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article imageCannabis firms need to capture what Millennials want

By Tim Sandle     Jan 12, 2019 in Business
Millennials are highly influential over many aspects of the economy and cannabis is no exception, especially given the high-usage rates of cannabis by millennials. Consequently, cannabis firms need to understand what appeals to millennials
The millennial generation are very economically active and this, in turn, influences how companies develop products and market them. What distinguishes millennials from past generations is that theyhave very strong brand preferences. This demographic tends to expect to have a strong personal relationship with companies and their brands. Moreover, brands need to approach millennials via social channels; millennials are less inclined to seek the provider out. Therefore, message and reach are everything,
The same goes with cannabis companies. A report for Ganjarepeneur presents the case for cannabis firms aligning themselves with millennial wants and aspirations; failure to do so could see other firms that have adjusted their business plans to appeal to millennials, taking market space. This is especially important since millennials make up the largest demographic for cannabis use (in areas where the use of cannabis is legal, of course, such as Canada and parts of the U.S.)
According to data collected by Brightfield Group, a survey of over 1,200 medical marijuana patients throughout California, millennials make up approximately half of current cannabis patients, and a big proportion — 39 percent — of them use marijuana daily. For recreational use, in Canada, cannabis is proving to be increasingly popular with millennials, with one report indicating that millennials in Canada tend for prefer cannabis to alcohol as their relaxant of choice.
The essential message is that cannabis brands need to understand millennial buying behaviors and adapt to how they both consume and share information. Much of this information sharing and communication is online, primarily through social media. Given that images and simple slogans are key to the way much information is conveyed via social media, time needs to be spent investing in pictures and words and to convey the lifestyle focus and inspirational goals of millennials. To draw on a cliche: 'work hard, play hard'.
For cannabis brands, this means post, share pictures and stream video as much as possible - but also work to get these forms of media right. It also means offering variety, as millennials like choice.
For in-store marketing, the area needs to be a place where millennials can hang out and enjoy the shopping trip (think Apple store). This also means having friendly and attentive sales staff. Getting some of these things right will make the difference between a cannabis startup surviving or going under in the ever-competitive cannabis products marketplace.
More about millennials, Cannabis, Marijuana
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