The cannabis industry is one of the fastest-growing industries in the world, with the global market estimated to reach $73.6 billion by 2027 (Grand View Research). As the market continues to grow, it’s becoming increasingly important for cannabis businesses to stand out and differentiate themselves from the competition. One of the best ways to do this is through a strong digital marketing campaign.
Here are a few reasons why investing in a digital marketing campaign is critical for cannabis businesses in 2023:
1. Reach a Massive Audience
With 4.88 billion internet users and 3.14 billion active social media users worldwide (Global Digital Report 2020), digital marketing provides a huge audience for cannabis businesses to reach and engage with.
2. Improve Efficiency and Effectiveness
A study by Forrester Research found that programmatic advertising can improve the efficiency and effectiveness of digital advertising campaigns, allowing cannabis businesses to target specific audiences and adjust their campaigns in real-time based on performance data.
3. Drive Traffic and Sales
A study by Marin Software found that paid search ads can drive significant traffic and sales for e-commerce businesses, with paid search driving on average 50% of all e-commerce traffic and visitors referred from these ads being 50% more likely to make a purchase.
4. Investment > Expense
A well-managed campaign is an investment, not an expense. When you have quality reporting to showcase your customers’ behavior, you can make informed decisions on how to allocate your budget appropriately. In short, you should be seeing a return on every dollar spent if done correctly. Marketing campaigns should never be “set it and forget it, ” especially in a highly regulated, ever-changing industry like cannabis.
While a significant portion of cannabis consumers still prefer to purchase their products in-store, investing in a digital marketing campaign can help drive traffic to your store and increase sales. A study by BDS Analytics found that in the United States, roughly 80% of cannabis consumers still purchase their products in-store, while only 20% purchase online.
*Safe-Reach’s NOMAD analytics platform allows dispensaries the capability to track in-store sales and tie them back to the customers’ original online engagement via POS integrations and “cookie-less attribution” tools.
In conclusion, investing in a strong digital marketing campaign is critical for cannabis businesses in 2023. It provides a cost-effective way to reach a massive audience and drive sales online and at the retail level.
Don’t miss out on the opportunity to differentiate yourself from the competition and grow your business!