Company creating the only insights platform of its kind — an end-to-end data service for brands to build custom consumer segments, compare owned and competitor brand sales, and deliver compliant advertising directly to consumers
Lift & Co. (LIFT.V) (LFCOF) (the “Company”) today announces key updates for Cohesion, the Company’s cannabis consumer insights platform. Starting today, Cohesion clients can build custom, real-time dashboards using more than 100 available dimensions to better meet the specific needs of organizations of any size. Insights can be easily shared across teams at all levels to align businesses to a single source of truth.
“We are at a pivotal moment where marketing dollars for cannabis companies need to go further than they ever have,” said Matei Olaru, CEO of Lift & Co. “Cohesion is a timely solution in today’s market that will accurately track sales, enable custom consumer segmentation and deploy targeted digital marketing to these segments all in one place. Today’s major release enables organizations of all sizes and budgets to improve their marketing efficiency, impacting both top-line and bottom-line performance.”
Cohesion draws from Lift & Co.’s millions of cannabis consumer and budtender data points, accumulated over the past five years through verified reviews, purchase receipts and brand research, and on the Lift.co and CannSell platforms. Unlike traditional CPG and cannabis data providers, Lift & Co.’s combination of actively and passively collected behavioural data (e.g. purchases) and attitudinal data (e.g. product sentiment) at a single source provides a 360-degree view for consumer insights. To gain an even deeper competitive edge, Cohesion clients can also compare their own brand to their competitors’ along each dataset.
Lift & Co.’s data sources inform three primary dashboards on Cohesion:
- Purchase behaviour: Sales tracking, market share, basket size and composition, consumer demographics, and more.
- Product sentiment: Detailed product review and rating insights (volumes and analysis), repeat purchase intent, and more.
- Brand equity: Overall brand awareness including sentiment, brand value, perception, and more.
“Leveraging data is the best way consumer brands can get a competitive advantage but, too often, too many resources are spent sourcing, stitching together and analyzing the data just to deliver those insights to the business,” said Sean Copeland, VP of Data, Lift & Co. “Cohesion will make any product or marketing cycle more efficient by enabling the gathering of key consumer insights, advertising directly to target audiences, and tracking the success of those campaigns on one platform. The emergence of a major new industry has created new data intelligence opportunities and we’re delivering on that with Cohesion.”
With today’s release of Version 2, Cohesion clients can manipulate any combination of metrics from these three primary datasets on their own dashboards, personalized to their strategy, to answer common questions such as:
- How did my most recent marketing campaign elevate brand awareness?
- How does market share currently break down by brand, and is my brand’s market share trending up or down?
- How likely are consumers to purchase my product(s)? How will this affect my top line?
- Who is my consumer and what else do they buy?
More than 30 Canadian cannabis brands are on the Cohesion platform since it launched in September 2019. Following the introduction of consumer purchase receipt uploading to Lift & Co. in 2018, and the addition of high-value rewards like travel contests, the Company has had an accelerated increase in data volume with a 498% increase in total submitted receipts and 326% increase in total reviews for the three-month period ended December 31, 2019 compared to the previous year. This increased volume has resulted in improved accuracy on Cohesion with a margin of error of +/- 5% at a 95% confidence level for the top 50 brands in Canada.
Also launching in 2020 is Cohesion Segmentation – powered by Nielsen, which will combine Lift & Co. cannabis data with Nielsen’s CPG consumer insights. Brands will be able to identify custom consumer segments based on cannabis and non-cannabis buyer trends, and track how they and their competitors’ brands interact with those segments. Cohesion Segmentation will also include Adobe Advertising Cloud’s DSP to seamlessly deliver programmatic, compliant digital advertising to targeted consumers. This brings much-needed industry-standard advertising solutions to cannabis, as well as the ability to track the results of those campaigns on Cohesion dashboards. With these enhancements, the Company estimates that Cohesion clients will be able to increase click-through-rates by over 20% and reduce digital customer acquisition costs by as much as 30%.