2023 Cannabis Trends You Need To Know
Is your business prepared for 2023 trends in cannabis? We spoke with Matt Zehner, a Senior Analyst with Brightfield Group, about the top trends he expects to unfold in next year. In episode 73 of the Move the Stairs Podcast, Matt offers actionable insight into what your company can do now to create loyal customers, establish thought leadership and strengthen your brand's resiliency.
The Brightfield Group believes your customers are already signaling what they want; the next step is to listen! The CBD and Cannabis industries can be rather complex and changing daily. That is why it is so essential to meet consumers where they are. This way, you can hone in on target audiences, understand product usage, and meet unmet market needs.
You can listen to Matt's 34-minute conversation on the Move the Stairs™ podcast here. Or, tap into Matt's top three Move the Stairs™ takeaways:
Move the Stairs Moment 1: Knowing your customers helps build brand loyalty
While overall CBD usage is down a bit, the market is still full of consumer experimentation. For survey purposes, Brightfield Group categorizes CBD consumers into three categories: Life Lifters, who use CBD as a life enhancer, the Pain Pausers, who use CBD for chronic pain relief, and the Mind Menders, who turn to CBD for specific conditions like depression or anxiety.
Move the Stairs Moment 2: Understanding Trends will Showcase Your Business as a Thought Leader
Matt believes we'll see more interest in the CBD market in 2023 and beyond. He says the current slowdown in CBD sales is consistent with other wellness products in a time of high inflation pressures on consumer spending.
Move the Stairs Moment 3: Building Brand Resilience Requires Staying on Top of Emerging Trends
E-commerce can provide substantial returns for CBD businesses, but Matt is seeing a return to retail spending as we continue to move beyond the COVID shutdown era. Watching shifts in consumer usage can help guide your company in product development.
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