Lift & Co. Ltd. released Cohesion, the Company’s much anticipated data-as-a-service platform.
Cohesion is positioned as a single source of truth for cannabis consumer insights. It draws from millions of Lift & Co.’s cannabis consumer and budtender data points, accumulated through verified reviews, purchase receipts and brand research on the Lift.co and CannSell platforms. By subscribing to Cohesion, Canadian cannabis brands will gain new insights into consumer purchase behaviour, product sentiment and brand perception in one ‘cohesive’ insights platform covering all of Canada.
At launch the average margin of error for Cohesion is +/- 7.5% at a 95% confidence level for the top 50 cannabis brands in Canada. The reliability of the Cohesion platform will continue to improve as the Company continues to improve engagement on Lift.co and CannSell.
“Lift & Co. has spent five years in the Canadian market creating a platform that builds consumer trust while gathering rich consumer data that can empower marketers with unique insights to scale a brand,” said Matei Olaru, CEO of Lift & Co. “ With Cohesion, we are combining the collective reach of our various platforms and introducing a completely new approach to cannabis consumer insights. Lift & Co.’s unique platform strategy to data collection pays off today, culminating into a single source of truth for consumer insights at a time when all brands are struggling to form.”
“We understand the cannabis consumer better than anyone else because they talk to us every day through the Lift.co platform via verified reviews, purchase receipts and brand research, which tell us what they buy and their attitudes and perceptions about these products,” said Sean Copeland, VP of Data, Lift & Co. “This is more than point of sale data stitched together with ad hoc consumer surveys. Cohesion is a 360-degree look at cannabis consumers across every province in Canada: their purchasing behaviours, product sentiment, brand equity and demographics.”
Cohesion is a consumer insights platform made up of individual datasets available for purchase as Data Modules, as well as a high-level Scorecard that includes nine top-level key performance indicators.
The data modules contain dozens of measures and dimensions that enable brands to dig into the factors that are impacting their KPIs. These data modules enable brands to answer questions such as:
– Should our product pricing be reevaluated?
– How much impact do our campaigns have?
– What product formats should we consider investing in?
– Is customer loyalty changing over time?
– Do our product features resonate with our target consumers?
The three Cohesion data modules currently available at launch:
Review Module: Full historical view up to current day on detailed product review and rating insights (volumes and analysis), consumer-reported methods of consumption, effects, activities, and more.
Receipt Module: Full historical view up to current day on projected sales volume, basket size and composition, purchase price analysis, category share of sales, and more.
Brand Module: Full historical view up to current day for overall brand awareness including source and sentiment, brand value, repeat purchase intent, engagement and perception, and budtender insights.
Additional data modules are planned for future release. Current product category segments covered by Cohesion include flower, pre-roll, oil and capsule. New category segments will be added as new product formats become available later in the year.
The scorecard includes top-level data on nine predictive key performance indicators displaying the trailing three months of data from the three data modules listed above. Lift & Co. is offering cannabis brands a one-year trial of access to this scorecard.
The free one-year trial of the scorecard is available to cannabis brands who register on the platform before December 31, 2019. The additional data modules described above are available on a subscription basis. Brands, financial institutions, retailers or other parties interested in a free trial of Cohesion may contact Lift & Co. by email at: email@example.com
An early version of Cohesion powered the recently released joint study by Lift & Co. and EY on Canadian cannabis consumer insights for Legalization 2.0. The value of consumer insights data to the cannabis industry was described as:
“A big challenge for companies in the cannabis industry is capturing and analyzing data to anticipate changing consumer preferences and needs. They will need to find a way to successfully introduce new products with limited data, create compliant but compelling content to engage with consumers and potential new consumers, and introduce new features and products to achieve sustainable market share and market acceptance.”