As the cannabis industry navigates the COVID-19 crisis, it’s more important than ever for the best businesses and brands to differentiate their products and services based on quality. Consumers are changing, and businesses that invest the time and money into tracking customer feedback, measuring customer happiness, and using that data to improve will win in the marketplace going forward.
While coronavirus certainly created a new norm for consumers and businesses, the evolution of consumers’ buying preferences didn’t happen overnight. This shift in consumer mindset has been happening for years. The global pandemic and economic shutdown are simply moving things along more quickly and visibly.
For example, research has shown that quality is more important than price to many consumers. In fact, more than half of consumers (53%) rank quality as the most important factor when making a purchase decision versus just one-third of consumers (38%) who rank price highest.
In the cannabis and CBD industries, quality represents a significant opportunity. Brands that build reputations based on quality products, services, and experiences can gain considerable market share at a time when consumers don’t know which brands to trust, and in many cases, they have good reason not to trust brands.
The key to use quality to reach untapped markets in the cannabis and CBD industries is to understand how your target audiences define quality and what customer experiences you can deliver to them to convince them your business and brand are the highest quality.
Of course, the short answer is to use QualSCORE to collect customer feedback, solve problems, and prove to the world that your brand or business is the best using a reliable, accurate, and trustworthy metric. The QualSCORE Quality Rating is a measurement of your product, customer service, loyalty, and overall quality. It can’t be faked, making it the best metric available today. You can sign up for free to see it in action.
Quality Across the Customer Journey
In addition to understanding your target audiences, you also need to track and improve quality across the entire customer journey. Quality doesn’t just include manufacturing processes anymore. It includes all customer experiences related to your business, brand, products, and services. One slip up could mean you lose a customer for life and generate negative word-of-mouth marketing that can have even worse long-term effects for your business.
There are three key “stops” along the customer journey where cannabis and CBD businesses have opportunities to connect with their target audiences and get in front of untapped markets: leading up to and during a first purchase, after a purchase, and leading up to and during repeat purchases.
1. Quality and the First Purchase Experience
When you’re promoting your products and services to new customers and untapped cannabis or CBD markets, make quality clear from the start. Consider the senior citizen audience. Many of these consumers are hesitant to purchase cannabis and CBD products.
If you can convince the senior citizen audience that your products and services are the highest quality, and you can prove that claim using a metric like the QualSCORE Quality Rating and SAFE Certification, you’ll have a much better chance of turning them into paying customers.
2. Quality and the Post-Purchase Experience
Happy customers lead to positive word-of-mouth marketing, and their vocal brand advocacy will reach untapped markets. Therefore, it’s essential that the post-purchase experience is top quality or you’ll lose that positive word-of-mouth.
At this stage in the customer journey, you need to be collecting customer feedback after every purchase, following up on negative feedback, and resolving every problem. QualSCORE’s customer feedback survey makes it easy for you to do it automatically!
3. Quality and Repeat Purchase Experiences
Happy customers buy again and talk about the brands, businesses, products, and services they love. It’s just one more way that untapped markets of customers could hear about your business and brand and be motivated to learn more and eventually buy.
You need to measure customer loyalty and reward that loyalty with ongoing positive customer experiences. Treat every customer experience as a first customer experience. In other words, make every customer experience amazing and word will spread. Ultimately, more people from untapped markets will choose your brand and business when they’re ready to make a purchase.
Key Takeaways about Quality and Untapped Markets in the Cannabis and CBD Markets
Bottom-line, delighting your current customers is crucial to reaching untapped markets in the cannabis and CBD industries. It starts with measuring, proving, and promoting your business and brand quality, and then, continually taking steps to retain and improve quality by delivering experiences that create happy, happy customers.