We call it cannabis, but on the street it’s called weed. Here are some valuable marketing terms that bring success to your business.
3rd Party Data:
Digital information about users that enhances your media investment. Third Party Data helps you target customers more effectively.
API (Application Programming Interface):
Is the language that programmers or developers use to communicate with a specific piece of software or hardware. For example, mobile ads delivered in apps use an API to communicate.
Banner (aka display ad):
A graphical ad unit (not text) used to convey a marketing message and/or drive click thru action. Banner dimension ex. 300x250, 728x90
Click Through Rate (CTR):
Ratio of users who click on a specific link to the number of total users who view a page, email, or advertisement. CTR is commonly used to measure the success of an online advertising campaign for a particular website as well as the effectiveness of a campaign. Industry average = 0.12%
COA (Certificate of Analysis):
A document provided by a third party that analyzes the compounds found in cannabis. The COA outlines the strain’s cannabinoid and terpene profiles, as well as tests for pesticide residue or heavy metals. There is also information included on the product’s manufacturer, testing method used, and batch data. Not all manufacturers are required to provide a COA. QR code can link to this info.
Acronym for "cost per thousand" ad impressions, an industry standard measure for selling ads on websites. The "M" is taken from the Roman numeral for "thousand."
CRM (Customer Retention Management):
A CRM strategy helps you retain/inform customers by using data that is activated via email, text, incentive and loyalty programs.
Demographics are data about the size and characteristics of a population or audience (gender, age, income, purchasing history, interests, etc.).
Ability to “fence” digital messaging into a specific area around a dispensary. Can be set from a 1/5th Mile – 10 miles. Only devices seen in that set radius will get ads.
Displaying content based on knowledge of an end-user’s location. Relevant to Mobile, laptop and desktop devices.
Measurement of a single instance of a digital ad being displayed.
Key Performance Indicators (KPIs):
Business metric used to evaluate factors that are crucial to the success of an organization. Ex. KPI could be $100 net revenue per customer.
An individual giving a company permission to use data collected from or about them for a particular reason, such as to market the company’s products and services.
PII (Personally Identifiable Information):
Data that id’s a specific person; digital campaigns must encrypt user info (so no PII is transferred) in order to be compliant
The smallest unit of measure for graphical elements in digital imagery, used as the standard unit of measure for ad creative (i.e., 300x250 pixels.)
Point of sale (POS):
Relates to the moment that a customer is making a purchase. This is when a dispensary will calculate taxes, adjust inventory, offer specials/discounts, and collect payment. Digital Marketing campaigns can be linked back to some POS systems to track true Return on Ad Spend.
Technology to automate/optimize, in real time, the ad buying process. Sophisticated algorithms filter ad impressions derived from consumer behavioral data, to target the right user, which allows advertisers to increase ad effectiveness and ROI.
SEM (Search Engine Marketing):
A form of paid internet media that seeks to promote websites by increasing their visibility in the search engine result pages.
SEO (Search Engine Optimization):
The process of improving the volume and quality of traffic to a site from searches via “natural” (organic or algorithmic) search results.
An all-in-one system that tracks every stage of the cannabis supply chain. It tracks the entire process from the cannabis seed to sale, including growing, manufacturing, testing, distributing, and selling.
SMS - Short Message Service (aka Text):
An SMS message contains no images or videos and is limited to 160 characters; used by dispensaries to send texts directly to customers (promotions, loyalty points, store processes, orders is ready, etc.).
This includes all the technology/tools that a dispensary uses. May include your retail inventory, POS, database/CRM, kiosks, menu monitor display. This is your whole store technology ecosystem, and it can connect to your digital investment.