Statistics have it that baby boomers are a rapidly growing market segment in the cannabis industry, and any firm looking to get a foothold in this industry needs to pay attention to this demographic.
Why This Group Matters
First, baby boomers are no longer taking care of kids, and many are approaching retirement. This means that this group has accumulated some resources and they have disposable income that they can spend on cannabis. Who wouldn’t want a potential client that has money to spend?
Secondly, cannabis isn’t an altogether new substance to these people. Many of them sampled the product or know someone who did during their younger years. It will therefore not be as if you are starting from scratch if you want to get these people to buy your cannabis products.
Thirdly, baby boomers tend to be brand-loyal, so it makes sense to get to them early before a competitor wins their loyalty. Getting them to switch from one brand to another can be a monumental undertaking that you don’t want to attempt.
Crucially, many baby boomers have health conditions for which medical cannabis can be a viable solution. For example, arthritis and chronic pain plague a significant fraction of this demographic. Positioning your products as the products to ease their pains and alleviate other ailments can pay off in a big way.
How to Get Your Foot In
Each demographic has its own unique characteristics that businesses must understand in order to win their patronage. For starters, baby boomers are more likely to pay attention to word of mouth recommendations when compared to other marketing efforts. Crack this method and you will have them buying from you in droves.
Another way to get this demographic is by making it easy for them to access your products. Many among them have mobility challenges while some may be concerned about keeping their cannabis use discreet. Home delivery and shuttle services can address these concerns and boost your sales.
Additionally, this group is what some may call “old fashioned.” Product information should be given to them during face-to-face interactions, especially at the dispensary or retail outlet. Cannabis businesses that are designed to make this possible will get a sizeable share of the clientele in this group.
The cannabis industry, especially Generation Alpha Inc. (OTCQB: GNAL) and Global Payout Inc. (OTC: GOHE) will definitely find ways to meet all the needs of the different age groups, including the baby boomers.
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