You Already Own The Data! Learn How First-Party Data Lowers Customer Acquisition Costs and Increases Retention
03/07/24 | 11:00 AM PST | 2:00 PM EST
A dollar saved is a dollar earned— especially when it comes to customer acquisition costs. Acquisition costs refer to the expenses businesses incur when attracting and winning new customers, which can cost five times more than retaining an existing customer. In the cannabis industry, companies are not only contending with each other to acquire new customers; they must also compete with pay-to-play directories such as Weedmaps, which all but own the “deals on cannabis” market.
The challenges of acquiring new customers go beyond creating a cost-effective strategy. To ensure a high acquisition cost is worthwhile, you must also find ways to retain those newly acquired customers in an environment shaped by strict regulations and cut-throat competition. But the effort is well worth it! Increasing customer retention by 5% can increase profits from 25-95%.
The key to addressing your biggest customer acquisition and retention questions lies in the power of first-party data. As it is collected directly from your customers or users, first-party data is more reliable, accurate, and specific to your business. Using first-party data, cannabis companies can efficiently target the right audience and build long-term relationships with existing customers by understanding their preferences.
What You'll Learn
During our 60-minute webinar, you’ll discover how to:
• Lower your customer acquisition costs
• Maximize customer acquisition and retention efforts
• Leverage first-party data for personalized marketing
• Optimize your ROI and conversion rates
• Transform one-time buyers into loyal brand advocates
• Stay ahead of the competition in a dynamic market
In this webinar, you’ll dive deep into the concepts that are revolutionizing the way cannabis companies operate. We’ll explore the art of leveraging first-party data, utilizing it to lower customer acquisition costs and enhance customer retention. You’ll discover the secrets behind identifying your most valuable customers, understanding their behaviors, and tailoring your marketing efforts to create lasting connections. After watching, you’ll possess a wealth of knowledge and actionable insights that can reshape your approach— and even negate the need for your expensive Weedmaps subscription.
Reserve your spot today to learn how you can keep your business thriving using data you already own. This information creates opportunities to reimagine your marketing approach, increase efficiency, and boost your bottom line. Don’t miss out on this opportunity to drive acquisition and retention success in the cannabis industry.