30 Nov, 2020, 13:46 ET
CHICAGO, Nov. 30, 2020 /PRNewswire/ -- Fyllo, a leading innovator in data, media and compliance solutions for highly regulated industries, today announced the results of a commissioned study conducted by Forrester Consulting. The study sought to explore how marketers at top multi-billion dollar consumer brands can leverage cannabis-endemic audience data to improve their ad targeting and media buying with differentiated insights into new and existing customer purchase behaviors.
It's no surprise that brands know they must stay relevant to their audiences through insight: Nearly nine in 10 brands recognize that understanding their audiences' interests and lifestyles is important to their success. However, many brands said they lack a full picture of audiences' behaviors and interests. Just 38% understand their customers' interest in emerging product categories, and 34% can track the interests and hobbies of their audiences today.
Most brands are interested in cannabis and CBD consumer data as a source of differentiated audience insights. In fact, more than three-quarters of brands expressed interest in cannabis and CBD consumer data to help better understand existing and net new audiences.
Currently, about 55 million Americans consume cannabis, and with four states passing adult-use measures this past election, one in three Americans now live in a state where it is legal to consume cannabis. The study coupled with the current momentum behind cannabis legalization provides a strong case that cannabis data is foundational for brands - not a nice to have. Activating cannabis and CBD consumer data helps brands broaden their understanding of audiences' lifestyle and recreational interests, representing net new opportunities to find and connect with audiences. These insights provide a unique and effective opportunity for brands to enhance their media strategies and develop targeted messaging that resonates directly with audiences.
"Data is the lifeblood of business today, and differentiated data is the key to growth when it comes to understanding emerging interests and lifestyle and to uncover new audiences," said Chad Bronstein, CEO and Founder of Fyllo. "This Forrester data confirms exactly what Election Day represented. The country might be divided, but not on cannabis. Marketers need to recognize cannabis is no longer on the fringe, but a new opportunity for growth."
Full results from the study can be downloaded at https://go.hellofyllo.com/forrester-opportunity-snapshot-cannabis-cbd-consumer-data
The Forrester Consulting study was conducted online within the United States on behalf of Fyllo in November 2020 among 161 respondents from $1B+ revenue organizations who influence or direct their companies' media/marketing, sales/ecommerce or product strategy.
The Fyllo Compliance Cloud is a suite of enterprise-grade software and services powered by RegsTechnology, the largest database of cannabis laws and regulations at the federal, state and local level. Fyllo delivers advanced data, media, and compliance solutions that are built for the complexities of highly regulated industries. Ambitious marketers and legal professionals choose Fyllo as their partner to go bigger and grow faster with trust and confidence in compliance. https://hellofyllo.com
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