Software as a service cannabis platform Brightfield Group confirmed Tuesday the launch of its Cannabis Brand Health Platform. This new solution provides an in-depth view of brand health derived from first-party consumer data, allowing cannabis brands across the United States to optimize their brand strategy by tracking how consumers perceive their brand on a syndicated, cost-effective basis.
As cannabis products continue to transition from commodity to consumer packaged goods, brand success increasingly relies on consumer loyalty, not just past performance at the point of sale. To date, companies in the space have poured millions of dollars into brand-building with no effective way of measuring how much of an impact their efforts have on consumer sentiment and buyer behavior.
“From a brand management standpoint, Brightfield’s dynamic Brand Health data has been invaluable in helping us hone in on how our portfolio of brands stack up competitively and where we have opportunities to develop differentiated products to meet the needs to each customer segment over time,” stated Angela Pih, head of marketing for Statehouse Holdings. “For our retail enterprise, having the tracker allows us to identify brands that can improve menu mix and determine which ones to keep on shelves due to their value as destination brands. Having the right product mix is critical to keeping customers coming back.”
With Brightfield Group's Brand Health tracking solutions, cannabis brands of all sizes can look beyond point of sale performance and strategically allocate budgets with confidence that they can build brand awareness, drive repeat customers, and build long-term leadership by tracking consumer sentiment across the purchase funnel.
"Brand Health is a key metric we've been tracking for our clients for years but until now the U.S. cannabis market has been too fragmented to gain a holistic understanding of the strength of a brand across markets," stated Bethany Gomez, managing director, Brightfield Group. "Recent consolidation and increased brand positioning have created optimal conditions for us to launch Brand Health tracking at scale and we are thrilled to be able to help cannabis brands of all sizes put the consumer at the heart of their marketing strategies."
Brightfield Group's Latest Retail Brand Health Research
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Berner’s Cookies leads in awareness in California with 39% of cannabis shoppers in the state aware of the brand. Cookies and UrbnLeaf lead the pack in terms of loyalty.
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Even in medical-only markets, culturally relevant brands are quickly gaining awareness in new states they enter. Jungle Boys entered the Florida market in May of 2022, and already sees 4.1% of Florida consumers purchasing the brand.
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For a developing recreational market with limited licenses, MA has the lowest % loyalty at only 22.6%, creating significant opportunities for new entrants and existing players.
Brand Health tracking covers the largest multi-state operators down to some of the most disruptive emerging brands including Ascend Wellness (OTCQX:AAWH), Ayr Wellness (OTCQX:AYRWF), Body and Mind (OTCQB:BMMJ), Cookies, Curaleaf (OTCQX:CURLF), Enlightened, Harborside, MedMen (OTCQX:MMNFF), MÜV, Rise, Star Buds, Surterra, Sunnyside, The Botanist, Trulieve (OTCQX:TCNNF), Urbn Leaf, Verilife, Windy City Cannabis and many more.
Photo: Courtesy of Clear Cannabis on Unsplash
