It was recently reported that roughly one third of cannabis purchases are being made from illegal sources, rather than through the new online services or retail outlets available in some parts of Canada. There are lessons in this for all who provide goods and services.

Consumers value choice – whether it’s B2B or B2C. While convenience is considered in buying decisions (e.g. closest location of a gas station, grocery store, dry cleaner, etc.), price and quality are also important factors. In the case of cannabis, unfortunately, illegal sources may offer greater convenience, particularly while there are delays in supply. And, while the sanctioned product offers consistent and better quality, it comes at a higher price point.

What surprised me in recent news articles was that buyers’ behaviour was viewed as unpredictable. It reminded me of a situation at Lululemon. When Chip Wilson suggested that the company’s yoga pants were not made for some women, many consumers reacted negatively and purchased their yoga gear elsewhere, at least for a period of time.

Volumes of data are at our disposal to predict buyer behaviour. How are you using it?

• Are you regularly tracking your customers’ buying patterns and uncovering the contributors to increasing or declining sales?  
• What evidence do you have to support the strategic choices you are making?
• Has the change in packaging improved sales in retail locations?
• Have you retained your most profitable clients following the acquisition last year?
• What impact has new pricing had on your premium products?

Consumers always have choices. And their actions speak for themselves. Are you paying attention and responding accordingly? Or are you surprised too often?

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© 2019 Lorraine A. Moore. All rights reserved. Permission granted to excerpt or reprint with attribution.