Posted by Dave Kaplan
3 years ago / January 13, 2021
Introducing Market Matching
It’s official: the cannabis vape industry is evolving. New markets are coming online every year and consumer demographics are changing. Many are maturing. More brands, hardware providers, and products now populate the market than ever before. National sales trends and patterns are beginning to emerge, as are individual market idiosyncrasies and nuances.
The need for Market Matching has truly never been higher!
What Is Market Matching?
Market Matching is a tool we use at Greentank to help our partners select hardware that best positions them for success within their respective markets.
Market Matching eschews the fallacy that a specific hardware type or size will be successful in a given market solely because of its past success in another, different market. The process doesn’t rely on hunches or wishful thinking. It’s entirely data-driven and, in our opinion, a crucial strategic asset for any brand aiming for sustained success in our corner of the industry.
Why Is Market Matching So Crucial?
Each recreational and medical cannabis market in the U.S. is unique, complete with its own sales trends and nuances. Some of these trends follow basic, logical patterns; others defy predictive models altogether. Understanding the vape sale trends and idiosyncrasies that distinguish the markets your brand operates in is the key to creating smarter business and product strategies. It’s also the key to avoiding costly mistakes.
Market Matching is just as imperative for vape brands that are planning to operate in new rec-legal cannabis markets, such as New Jersey, Arizona, Montana and South Dakota. Although it’s impossible to predict with certainty which product types will trend right out of the gate, the retail data from other similarly nascent rec-legal markets can be examined to identify overarching trends and create predictive models for your own market.
How Does Greentank Market Match?
We subscribe to the industry’s most comprehensive point-of-sale data platforms to get complete retail vape datasets for every U.S. market, and then study this information for trends, patterns and anomalies. We discuss these findings with our team, ensuring that our regional sales representatives thoroughly understand their own markets, and even use it to inform our own operational and product strategies.
The data we compile for each U.S. market allows us to educate our partners on which hardware sizes, types, prices and formulations are currently trending in their own backyards. It also enables us to make educated predictions on which products will sell best when launched into the market. From there, we make hardware recommendations from our own premium, versatile product offerings that align with the data.
We never blanketly push hardware on our partners. We use Market Matching to help them select the hardware that makes the most sense for their markets and their extracts. Hardware that makes their brand stand out from the competition and sets them up for continued success in the industry.
Market Matching is a complimentary service included in Greentank’s consultation process. We offer it for free because we want our partners to succeed and believe that forming a cohesive, data-driven approach at the onset of any hardware consultation puts them in the best position to do so. That’s the difference between a hardware partner and a hardware vendor.
Of course, it’s not the only complimentary support system that we offer our clients. It’s not even the only complimentary service we offer as part of our consultation process! When you partner with Greentank, you get the most thorough pre-sale, post-sale and personal account support in the industry.
Contact us today to book a Greentank hardware consultation and discover the benefits of Market Matching for yourself.