Photo Courtesy: Chad Bronstein
For decades, mainstream and cannabis companies have largely operated within their distinct lanes. Federal and regional regulations created seemingly impenetrable boundaries for both sectors to work together to reach new audiences, but as the national legalization movement continues to accelerate and an increasing number of consumers embrace legal cannabis products, the lucrative potential of cannabis consumer data can no longer be overlooked by mainstream companies.
However, these established industries can face frustrating obstacles in their attempts to access valuable consumer data and are often using outdated or wildly inaccurate information to make critical marketing decisions. Cannabis data and solutions companies including Fyllo and New Frontier Data have recognized the resonating demand for comprehensive industry data from mainstream companies and have developed pioneering technologies that will ultimately bridge these glaring and costly data gaps.
This week, Fyllo launched Cannabis Derived Audiences, a platform within its Data Marketplace that provides cannabis consumer profiles to mainstream marketers for programmatic media buying and audience targeting. The company has partnered with audience technology platform Eyeota to bring its trove of unique datasets to mainstream companies eager to engage with new consumer audiences.
Fyllo’s over 11 million consumer data profiles, which accounts for roughly half of the entire legal market, can be leveraged by mainstream CPG, fitness and wellness, retail and hospitality brands to fine tune their audience outreach and marketing strategies. The company’s industry-specific audiences, such as edible, sativa or recreational purchasers, can be overlaid on traditional consumer groups, including hiking enthusiasts, fast food lovers, or wine enthusiasts, to create a new series of segments that not only resonate with traditional audiences but also target the modern cannabis purchaser persona.
Fyllo Founder and CEO Chad Bronstein believes that this service can open the floodgates to a new wave of marketing synergies and potentially upend established marketing norms.
“It’s rare that an entirely new data set comes to market that can drive innovation. Our initial partnership with Eyeota allows us to bring Cannabis Derived Audiences to market at an enterprise level, with the data quality, compliance and privacy rigor the ad tech industry expects. We look forward to enabling access of an entirely new data set so brands spanning key sectors can tap into an entirely new set of data attributes to drive efficiencies and enhance campaigns.”
Similarly, New Frontier Data introduced NXTeck, a data solutions platform that connects mainstream advertisers with data insights from over 100 million CBD consumers nationwide. Through this service, brand advertisers can use these CBD data points, which provide valuable insights into consumer preferences, demographics and interests to efficiently discover, segment and target potential new customers that align with the brand’s lifestyle or messaging.
For example, fitness or athleisure companies aiming to reach new and receptive audiences can tap into NXTeck or Cannabis Derived Audiences datasets and strategically target consumers who are purchasing CBD edibles or recovery topical products. Brands that utilize these new data tools will have the ability to accurately target key audiences and gain a competitive advantage within their own saturated markets.
The past few months have undoubtedly been a watershed moment for legal cannabis. The industry’s coveted essential status in 33 states in the midst of a global pandemic has allowed it to generate unprecedented levels of social and political acceptance. Studies estimate that the number of cannabis consumers in the U.S. will reach 46.6 million people by 2025, which means that companies like Fyllo and New Frontier Data are currently sitting on a gold mine of insights that could potentially redefine how marketers develop and execute future campaigns. These recent technological advancements not only exemplify the impressive maturity of the overall industry, but also speak to the extraordinary economic value of an industry that is now on the cusp of entering the mainstream.