Does It Seem Cannabis Businesses Are Utilizing Target Marketing, Trend Forecasting or AI to Help Grow Their Business in New Mexico in 2024?
My sense is that the powers that be in this business in New Mexico are not yet focused on that. I think it’s new enough that they’re cash rich making so much money, and the margins are okay. The taxes, as you well know, are pretty high. Until they have to explain to their investors how they’re going to maintain the ROI, target-based marketing based on data is not going to be a big hot button issue for them.
I think their issue is more in an environment where they’re expanding so quickly, hiring good people, I think they have a problem with that, but they don’t see themselves as having a problem getting customers. The market is so new, there’s going to come a time very quickly where they’re going to be not posting these big gains in revenue and their margins will start hurting.
When Will Businesses Have to Wake Up to Utilizing Smart Technology Like Every Other Retail Business in 2024?
You’re going to have people step into that void and start wholesaling mid-grade product, mediocre product. I think that while the industry as a whole in the United States, it’s starting to wake up to fact that database marketing is becoming important.
If you don’t use data, I mean, this is not just this business, but any business, I don’t know how anybody can make a decision without basing it on their data. Do they really know their customer? They don’t. You know what, they don’t care right now. That’s the sense that I’ve gotten anyway. Again, I think that’s starting to change a little bit because they do have to answer to their investors because these people, this is not coming out of their expansion, their sales coming out of invest, and some people are very well financed and some people aren’t.
I think we’re going to start getting a much better reception for our PRODUCTS in StrainGO than we’ve had in the past year. We had the ancillary or anecdotal information rather from Colorado that we can generate data that these people need. If you were to walk into any dispensary here and ask them who their, who’s their best recurring customer I would venture to gain, they don’t know. Mainly, because there’s so much turnover with the counter personnel bud tenders as they were, that no institutional knowledge for them until that’s all on paper and in a computer system, they’re not going to be able to capitalize on that.