022.
Now is the time to remove the barriers between sales and marketing, and when you give these two teams useful data that they can use to reach shared goals, your business will reap the rewards.
Using a customer relationship management (CRM) tool, your data, marketing, and sales can be fully integrated as part of a data-driven company strategy. There are three key steps to integrate data, marketing, and sales in a CRM tool:
To learn all of the details about these three integration steps, read the full guide: How Use a CRM Tool to Integrate Sales and Marketing for Better Results.
For example, if your target audience is cannabis or hemp license holders in the United States, Canada, or international territories, the Cannabiz Media License Database provides comprehensive CRM and email marketing capabilities, so your integrated sales and marketing teams can identify and track verified leads, communicate transparently, boost productivity, work toward shared goals, and close more sales.
When your sales and marketing teams have access to the data they need and tools to use the data effectively, your business will see a higher return on investment on leads across the entire buyer journey.
Following are three types of data that every cannabis business and ancillary business should be collecting and using to make better decisions and maximize sales and marketing results.
The cannabis industry is growing and consumers are changing. The old stereotypes of cannabis users as lazy stoners are becoming a thing of the past, and customer data is more important than ever to meet the needs of modern cannabis users.
Recent studies by Dutchie and Flowhub both revealed that today’s cannabis consumers are highly educated, successful, and health-conscious. Dutchie reported that the majority of cannabis consumers in 2022 are women, and Flowhub found that there is increasing diversification among cannabis consumers.
As the cannabis industry gets more competitive in the near future, brands that leverage market data to introduce new products that deliver what consumers actually want will win. The days of competing on the amount of THC are over, but without usable market data, businesses won’t be able to create the right products, label details, and marketing messages to motivate the right consumers to buy their brands.
Customer data is equally essential to business-to-business (B2B) companies targeting cannabis and hemp license holders. For example, subscribers to the Cannabiz Media License Database can quickly determine potential market sizes based on license activity, location, canopy size, grow environment, lighting type, extraction type, number of employees, point-of-sale software, and more. This data is crucial to define market opportunities and identify the best market investments.
Customer data is becoming increasingly important as the cannabis industry becomes more competitive. Brand differentiation, messaging, and product development are highly dependent on market segmentation, customer preferences, and competition. You need reliable customer data to be able to effectively segment audiences, build marketing programs that appeal to each audience, and beat your competitors.
To collect, analyze, and use customer data to improve your sales and marketing results, you need access to the best cannabis industry CRM tool. For example, Cannabiz Media License Database subscribers can access hundreds and hundreds of data points related to individual cannabis and hemp license holders. Using that data, they can send targeted and personalized email campaigns, conduct one-to-one phone or social media outreach, create sales pipelines, conduct research, and more.
As a result, Cannabiz Media License Database subscribers can make better business decisions because they have access to the sales and marketing data they need to reach their business goals. The key is having both reliable data and a comprehensive CRM tool to utilize the data efficiently and effectively.
The cannabis industry is still young, and it’s changing every day. To be successful in the long-term, you need to stay on top of industry changes and trends. That means you need access to reliable industry data. Cannabis industry leaders in the future will be the companies that proactively look for and seize new opportunities, and they’ll use data to find and evaluate those opportunities. Bottom-line, data is more important than ever in the cannabis industry.
It can feel overwhelming to keep up with all of the changes happening in the cannabis industry on a daily basis, so the Cannabiz Media License Database provides subscribers with daily alerts, customizable industry updates, industry news, and more. For businesses targeting cannabis and hemp license holders, it’s easy to search and filter news updates and find relevant updates quickly in the License Database. Using this data, subscribers can create more effective sales and marketing programs, identify opportunities, and avoid threats to ensure their continued success in the future.
Financial data, mergers and acquisitions data, patient data, state sales data, wholesale flower price data, and other industry data for research, investing, and strategic planning are also important for many organizations operating in and with the cannabis industry. The Cannabiz Intelligence™ platform provides a wealth of information to help you model market growth, predict sales of products impacted by medical marijuana, and assess market dynamics and sizing.
Data is power in business today, and the cannabis industry is no exception. As markets grow and become more competitive, data will become more important than ever. The businesses that have processes in place to collect, analyze, and use data will be the ones that win in their markets in the future.
For businesses working in and with the cannabis industry, the Cannabiz Media License Database, comes filled with verified cannabis and hemp license holder leads. Comprehensive CRM and email marketing tools are built in, so your data, marketing, and sales can be fully integrated. Schedule a demo to see how you can use it to improve your business results.