For years, cannabis consumer data has had its limits.
While many licensed producers and cannabis brands rely on point-of-sale data to gather knowledge on product demand and purchase volume, these statistics stop short of providing meaningful insights into consumers, their buying habits and their opinions on the products they buy.
Identifying this gap in the market, Lift & Co. announced Sept. 10 the launch of Cohesion, the most comprehensive consumer and industry insights platform available on the Canadian market to date.
“We’re bringing datasets together that are typically very disparate in nature, and we’re bringing them all into one place in something that’s very familiar and consistent,” Sean Copeland, Lift & Co.’s vice president of data, told a packed room of marketing and data stakeholders from many of Canada’s biggest licensed producers. “We’re covering all of Canada, a little bit from every retailer, so you can really get a full picture, as well as a detailed picture.”
The platform is the product of five years of work Lift & Co. has put into gathering receipt data, product reviews, and brand assessments directly from consumers and budtenders. The result is a collection of top-level information that cannabis companies can use to assess customer loyalty and satisfaction, purchase behaviour, brand sentiment, and more.
Cohesion is currently divided into three modules based on data classification:
- Review module: provides insights on product reviews and ratings, and consumer-reported consumption methods, activities and effects.
- Receipt module: provides analytics on projected sales volumes, basket size and composition, price analyses, and more.
- Brand module: gives companies a sense of their overall brand awareness, engagement, and perception, consumer repeat purchase intent and brand value.
The platform is the first of its kind to pull a large range of data from multiple sources into one place, giving brands the information they need to understand how consumers feel about their pricing and products.
The platform will update daily as Lift & Co. continues to receive new consumer data; currently, the site receives about 300 unique data submissions from consumers every day. At the moment, Cohesion provides statistics on flower, pre-roll, oil and capsule products, but the platform will continue to grow its product segments and data modules as more become available later this year.
Having access to thorough data will become increasingly vital as the cannabis market grows with the second wave of legalization — also known as “Legalization 2.0” — when products such as edibles, infused beverages, topicals, concentrates and vape pens become legal on Oct. 17.
Copeland also announced that Lift & Co. would be providing Canadian licensed producers free access to their brand’s Scorecard for a 12-month trial, if they register before Dec. 31, 2019.
“Our hope is that this [data] helps people in the industry navigate as it changes, because the only thing that’s inevitable in this industry is change,” Copeland said. “With Legalization 2.0, as soon as that happens we’re going to go from a couple hundred brands to a couple thousand brands. And so it’s a totally different marketplace.”
For more info on Cohesion, or to request free 12-month access as a Canadian licensed producer (when registered before Dec. 31), contact: email@example.com.