Unlocking Competitive Advantage Through Data Analytics and Customer Data Enrichment

With Matt Taverna of Statara Solutions

In today’s rapidly changing business landscape, the imperative for regulated companies is clear: harness the power of data analytics or risk falling behind.

Failing to gather customer data, or worse, not knowing how to properly utilize it is a critical misstep for businesses in regulated industries like cannabis, CBD, or alcohol. Don’t let your competition outpace you!

Join Matt Taverna, Principal of Statara Solutions, as he explains the value in developing a clear picture of your customers through data. Generating an enhanced view of your consumers allows you to better target cannabis and alcohol consumers who are actively seeking specific products or services. Improved targeting amplifies the return on investment for advertising campaigns and dramatically enhances your customer’s experience.

There’s a growing need for cannabis and alcohol businesses to expand their data scope beyond basic demographic info — phone numbers, emails, and purchase history — with consumer behavior datasets to provide a more nuanced understanding of customer preferences. Cannabis customer data enrichment or second party data enrichment services can elevate your customer data from merely informative to truly insightful.

During the webinar, you will learn:

What customer data enrichment is, and why it is important
How CRM data enrichment improves customer experiences, and real world use cases you can implement today!
How to select and vet data enrichment companies and tips for determining data quality

Learn how to deliver truly exceptional cannabis customer experiences that improve the ROAS of your display, paid search and SEO campaigns. The modern business environment demands a sophisticated approach to data analytics and customer engagement. Don’t get left behind!

Webinar Highlights

Enriching Cannabis Customer Data For Actionable Insights

04:37 – 09:41: Jake Litke, CEO of MediaJel, and Matt Taverna, Principal of Statara, discuss enriching the customer data most relevant to cannabis marketers. Suppose a cannabis business has a POS system. In that case, they can easily append basic customer records like first and last names and residential addresses, transforming contact details into actionable insights.

One critical customer data point is the person’s address. Knowing where customers live informs whether they’re locals or tourists. You can also append gender, age, simple demographics like estimated household income, and more advanced consumer behaviors like what people spend their money on and where they spend their time. Marketers can create targeted campaigns by exploring the cross-section between demographics, interests, and purchasing behaviors.

Cannabis marketers can also identify lookalike audiences through data enrichment processes, develop tailored messaging, and optimize customer acquisition strategies that resonate with specific customer cohorts.

Cannabis Customer Data: Secure Vendor Policies

12:53 – 18:01: Jake Litke and Matt Taverna explain how to handle personally identifiable data securely. Jake emphasizes the importance of entrusting customer data to a reputable third-party vendor with stringent security measures. Matt agrees by adding that customer data is the most important asset a business can own.

Jake inquires about how a dispensary with a thousand records or customers who have purchased can enrich names and email addresses before using them in targeted campaigns.

Matt lists the following requisites:

There should be an upfront contractual relationship with a non-disclosure agreement and a statement on how the vendor will handle the customer data. The vendor must secure the customer data, so it can’t be hacked or leaked.
The vendor should only use the dispensary’s customer data for the project. The contract should block a vendor from reselling that data to competitors.
There should also be an agreement on the data transfer protocols. You should be able to recognize the software you are using when you download and upload your customer lists, like Dropbox.com, Box.com, or Amazon Web Service.
Establish a detailed list of how the vendor can use your data while it’s in their possession.

Jake emphasizes the importance of establishing contractual agreements that include non-disclosure clauses, data usage terms, and secure data transfer protocols to prevent unauthorized access or leakage.

Additionally, there’s a focus on ensuring that the vendor only utilizes the data for the intended project and does not redistribute it without consent. Matt describes this as data retention and destruction clauses to safeguard the ownership and privacy of the data. It’s normal for the data vendor to destroy a customer data list immediately after delivering the finished product.

Using Customer Data to Create Valuable Marketing Engagement

22:19 – 24:38: Jake Litke believes marketing is a fair exchange of values between businesses and customers. While the primary transaction involves selling a product, effective marketing communication offers additional value through information, entertainment, or other engaging content.

Instead of focusing on promotional offers, marketers should provide meaningful content that enriches the customer experience and strengthens the relationship. By understanding customer preferences and segmenting the audience accordingly, marketers can tailor their messages to resonate with consumers on interesting or relevant topics. Using customer data, you can segment your list and communicate more naturally.