What was the impact of your marketing campaign?
How many budtenders would recommend your product?
How many cannabis consumers in Canada are aware of your brand?
What does your brand mean to them?
These are the questions that keep marketers up at night. In a nascent industry where regulations are stringent, branding opportunities are scant, and markets are fragmented, cannabis marketers are finding it incredibly challenging to create brand awareness and market differentiation.
It’s crucial to position your brand as strategically as possible to gain market share. Arming yourself with data can help you make sound business decisions, such as identifying gaps in the market that your competitors haven’t noticed yet. It’s all about gaining consumer mindshare, and positioning your brand to resonate with your target market.
The Cohesion Brand Module can help. Deployed monthly to thousands of cannabis consumers, it displays the most up-to-date metrics on familiarity, brand sentiment, and purchase intent.
Here are the key metrics in the Brand Module:
Source of Awareness
The percentage of the population who report seeing, hearing or reading about your brand through specific marketing channels (e.g. radio, television, etc.).
It helps you track where Canadians are learning about your brand and what it offers.
Awareness Sentiment
The percentage of the population who report seeing, hearing or reading either mostly good or mostly bad things about your brand.
It helps you track how much of the general buzz being shared about your brand is positive or negative.
Aided Awareness
The percentage of the population who are aware of your brand name, even if they are not very familiar with it.
It helps you track to what degree Canadians are aware of your brand and therefore able to include it in their consideration set.
Familiarity
The percentage of those aware of your brand who indicate a specific level of familiarity with it.
It helps you track how familiar Canadians are with your brand based on what they know.
Purchase Recency
The percentage of those who have consumed your brand and indicate the specific recency of their purchase.
It helps you track the proportion of consumers who are buying your brand over time.
Purchase Intention
The percentage of those who have consumed your brand and indicate the specific likelihood of their future purchase.
It helps you track how likely your brand consumers are to purchase your brand again.
Net Promoter Score
Consumers that give you a 6 or below are Detractors, a score of 7 or 8 are called Passives, and a 9 or 10 are Promoters. To calculate your brand’s Net Promoter Score, the percentage of Detractors are subracted from the percentage of Promoters to get a score between -100 and +100.
It helps you track Net Promoter Score as a measure of consumer loyalty, where a higher core means consumers defect at lower rates, will spend more and will provide positive word of mouth.
Brand Positioning
The percentage of the population who align your brand with specific Emotional and Rational messaging.
It helps you track how your brand consumers think and feel about your brand.
Brand Vigor
An index score between -100 and +100 based on the combination of Affinity, Quality, Demands and Differentiation for your brand, calculated against your competitive set of brands.
It helps you track the overall strength of your brand compared to your competitors.
Brand Value
An index score between -100 and +100 based on the combination of perceived price and perceived worth for your brand, calculated against your competitive set of brands.
It helps you track the overall value of your brand compared to your competitors.
Knowing consumer awareness and sentiment will show you how your brand is positioned, what it means to your target market, and how you can improve. It’s also helpful to understand whether your marketing initiatives have moved the needle on a specific target market or if you need to go back to the drawing board.
Each of our data modules is built on data submitted daily to us by tens of thousands of Lift.co. users: hundreds of receipts, reviews and brand data inputs every day.
