The MJBizCon event has attracted several experts from the cannabis industry, not the least of whom is the CEO of Charlotte’s Web Holdings, Deanie Elsner. Being held virtually this year because of COVID-19, it was somewhat easier for executives and industry experts to get together to discuss the future of the cannabis space, as well as what is driving growth.
Elsner has a clear idea of what will continue to support the industry and shared her viewpoints with attendees.
One of the important factors to consider in order to achieve growth is consumer-related data. After more than 30 years working for different companies that specialize in consumer packaged goods (CPG), the cannabis executive knows her way around the consumer market, and Elsner, in her Bringing CPG Marketing to Cannabis discussion, explained, “Consumers want to know that you know them and that you’re speaking to them personally.”
The cannabis industry is still relatively young and is fighting a stigma that has made it seem forbidden and dangerous. While that stigma has diminished greatly in recent years, it still exists to some degree, and consumers are often caution about approaching cannabis products as a result. To overcome that challenge, Elsner is applying a lot of the experience and knowledge she brought to Charlotte’s Web from the CPG industry, developing personalized solutions that appeal to more consumers.
Another factor that is driving the industry the most is eCommerce, which is a necessity for any company looking to remain viable. Elsner explains, “It’s an incredibly important capability to have, because, through eCommerce, you’re able to gather data that enables you to better understand the consumer.
We made investments to expand our outer capabilities so that we have superior analytics and breakthrough insights.
If you’re going to succeed in CBD, you’ve got to be incredibly well-versed on e-commerce.”
Both of these factors work in tandem to fuel growth. Compiling eCommerce data on consumer behavior leads to the creation of better and more personalized consumer solutions, which gives the business a strong competitive edge.
After the consumer gains confidence in the company, they become a customer for life.