Steve is back on Entrepreneur. This time he writes about big data and the cannabis industry. An excerpt is below, click through to Entrepreneur to read the entire article.
Objective: Create an optimized consumer experience.
People want to consume the right quantity and ratio of cannabinoids to consistently experience specific desired effects whenever they want, wherever they are, at the right price. But, how should cannabis retailers know which products to stock on their shelves (with thousands of products and strains available) and who will buy—let alone benefit—from each? On the flipside, how should cultivators know what strains to grow or how to nourish plants to enhance particularly desired compounds?The answers lie in recognizing how the variables of plant and body drive the supply chain (the process of bringing products to consumers consistently). Three variables impact the business behind cannabis:
Products: Which genetics to grow and how to grow them? What products to manufacture and how to manufacture them?
Profit margins: Costs to make the products; wholesale prices; retail prices.
Sales and marketing: Target markets (geography, demographics, preferences); distribution channels (storefront vs. delivery); marketing (differentiation, media channels, loyalty strategies).
You may also like our previous Entrepreneur article: Enjoy Ruling Your Small Pond While You Can.