Cannabis Business Resolutions for 2023

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Looking back at the cannabis industry in 2022, one might think that there isn’t much to get excited about in 2023. The industry is struggling, so it’s time to get on your knees and prepare to work hard in the coming months. Making cannabis business resolutions for 2023 is a great way to get your business on the right track. Here are five resolutions to get you started.

1. Study Gen Z

The future of the cannabis industry is Generation Z – the people born between 1995 and 2012 (approximately) who make up the largest generation in the United States. They are no longer the same as every generation before them, and companies must find new ways to develop, market, sell, and service products to this unique audience with massive spending power (more than $140 billion).

Gen Z is a digital-first audience. 74% of Gen Zers say their primary activity is spending time online, and 65% have made a purchase as a result of an influencer’s recommendation. They prefer chatbots and messaging for customer service to phone calls with real agents, and they agree that brands use their personal information responsibly to provide personalized experiences and content. In fact, they expect personalization.

Going forward, if you want your business to attract and retain Gen Z consumers, you need to start developing strategies and solutions that cater to this unique audience. 2023 is the year for that if you haven’t already.

2. Become a data-driven company

For years, research has shown that companies that use data to make decisions are more successful. According to a study by Collibra, data-driven companies are 58% more likely to exceed their revenue goals than companies that are not data-driven.

Additionally, a McKinsey Global Institute report found that data-driven companies are 23 times more likely to acquire new customers, 6 times more likely to retain customers, and 19 times more likely to be profitable.

If your business isn’t already collecting and using data to make decisions, you need to take steps to become a data-driven business in 2023. The evidence shows that data-driven decisions lead to better outcomes.

Here are some resources to help your business become data-driven in 2023:

3. Prioritize email marketing

In my list of cannabis business resolutions for 2022, I included a resolution to create an email marketing plan. It’s a year later and the importance of email marketing is even higher today than it was 12 months ago. Why? Because it’s so affordable and highly effective when you follow current email marketing best practices.

Today, successful email marketing is all about sending personalized content to the right people. In other words, you need to send content that people want, or you’ll quickly lose permission to return to a recipient’s inbox. Let the B2B email marketing trends for the cannabis industry guide you in 2023 and you will be more successful.

Below are links to some useful content to help you prioritize email marketing this year:

4. Invest in search engine optimization

With so many marketing opportunities unavailable to the cannabis industry but the majority of people using the internet to find products and services (including the digital-first Generation Z), by 2023 your cannabis business needs to go into Search Engine Optimization (SEO) invest.

Keep in mind that SEO is not a short-term investment, and your SEO investments are unlikely to yield immediate, big results. However, if you stick with it and are consistent and persistent in your efforts, your SEO investments will work and pay off.

Here are some articles to help you learn more about SEO for cannabis and cannabis-related businesses:

5. Implement automation solutions

In a tough industry, everyone is looking for ways to cut costs. Unfortunately, cutting costs often leads to missed opportunities. Instead of just cutting costs in 2023, look for ways to improve processes for less money. Automation is the solution that usually provides the greatest savings along with improved results.

Analyze all processes of your company – from operations to sales, from customer service to marketing and everything in between. You will no doubt find many tasks that can be automated, which will not only help you reduce costs but also increase productivity, freeing up your investments and your people to focus on revenue-generating activities.

For example, if you use the right CRM (customer relationship management) tool, you can automate a variety of tasks related to your sales pipeline, outreach to prospects, email marketing, customer service, and more.

Let’s look at a real example. The Cannabiz Media License Database not only includes a cannabis industry CRM, email marketing tool, sales tools and automation features, but it also comes preloaded with over 70,000 verified leads from cannabis and hemp license holders. The time savings and opportunities you can leverage when using the Cannabiz media license database far outweigh the subscription price.

When it comes to automation, you probably have to spend money to get the right tools to automate processes, but once those processes are automated, you’ll end up saving or making even more money. In other words, invest some money today for bigger rewards later.

Key takeaways on cannabis business resolutions for 2023

As 2023 begins, it may feel like there’s not much to celebrate in the cannabis industry, but things are about to change. Now is the time to set goals and make plans to achieve them. That way, when the industry turns, your business will be ready.