In the business world, it’s long been said that you’ll get your new customers from one of two places: growing the market or taking share from the competition. It’s true everywhere. In Michigan, the legalization of Marijuana for recreational use grew the market. And savvy Cannabis businesses are growing their own market share at the expense of their competition.
Target the Competition’s Stores, Convert their Customers Online
Our client, who owns 8 local dispensary locations, identified an approximate 100 competitive dispensaries to target with a geo-fence. Customers within those locations were served ads touting the alternative CBD brand and products. Once the device holder left the store, our campaign remessaged them using a proven frequency model that ensured at least 6 impressions, dramatically increasing brand recall.
Converting Leads Into Revenue
Tracking the appearance of a device that has viewed our campaign creative is straightforward. But more important than whether that device physically went to a dispensary isn’t nearly as important as whether that user made a purchase.
Carrie Jacoby of MLive Media Group shares what tactics are available for the Cannabis industry from Mlive during a recent conference event for the industry.
Using UTM technology to track those ads served (both in the vicinity of competitor’s dispensaries as well as afterward), we also watched online conversions of those same users. The results were exciting. Using online order completions as the definitive attribution point, more than 200 of the competitor-targeted customers made a purchase with our client.