Marketing Insights from CBD Convention 2024

The CBD Convention 2024 provided valuable insights into the latest marketing strategies and trends in the cannabis industry. Here are the key takeaways:

Consumer Insights

Age Group	CBD Usage
18-25	Less than one-third
77 and above	Almost 90%

Consumers use CBD products for reducing stress, seeking pain relief, and improving sleep quality.

Market Trends

Year	CBD Sales (in millions)
2014	$108
2022	$1.9 billion

Despite a 10% decline in hemp-based CBD product sales from March 2022 to March 2023, consumers continue to spend money on their preferred CBD products, with 29% spending at least $50 per month.

Product Preferences

Product Type	Popularity
CBD Gummies and Edibles	Most popular
CBD Capsules	Second most popular
CBD Oils/Tinctures	Third most popular
Topical Application (Lotions)	Gaining traction

Programmatic Advertising

Programmatic advertising allows cannabis marketers to reach their target audience by bypassing Facebook and Google’s restrictive advertising policies. It enables targeted advertising on mainstream websites, Connected TV (CTV), and social media platforms.

Digital Out-of-Home (DOOH) Ads

DOOH ads effectively reach and engage audiences, driving actions such as store purchases, online visits, and word-of-mouth referrals. They are particularly effective in dispensaries, where customers are ready to make a purchase.

In-Person Customer Engagement

Building meaningful relationships with customers through industry events, educating budtenders, and leveraging real-world engagement opportunities is crucial for cannabis brands to stand out in a saturated market.

Personalized Cannabis Marketing

Leveraging data analytics and machine learning algorithms, businesses can create tailored experiences that resonate with each customer, increasing customer satisfaction, loyalty, and retention.

Expanding Marketing Channels

Diversifying marketing channels, including social media, influencer marketing, user-generated content, email marketing, and content marketing, can help cannabis businesses reach new audiences and build brand presence.

Transparency in Cannabis Branding

Transparency in areas such as third-party testing, clear labeling, and supply chain transparency helps cannabis brands build trust and establish a strong reputation with customers.

Cannabis Market Trends for 2024

The global cannabis market is projected to reach $444 billion by 2030, with the US legal medical and recreational market expected to hit $38.4 billion by the end of 2024. Research into cannabinoids, regulatory changes, sustainability, and technological advancements will shape the industry.

Applying 2024 Marketing Insights

To succeed in the rapidly evolving cannabis industry, businesses should focus on organic growth through SEO and content marketing, partner with influencers and affiliates, and prioritize transparency and honesty in their marketing efforts.

Programmatic Ads in Cannabis Marketing

Programmatic advertising has changed the way cannabis marketers reach their target audience. By using advanced algorithms and automation, programmatic advertising helps brands target specific demographics, interests, and behaviors across various digital channels. This approach makes campaigns more efficient and effective, allowing cannabis businesses to connect with consumers who are most likely to engage with their products.

Bypassing Facebook and Google’s Advertising Policies

One significant benefit of programmatic advertising for cannabis businesses is the ability to bypass Facebook and Google’s restrictive advertising policies. These platforms have strict guidelines prohibiting cannabis ads, making it challenging for businesses to reach their target audience. Programmatic platforms offer an alternative solution, unlocking ad inventory across millions of mainstream websites.

Platform	Ad Inventory
USA Today	Mainstream website
HuffPost	Mainstream website
Newsweek	Mainstream website
Politico	Mainstream website
ESPN	Mainstream website

Programmatic advertising can be integrated with Connected TV (CTV) and social media platforms to deliver targeted ads to cannabis consumers. CTV offers precise targeting capabilities, allowing brands to tailor content to specific consumer personas and regulatory constraints.

Platform	Targeting Capabilities
CTV	Precise targeting, consumer personas, regulatory constraints
Social Media	Targeted ads, consumer interests, behaviors

By leveraging dynamic creative optimization (DCO) technology, cannabis brands can deliver personalized ad experiences tailored to each viewer’s preferences and behaviors. This level of customization enhances relevance and engagement, ultimately leading to higher conversion rates and revenue growth.

Unlocking the Full Potential of Programmatic Advertising

To fully capitalize on the benefits of programmatic advertising, cannabis businesses must understand their target audience and develop a comprehensive marketing strategy. By leveraging programmatic platforms, businesses can:

Reach new audiences and increase brand awareness
Retarget interested audiences and drive conversions
Optimize ad spend and improve ROI
Gain valuable insights into consumer behavior and preferences

By embracing programmatic advertising, cannabis businesses can stay ahead of the competition and effectively reach their target audience in a rapidly evolving market.

Digital Out-of-Home Ads for Cannabis

Digital out-of-home (DOOH) advertising is a promising channel for cannabis marketers, offering a unique way to target specific audiences and reach a wider audience. DOOH ads combine the benefits of traditional out-of-home advertising with the advantages of digital advertising, allowing for targeting, tracking, optimization, and refinement of creative content.

Effective Reach and Engagement

DOOH ads have been shown to be effective in driving actions, such as increasing store purchases, online visits, and word-of-mouth referrals. Here are some key statistics:

Statistic	Percentage
People who noticed outdoor ads for cannabis products in cities with a population over 1 million	47%
People who shared information about cannabis products with someone else through word of mouth	54%
US adults who made an in-store purchase after seeing an outdoor ad	45%

Targeted Advertising in Dispensaries

DOOH ads can be particularly effective in dispensaries, where customers are already engaged and ready to make a purchase. By leveraging in-store DOOH screens, advertisers can reach customers in prime locations and moments, increasing the likelihood of conversion.

Measurability and Optimization

One of the key advantages of DOOH ads is their measurability. Advertisers can track the effectiveness of their campaigns and optimize their creative content in real-time, ensuring maximum ROI.

In-Person Customer Engagement

In-person customer engagement is crucial in the cannabis industry. It helps build meaningful relationships with customers and sets brands apart from the competition. As the market becomes increasingly saturated, brands focus on creating personalized experiences to stand out.

Leveraging Industry Events

Industry events, such as conferences and trade shows, offer a unique opportunity for cannabis brands to engage with customers in person. These events provide a platform for brands to showcase their products, share their story, and connect with potential customers.

Event	Description
MJBizCon	Attracts over 30,000 cannabis entrepreneurs and 1,400 exhibitors, increasing brand visibility and networking opportunities

Educating Budtenders

Educating budtenders about products is another effective way to engage with customers in person. Budtenders are often the first point of contact for customers in dispensaries, and their recommendations can make or break a sale.

Real-World Engagement Opportunities

Cannabis brands can leverage real-world engagement opportunities, such as conferences, panels, and interviews, to get people talking about their brand. These strategies can help make up for the regulation and restrictions that exist for traditional and digital cannabis advertising.

By investing in in-person customer engagement, cannabis brands can build meaningful relationships with customers, increase brand visibility, and drive sales. As the industry continues to evolve, it’s essential for brands to prioritize in-person engagement to stay ahead of the competition.

Personalized Cannabis Marketing

Personalized cannabis marketing is crucial in today’s competitive market. By leveraging data analytics and machine learning algorithms, cannabis businesses can create tailored experiences that resonate with each customer. This approach helps build brand loyalty, increases engagement, and drives sales.

Creating Meaningful Marketing Campaigns

Companies like Happy Cabbage Analytics and Zoltrain help cannabis businesses create personalized marketing campaigns. These campaigns are designed to generate consumer engagement, sales, and brand loyalty. By identifying different customer segments and their preferences, businesses can send targeted messages, offer customized product recommendations, and create a unique experience that sets them apart from the competition.

Benefits of Personalization

Why Personalization Matters

Benefit	Description
Increased Customer Satisfaction	Personalization helps businesses understand customer needs and preferences, leading to higher satisfaction rates.
Loyalty and Retention	Personalized experiences build strong relationships, increasing customer loyalty and retention.
Competitive Advantage	Personalization sets businesses apart from the competition, driving growth and revenue.

Implementing Personalization Strategies

To implement personalization strategies, cannabis businesses can utilize various tools and technologies, such as:

Customer relationship management (CRM) software
Data analytics platforms
Machine learning algorithms

By leveraging these tools, businesses can collect and analyze customer data, identify patterns and preferences, and create targeted marketing campaigns that resonate with each customer.

By adopting personalized cannabis marketing strategies, businesses can create a competitive advantage, drive growth, and establish a strong presence in the market.

Expanding Marketing Channels

As the cannabis industry continues to evolve, it’s essential for cannabis businesses to diversify their marketing mix and reach new audiences. With the increasing popularity of digital marketing, cannabis brands can leverage various channels to build brand presence and engage with customers.

Diversifying Marketing Channels

Cannabis businesses can expand their marketing reach by exploring alternative channels, including:

Social media: Utilize platforms like Facebook, Instagram, and Twitter to reach a wider audience and build brand awareness.
Influencer marketing: Partner with influencers who align with your brand values and target audience to promote products and services.
User-generated content: Encourage customers to share their experiences and opinions about your brand, fostering a sense of community and social proof.
Email marketing: Build targeted email lists and create personalized campaigns to nurture leads and drive conversions.
Content marketing: Develop high-quality, informative content that addresses the needs and interests of your target audience, establishing your brand as a thought leader in the industry.

Benefits of Expanding Marketing Channels

Benefit	Description
Increased Visibility	Reach a wider audience and build brand recognition.
Targeted Marketing	Engage with specific demographics and interests to drive conversions.
Competitive Advantage	Stand out from the competition by leveraging alternative marketing channels.
Cost-Effective	Reduce advertising costs by utilizing free or low-cost marketing channels.

By expanding marketing channels, cannabis businesses can stay ahead of the competition, drive growth, and establish a strong presence in the market.

Transparency in Cannabis Branding

Transparency is crucial in the cannabis industry, where consumers want to know what they’re buying and from whom. By being open and honest, cannabis brands can build trust with their customers.

Why Transparency Matters

Transparency helps cannabis brands establish a strong reputation and builds customer loyalty. It’s essential in an industry where consumers are often skeptical about product quality and safety.

Ways to Be Transparent

Cannabis brands can demonstrate transparency in several ways:

Method	Description
Third-party testing	Share test results to show product quality and safety.
Clear labeling and packaging	Provide accurate information about products.
Certificate of Analysis (COA)	Share COA results to show product composition and potency.
Supply chain transparency	Be open about business practices and supply chain.

Benefits of Transparency

Transparency brings several benefits to cannabis brands, including:

Benefit	Description
Increased customer trust	Builds trust and confidence with customers.
Improved reputation	Establishes a strong brand reputation.
Competitive advantage	Sets the brand apart from competitors.
Regulatory compliance	Helps ensure compliance with regulations.

By prioritizing transparency, cannabis brands can build strong relationships with their customers and stay ahead of the competition. In the next section, we’ll explore the latest cannabis market trends for 2024.

Cannabis Market Trends for 2024

The cannabis industry is expected to grow significantly in 2024, driven by market expansion, research into cannabinoids, and changes in regulations. Here are the latest trends and forecasts shaping the industry:

Market Expansion

The global cannabis market is projected to reach $444 billion by 2030, with the US legal medical and recreational market expected to hit $38.4 billion by the end of 2024.

Market	Projected Value	Year
Global Cannabis Market	$444 billion	2030
US Legal Medical and Recreational Market	$38.4 billion	2024

Cannabinoid Research

Research into cannabinoids will continue, leading to new product developments and a deeper understanding of the benefits and effects of cannabis.

Regulatory Changes

Regulatory changes will continue, with more states adopting progressive policies and expanding the legal market.

Sustainability and Community Engagement

The industry will focus on sustainability and community engagement, with a stronger emphasis on equitable business practices and social responsibility.

Technological Advancements

Technological advancements will drive innovation in cultivation, production, and distribution, leading to increased efficiency, reduced costs, and improved product quality.

By understanding these trends and forecasts, businesses and entrepreneurs can position themselves for success in the rapidly evolving cannabis industry. In the next section, we’ll explore how to apply these insights to your marketing strategy.

Applying 2024 Marketing Insights

To succeed in the rapidly evolving cannabis industry, it’s crucial to apply the insights gathered from the CBD Convention 2024. Here are some key takeaways to inform your marketing strategy:

Focus on Organic Growth

With increasing restrictions on paid advertising, cannabis businesses must prioritize organic growth through search engine optimization (SEO) and high-quality content marketing. By creating informative and engaging content, you can attract and retain a clearly defined audience.

Partner with Influencers and Affiliates

Influencer marketing and affiliate networks can help you reach a wider audience and build credibility. Partner with influencers who align with your brand values and target audience to promote your products and services.

Be Transparent and Honest

In an industry where trust is essential, transparency and honesty are vital. Ensure that your marketing efforts focus on educating customers about your products, ingredients, and benefits. This will help build trust and loyalty with your target audience.

Key Takeaways

Insight	Action
Focus on SEO and content marketing	Create high-quality, informative content to attract and retain your target audience.
Leverage influencer marketing and affiliate networks	Partner with influencers who align with your brand values and target audience.
Prioritize transparency and honesty	Educate customers about your products, ingredients, and benefits to build trust and loyalty.

By applying these insights to your marketing strategy, you can stay ahead of the competition and capitalize on the growing demand for cannabis products. Remember to stay informed about regulatory changes, market trends, and consumer preferences to ensure long-term success in the industry.