It’s evident that the marijuana industry is growing and growing. It is now a multi-billion dollar industry. Everyone’s talking about it: epilepsy, pain management, the industry, the business, the banking, legalization and other medical uses. But what many aren’t talking about is the data in the industry. But according to this podcast, this is something we should be talking about when it comes to the cannabis industry.
Perhaps this is because there is not much data in the industry…yet anyway. Like any new industry, they are in the phase of data collection. The state of Colorado, their regulatory requirements and the seed-to-sale software systems are finally allowing them to do this. They now must track the data starting from the pot and the soil, until it enters the customers hands. So essentially, they are collecting agriculture data, and customer data from their POS system.
But not many are looking into what this data means. And even if they are, they may not be looking at all the data together to get a good, clear picture.
If you think about it, dispensaries are just another form of a retail store. Therefore, data can tell them information like: what products are actually selling (are they just selling a lot of it because they have it? Or because their customers actually like it?), where to target their marketing (by the collection of zip codes), how much staff is needed on any given day/time (based on sales), and even where to place their products (higher margin products at eye level). Ultimately, the answers to these questions will increase their sales, get new customers, keep their customers happy, and reduce fixed costs. All this sound familiar? That’s because it actually is not all that different from most other business.
Dispensary insight IS business insight.