Marijuana, cannabis, and CBD companies invest heavily in their operations, whether that means building cultivation and testing facilities, establishment of the supply chain, or opening the doors of a new retail location. Companies looking for a competitive edge routinely utilize Market & Competitive research to identify opportunity areas to gain market share.
Location, location, location … but which location? There are a multitude of market factors that can influence the answer, some of which are; size of the audience, ease of access, cultural attitudes, generational mindsets, and regulatory environments. The capability to accurately answer business questions through Market research can directly impact the ability to achieve crucial operational objectives.
Competition can be healthy for a business or it can spell disaster, and the difference between the two is understanding the competition. Emerging markets sometimes create a “gold rush” effect with new players entering the market, but how do you know which will exit early and which pose a threat to your business? Competitive research helps cut through the noise to surface what is working and what is not – for both your competition and your business.