Activity 2: Gain Insights

We have our business objectives and we know where we should focus.  Now let’s get to researching.  There are quite a few ways to do this but the two most common are:

1. Conduct Market Research: Research cannabis user demographics, needs, motivations, and behaviors. Sources could include market reports, surveys, and case studies from industry publications like MJBizDaily or New Frontier Data.
2. Review Competitor Insights: Analyze competitors’ customer reviews and testimonials to gain insights into common consumer desires, pain points, and expectations in similar businesses.

This activity revolves around your intentions.  You can search for information and listen most effectively once you’ve got an idea what you are looking for.  Panels and webinars on cannabis strains and grow conditions are aligned with someone researching grow operations.  Finding other accounting firms specializing in cannabis and reading their blogs and supplementary materials is aligned with someone looking to enter the ancillary sector. 

Create a folder either physically or digitally to house all your research data.  If you intend to work with a business advisor, this can help to have them review the information you gather.  These insights will inform your choices, increase your level of awareness around your line of business, and allow you to create some very interesting personas in the next two exercises. Mark complete after you are finished with this task.