How High Is Your ROI?!
April 20, 2023
It’s only appropriate that we talk about cannabis on 4/20. Did you know that this number is in reference to 4:20 pm? This is the time at which some San Rafael, CA high school students regularly met to try to locate an unattended plot of cannabis plants. Do you have another reference for 420? We can give you a few more …
While Congress is considering a provision that would open up TV and radio advertising for cannabis companies, it’s the start of a much longer discussion on how industry ads should be regulated. Every state currently has different laws and regulations for the use and distribution of CBD/cannabis. Check out your own laws and with your company so you know what the policies are regarding advertising. If this is a category of advertising you are pursuing, then we can provide some guidance.
Do you know the profile of the marijuana/cannabis (including edibles) consumer? In a top-five market, the typical marijuana/cannabis consumer is 55% female, 38% are 25-34, 26% have a household income of over $100K, 64% are college educated, 38% are employed in a white-collar occupation, and they are more likely to not have any children under 18 in the household. Does this match the image in your head about this consumer?
That’s what I love about research. You can dispel myths, and any pre-conceived notions about marijuana/cannabis users, and tell the real story. You can find this information, and more, in Scarborough. If you dig deeper, you can also analyze reasons why they take any medication. For the same top-five market from above, the top reasons for taking medications include allergies, digestive disorders, high blood pressure, and anxiety/depression. These consumers are 53% more likely than the market average to take medications for digestive disorders and 49% more likely to take meds for anxiety/depression. Hmmm … maybe this is why they use marijuana/cannabis.
You can also profile the marijuana/cannabis consumer for lifestyles, activities, etc. that will help you tell your story. Match these characteristics to your radio station’s listeners and you have the perfect pitch for advertisers.
Hope your 4/20 is enjoyable … however you celebrate!
Reach out to us here for additional help.
-Karen Morriss, Director of Client Services