<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Cannabis investors can not miss the Benzinga Cannabis Capital conference, the network's # 1 event for institutional capital and leading cannabis companies. Secure your tickets here before they are exhausted."data-reactid =" 18 ">Cannabis investors can not miss the Benzinga Cannabis Capital conference, the network's # 1 event for institutional capital and leading cannabis companies. Secure your tickets here before they are exhausted.

There has never been a better time to make cannabis.

According to statistics from the market research and data analysis firm Cannabis New Frontier Data, legal marijuana was a $ 10.4 billion industry in the United States alone. 2018, investors doubling their share of the marijuana market in North America with a combined total of 10 billion USD, more than double the investment of the previous three years combined. According to Statista, the projected market value of the cannabis industry in the United States is expected to reach more than $ 24 billion by 2025. With the legalization of hemp by President Trump in 50 US states last year, the industry is ready for even more explosive growth.

The huge sums of money invested in the cannabis industry mean that a number of companies are quickly entering the market, jostling for implementation in this new landscape. How can a thriving cannabis business stand out in this fast-saturating market?

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "1. Define your business and your target market"data-reactid =" 22 ">1. Define your business and your target market

According to a study by the Annals of Internal Medicine, about 37 million people in the United States have used cannabis in 2017. However, not all people use cannabis in the same way or for the same purpose. A business can not be all cannabis for every cannabis user.

Deciding exactly what your business will offer and to whom, is a crucial step towards the growth of a stable and profitable business. Are your products medicinal or recreational? Are you going to sell to cannabis users or to companies that supply consumers? Will you base your business model on higher volume at lower cost, or higher cost for lower volume of high-end products?

Answering these questions for your business can take time and research, but it's worth it. With the growing number of options for cannabis production and use, it is too easy to get lost in the possibilities and risk too much dispersing your efforts on too many funnels.

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "2. Monitor your customers and be ready for change"data-reactid =" 26 ">2. Monitor your customers and be ready for change

Define your business and identify your target market before launch, do it lightly. Refrain from investing excessively in any channel until your first clients give you their opinion and find out concrete details about what they want and what they want. how they see and use your product.

At the initial launch of StickerYou, we thought our clientele would be mainly composed of kids and creatives. We were right, but we also missed more of the picture. After reviewing our initial client base, we found that business customers used our products for branding and marketing purposes, a segment in which the number of consumer customers was cut in half compared to a ratio of 40 to 60 percent. about 4 for one. We have been able to evolve and modify our marketing strategies accordingly in order to associate ourselves more directly with this clientele and to grow significantly in this sector.

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "3. Improve your customer experience"data-reactid =" 29 ">3. Improve your customer experience

After defining your target market, look for ways to improve their experience with you. Take advantage of the myriad of online services to gather feedback from your customers. If you operate in a physical store, discuss with your customers in person or get your team to ask questions and make suggestions to improve the customer experience. You may want to invest in a customer service team for your business.

To be curious. Are customers interested in your products for reasons of quality or convenience? Did they find you by word of mouth or your marketing efforts? This information will help you create and maintain an accurate profile of your customers and find ways to effectively meet their needs.

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "4. Experiment, measure, repeat"data-reactid =" 32 ">4. Experiment, measure, repeat

Experimentation is an important part of growing a business. It determines whether these experiments are working and at what scale is an equally important part of the process. Based on customer feedback, play with different strategies and ways to grow your business.

When implementing these new ideas, set specific goals and ways to measure whether these goals are met or not. Familiarize yourself with the basic principles of research and apply them to your essays. Run AB tests of new products and strategies on different segments of your customer base. Continually testing and measuring the results of new ideas will give you the knowledge you need to grow and grow your business.

The story continues

By defining your business, learning about your customer base, improving the customer experience, and constantly testing and measuring new strategies, you will build a solid foundation for your cannabis business that will help it stand out from the crowd. competition and grow at the same pace as the industry. expands.

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Andrew Witkin is the founder and president of StickerVous. Witkin was also Vice President of North American Licensing for Nelvana / Corus Entertainment and Marketing Director for MegaBrands / Mattel."data-reactid =" 40 ">Andrew Witkin is the founder and president of StickerYou. Witkin was also Vice President of North American Licensing for Nelvana / Corus Entertainment and Marketing Director for MegaBrands / Mattel.

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "See more from Benzinga"data-reactid =" 41 ">See more from Benzinga

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "© 2019 Benzinga.com. Benzinga does not provide investment advice. All rights reserved."data-reactid =" 46 "> © 2017 Benzinga.com Benzinga does not provide investment advice, all rights reserved.