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The Rapidly Expanding Cannabis Industry Needs To Get Its Marketing Act Together, A New Report Finds
A new report says that cannabis companies lack the budgets and tools they need for successful digital marketing.
Just-released research spotlights a problem already familiar to cannabis companies: They’re coming up short with marketing. “This survey confirmed a lot of what we hear anecdotally: Marketers have ambitious goals but work with limited resources when it comes to budgets and staff,” Gary Allen, CEO of New Frontier Data, said in a press statement. New Frontier collaborated with the Cannabis Marketing Association on the report, revealing that:
· More than 80 percent of marketing companies surveyed said they were having problems getting the right message to the right audience.
· Marketers in the industry said they focus much of their limited resources on social media and top-of-funnel brand awareness campaigns.
· They also work with shoestring budgets, nearly half of which are less than $50,000.
· Marketers are misusing or under-using channels that typically perform well.
The report, 2022 Cannabis Digital Marketing Survey: How Cannabis Marketers Are Chasing Their Share of a $32 Billion Market, was released by New Frontier’s NXTeck division in tandem with the Cannabis Marketing Summit in Denver set for June 7-9.
What the researchers emphasized is the big money involved: Cannabis is no longer a fledgling industry. Instead, New Frontier projects $32 billion for 2022 in legal sales of adult-use cannabis (19 states) and medical cannabis (39 states).
Another 18 states seem poised to legalize in one or both categories in the next few years. Already, 148 million Americans live in adult-use states, and 248 million in medical-use states.
Despite the industry’s growth overall, most of the100 cannabis marketers participating in the survey categorized their individual companies as fitting the “small business” segment. Some 22 percent reported annual revenues of up to $250K; 8 percent, $250K-$500K; 11 percent, $500K-$1M; 13 percent, $1M-$5M; 6 percent, $5M to $10M; 9 percent $10M-$20M; and 7 percent, $20M-plus (another 23 percent did not respond or didn’t know).
Some 67 percent of these companies reported marketing staff of fewer than five employees, and 47 percent had marketing budgets less than $50,000.
Of the different kinds of marketing channels, digital marketing was the lead strategy, at 83 percent, followed by events, at 34 percent; partnerships, at 33 percent, and public relations, at 28 percent. Within the digital marketing category, integrated ads led, at 55 percent, followed by email communications, at 50 percent.
For 2021, brand awareness, at 55 percent, was the lead digital objective for companies surveyed, but 63 percent cited budget constraints in achieving that goal. Cannabis publications, at 36 percent, and cannabis platforms, at 35 percent, were the primary channels for digital cannabis marketing.
In terms of methods, email marketing was deemed most successful, at 53 percent, followed by earned media, at 20 percent.
LinkedIn (79 percent), Instagram (78 percent) and Facebook (60 percent) were the most favored social media platforms. Twitter followed, at 58 percent.
Participants acknowledged not adequately tracking key digital performance indicators: Only 12 percent answered “very well” on their efforts (with 24 percent saying “okay”; 23 percent, “well”; and 22 percent, “well enough.”
In comments also included in the report, Lisa Buffo, founder and CEO of the marketing association, noted that marketers “struggle to use that information to iterate and improve on their efforts” and that a “gap in the feedback loop” seems to exist.
The same might be said of efforts to understand buyer personas: Only 58 percent of participants said they had conducted research on this question. That data point means “the rest are blind,” Allen said.
The report was not all pessimistic in its findings. Allen pointed out the good news that regulatory pressures were not seen as being overwhelming for the companies surveyed and that “there is optimism” that marketers can and will increase their understanding of the tools available to them.
Programmatic advertising – meaning the use of automated technology to help with decisions on media buys – is one of those tools. With 53 percent of participants saying they had only “basic knowledge” of programmatic advertising, education in this field is “paramount,” Allen said.
Why? “The volume and efficiency of programmatic ad networks separates the channel from others like social and paid search, has a built-in safety net for compliance and a lower price tag than other digital channels,” Allen explained.
Other advice from the researchers included better tracking of key performance indicators, more A/B testing of campaign variations and the employment of digital channels.
Certainly, cannabis marketing faces challenges companies have no control over, from age restrictions and the United States’ problematic regulatory patchwork plus the problem of media outlets that reject cannabis advertising altogether. Yet Allen’s comments indicated that the challenges marketers face can be eventually overcome, toward a rosy future for all.
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Updated Courses Offered in Mountain Top University
Updated Courses Offered in Mountain Top University
Courses offered in Mountain Top University have been updated through its official website a statement made by the Vice-Chancellor at the university’s annual summit, adding 2 faculties and 7 new programs which are available for admission seekers.
Courses Offered in Mountain Top University
Here is the complete list of courses offered by Mountain Top University
College of Humanities and Management…
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Fortron - Login | Signup | Reviews | Blockchain | Smart Contract
Fortron – Login | Signup | Reviews | Blockchain | Smart Contract
Fortron is an MLM platform for marketers, thousands of MLM platforms have surfaced on the internet in this digital age we find ourselves, let’s dive in to know more.
Its fully decentralized and admin-less model offers a great deal of technology-backed credibility and transparency by making sure our money is safe and secure without any human control and thus completely eliminating the possibility…
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Whitemoney Net Worth, Biography and Facts
Whitemoney Net Worth, Biography and Facts
Nigerians loved Whitemoney and the moment he was at the big brother house the duo had amassed a lot of fanbases thereby becoming the most followed housemate in the 2021 edition.
Let’s take a sneak peek at Whitemoney net worth, biography, and facts you probably should know as one of his fans.
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Crowd1 - Login | Sign Up | Investment | App | Review
Crowd1 – Login | Sign Up | Investment | App | Review
Crowd1 is now one of the most sought-after platforms for those looking for wealth but unfortunately, there is more to it. I would be running down a whole bunch of things you probably need to know before signing up using your hard earn money.
source crowd1 website
Many have joined but realized it was already too late, if you’re reading this post and you’re yet to, kindly read to the end and make…
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Korra Obidi Is Cheating, Husband Set For Divorce After Second Child
Korra Obidi Is Cheating, Husband Set For Divorce After Second Child
The Internet has gone agog after popular Instagram couple Korra Obidi and Justin Dean had taken their fight live after the husband lamented on how badly he was treated by his wife.
source Instagram
He shared in a post which was later taken down that he could no longer continue in their marriage which many believed was a prank but unfortunately things are getting really hot.
Read Also I have five…
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I have five years to live - Kemi Afolabi
I have five years to live – Kemi Afolabi
The atmosphere has been filled with pity and compassion over veteran actress, Kemi Afolabi over the recent interview she made known the sickness she’s passing through after the doctor confirmed she had only 5 years to live.
She was diagnosed with Lupus sometime last year, unfortunately, there’s no cure for the ailment yet which means she had to live on medication for the rest of her life.
Read…
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ROLLSNET - Sign Up | App | Login | Reviews
ROLLSNET – Sign Up | App | Login | Reviews
Rollsnet is an online platform for promoting your business by just creating an account on the platform, users can also make money on the platform by sharing posts and content on their WhatsApp account.
From findings, it happens the platform is already down
Read Also Honeygain – Login | Sign Up | Apps | Download | Reviews
Rollsnet Reviews
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Honeygain - Login | Sign Up | Apps | Download | Reviews
Honeygain – Login | Sign Up | Apps | Download | Reviews
Honeygain is another platform for earning money online without working, all you need is to download the app and turn on your internet connection while the proxies gather information for advertisers.
Many may not find this pleasing, especially in the aspect of privacy but considering the fact that you’re getting paid for just that alone. Is it worth it? Let’s dive in!
What is Honeygain?
Honeygain…
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Ogunjimi Ayodeji Samson, Wang Lu, HO Consulting Should Be Declared Wanted By The EFCC For 7 Count Charges Bordering On Cyber Crimes And Money Laundering
Ogunjimi Ayodeji Samson, Wang Lu, HO Consulting Should Be Declared Wanted By The EFCC For 7 Count Charges Bordering On Cyber Crimes And Money Laundering
The federal government, CBN, and EFCC have turned deaf ears to the cry of Nigerians over the fast-growing menace of cyberbullying, defamation and blackmail carried out by one of the most notorious and illegal lending organizations, Sokolending Company Limited with registration number 1520881 (Inactive).
The faces of the criminals running sokolending company
According to a source, it was…
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WhatsApp TV In Nigeria - Links | Views | Owners [Complete List]
WhatsApp TV In Nigeria – Links | Views | Owners [Complete List]
With the incense growing of social media, WhatsApp has become the most used on the planet with over 1.2 billion users. Many have taken advantage of the status upload feature that was introduced sometimes in 2019 which has now brought about various WhatsApp TV in Nigeria.
The feature allows one to upload a 30-second video or images that can be viewed by contacts within 24 hours from the time of…
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FG Admits Sale Of Adulterated Fuel, Vows To Take Action
FG Admits Sale Of Adulterated Fuel, Vows To Take Action
The federal government through Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) on Tuesday had confirmed the supplies of adulterated petrol, says suppliers have been identified.
Thi development arose after the circulation of premium motor spirit {PMS} amidst fuel subsidy hitting the country, Nigerians had complained about the type of fuel sold at filling stations
Read…
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How To Become A Moniepoint Agent
How To Become A Moniepoint Agent
POS business has now become the fastest-growing small-scale startup today with as low as N20,000 one can earn N60,000 monthly disbursing funds around communities. Many have opted out of going to Automated Teller Machines or Banks to withdraw Money. Here’s how to become a moniepoint agent.
Moniepoint allows business owners to make money by providing banking services to their customers such as…
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Tony Elumelu Foundation - How To Apply [Common Mistakes You Should Avoid]
Tony Elumelu Foundation – How To Apply [Common Mistakes You Should Avoid]
The Tony Elumelu Foundation(TEF Connect) is one of Africa’s largest Entrepreneurship network established by Tony Elumelu, the Group Chairman of heirs holding and former CEO of UBA Group.
Started in 2017 and has since empowered over 5000 entrepreneurs every year with $5000 each among other benefits. The foundation allows aspiring entrepreneurs with great ideas to register using the official…
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Jobmoola - Login | Sign Up | App | Reviews | Earnings
Jobmoola – Login | Sign Up | App | Reviews | Earnings
As unemployment soars higher every day, many want to make money from the comfort of their homes, Jobmoola gives one the opportunity to earn extra income.
What is Jobmoola?
Jobmoola is an online job platform that publishes vacancies for job seekers registered on the website. A user pays a one time of 2,000 naira upon registration
Read Also Mpfundz – Login | Sign Up | App | Reviews
How it…
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Mpfundz - Login | Sign Up | App | Reviews
Mpfundz – Login | Sign Up | App | Reviews
With several ways of making money online, users can earn money by just watching videos on their smartphones on the Mpfundz platform.
Users can create an account on the platform and also verify their email before a task can be assigned to earn from the site. It’s free, easy, and straightforward.
Read Also Viraltrend – Login | Register | Packages | App | Reviews
You can also login and register on…
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Viraltrend - Login | Register | Packages | App | Reviews
Viraltrend – Login | Register | Packages | App | Reviews
The digital space has grown tremendously that so many people earn their income utilizing it, there are over 10,000 money-making platforms on the internet, many are curious about the authenticity of these platforms.
Viraltrend is an advertising network for both advertisers and marketers, advertisers pay a certain amount of money to promote their content and marketers use their social media…
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