Cannabis has been on a big upswing since the first adult-use legalization bills were passed in Washington and Colorado, and marijuana pundits, business owners, and advocates are seemingly in agreement that this upwards trend is molding cannabis into a mainstream industry — with mainstream attention, however, comes the modernization of a formerly unregulated business landscape.
Enter Patira Data Science, an innovative, Ohio-based company that is dedicated to helping entrepreneurs improve their bottom line by offering an entirely new understanding of their business. As a data analytics service, Patira Data Science has served companies working in real estate, marketing, insurance, and many other industries — though the company is now offering professional data analysis to entrepreneurs in the cannabis space.
Stephen, a data scientist with Patira Data Science, says the company was first turned onto the industry when they were approached by a dispensary owner about doing a price analysis for their dispensary, comparing it to some of its competitors.
“He asked me, ‘Is there anything we can do to improve our bottom line?’ So I asked him, ‘What type of data do you have?'” Stephen said.
It turns out, even in an industry as nascent as legal marijuana, there is a lot of available data, according to Stephen. And much of that information — pricing specifics, customer satisfaction, and the types of products being offered — might normally be glossed over by business owners, but these are the data points which Stephen and his team look at to determine business strategies for a cannabis company.
Much of the data needed to analyze success patterns for a dispensary or cultivation company is publicly available through that company’s website, though Patira Data Science will sometimes rely on a dispensary’s profile on a cannabis dispensary directory such as Weedmaps.com or Leafly.com to corroborate that data. However, it takes an expert’s eye to glean actionable information from that data mass.
Through professional data mining and analysis, Patira Data Science returned to their first dispensary customer with information-based advice covering the predicted popularity of certain products, how to price things competitively in the current marketplace, strategies optimized for appealing to cannabis customers, and more.
For more information about data mining and analysis, or to learn how Patira Data Science’s services could benefit your own cannabis venture, visit PatiraDataScience.com or reach out to the company directly at http://www.patiradatascience.
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