The days when Cannabis and Hemp companies could employ a “build it and they will come” strategy are over.
As the market matures, power is shifting towards brands. Traditionally those brands have had only a limited understanding of consumers’ true wants and needs, resulting in product development and marketing efforts that fail to resonate and leave lucrative opportunities untapped.
To solve that problem, today we’re launching Oasis Intelligence as the only research and strategy firm providing real consumer insights in Cannabis and Hemp. We’re dedicated to understanding behaviors, perceptions, and unmet needs of both current and prospective users, and we accomplish this by leveraging an unprecedented dataset of 20,000+ respondents in all 50 states and Washington D.C., to provide clients insights that can help them to find product/market fit and scale strategically, knowing where Cannabis and Hemp consumers are today and where they’re headed next.
The cornerstone of our offerings are exclusive custom reports and white papers based on that proprietary dataset, and today we’re sharing three key insights from our initial findings covering Q4 2019.
Pain-Centric Consumers Are More Likely to Be Interested in Cannabis/Hemp
- 77% of those concerned with either chronic or acute pain in their lives agree that there are many benefits they can get from Hemp CBD when it comes to seeking relief, a significantly higher number than the 61% who reported not being concerned about pain.
- 43% of those concerned with pain are more than twice as interested in trying a Cannabis or Hemp product if it was connected to a medical benefit.
The Insights: Despite the opportunity that pain-centric consumers present, brands are very restricted when it comes to making medical claims for their products. This opens up opportunities for utilizing testimonials to help strengthen a brand or product positioning.
Residents in Unregulated States More In Tune With Hemp CBD Than Residents in Regulated States
- 72% of those living in unregulated market states note the growing importance of Hemp CBD in society vs. 66% of those in regulated (recreational + medical) states.
- Interestingly, in those same unregulated states, only 57% agree that Cannabis is growing in importance in society.
The Insights: This perhaps counter-intuitive disparity is likely due to the fact there hasn’t been a medical or recreational cannabis legality wave in their home state, making it a less visible issue. The Hemp Bill of 2018 opened up new opportunities resulting in more Hemp businesses growing and therefore increasing broader awareness. We are watching this trend to see if and how it’s paving a path for Cannabis acceptance.
Personal Network Is Crucial to Converting Prospective Cannabis/Hemp Consumers Into Active Users
- Those who use Cannabis or Hemp are significantly more likely to know others who use the plant versus prospective users.
- 74% of users versus 47% of prospective users know others using Cannabis products.
- 53% of users vs 33% of prospective users know others using Hemp products.
- 40% of both agree their friends are their go-to source for information about cannabis or hemp.
- Lack of understanding keeps prospective cannabis consumers on the sidelines.
- They are 4 times more likely than current users to cite not knowing enough about a product as a reason not to try it.
The Insights: These points demonstrate both the importance of education and how one’s personal network informs and builds more comfort in trying new products. To convert those interested in Cannabis/Hemp into active consumers, companies should strategically activate social networks and focus on educational efforts.
Oasis Intelligence was founded by us – Laura Albers (McCann New York, TBWA\Chiat Day, Cannaboss Circle) and Ben Woo (Monitor Deloitte, TBWA\Chiat Day, RedSky Strategy) – and we believe we’re uniquely positioned to lead this company and deliver these insights. We’re both career researchers and strategists who are deeply rooted in both mainstream consumer brand research across a wide range of industries, and years of work in the Cannabis and Hemp industry.
We want to be more than just the names behind these numbers, we want to be real people you can call and have critical conversations about your business with.
So please, take a look around our site to learn more if you’re interested and don’t hesitate to reach out directly to learn more about these insights and ask follow-up questions. We’re looking forward to hearing from you.