If you were born between 1980 and the early 2000s, you are a part of the Millennial Generation. If you are not part of this generation, but are considering making a cannabis investment, you should know just how influential millennials are going to be in molding Uncle Sam’s culture and economy in the near future.
In fact, over the next few decades, millennials are anticipated to play a significant role in the growing U.S. cannabis market. Based on data accumulated by Brightfield Group in 2016 from a group of more than 1,200 medical cannabis patients in California, millennials account for half of those patients. What’s more, 39% consume cannabis every day.
On that note, anyone who is wondering how to invest in cannabis with minimal risk ought to seriously consider targeting the wants, needs, and demands of the millennial consumer group.
Millennials are Spending $100 on Cannabis Products Every Week
Based on the results of the survey by Brightfield Group, members of the Millennial Generation spent $100 per week on cannabis products. This is almost 20% more than what non-millennials were spending during the same period. Millennials are focused on high-quality, therefore if you want to know how to invest in cannabis, make sure you pay close attention to the quality of what you are producing/selling. By doing so, it is possible to gain customer loyalty for years to come.
How to Invest in Cannabis and Target a Millennial Market
A cannabis investment can yield incredible returns if you learn how to prioritize your marketing strategies for the millennial market.
People in this specific target market tend to be addicted to technology, from smartphones and tablets to computers and other Internet-enabled gadgets.
Aside from social interaction, this generation is utilizing the power of technology to make well-informed buying decisions. With 40% of the market choosing edibles as their preferred type of cannabis product, it’s worth implementing an online marketing strategy that spotlights this product category.
Increasing Millennial Marketability with Customer Reviews
It’s not just the way you sell your products via an online store that will leverage your marketability to the millennial audience but also how your products are perceived by buyers and/or consumers. Reviews play an important role in decision-making for buyers, therefore you would benefit from building an online presence on well-known review sites, such as WeedMaps and Yelp. Don’t forget about the importance of superior customer service too, since this will be reflected in reviews.
Ready to learn more about the cannabis industry? Download this whitepaper to get a beginner’s guide to cannabis.