3 things brands need to do to understand the
Really Really of this Consumer Experience (CX)
It’s hard to miss the plethora of products being launched across multiple categories with cannabidiol (CBD) and Hemp-oil. Whether in skincare, haircare, make-up or even gummies, CBD and Hemp-oil ingredients have started infusing many products we put in and on us. A litany of health benefits have been touted in these products, from amino acids that strengthen hair and nails to antioxidants and – of course – calming benefits. The hype around CBD and hemp-infused products isn’t limited to products for humans; there’s a great number of treats for our pets, as well.
A quick look at the CBD-infused dog treats category, for example, gives us a glimpse into a pattern that is emerging across multiple categories. Looking at the reviews – authentic, unprompted & real time – left by consumers allows us to understand if the hype of CBD is matching consumer needs and expectations.
The field is growing fast, not just for dog treats or skincare, but across a whole host of categories: teas, coffees, colas, vitamins, even chocolates and honey! And based on the reviews, the CBD craze is going to continue its upward trend.
The top ten search results on Amazon for “CBD Dog Treats” have an average star rating of 4.3. What’s more, despite 7 out of 10 in these products being available on Amazon for less than one year, they have a median of over 200 reviews. That rivals many national players that have been on Amazon for years. So for interested consumers these have some credibility.
But the real question that will determine the long-term viability of any CBD or hemp-oil products is whether consumers are experiencing the promising benefit – whether perceived or reality. A deep dive into the data consumers are creating – namely reviews and social comments – leads to understanding how these CBD-derived and Hemp-derived products are being received.
3 things brands need to do to compete:
1. Understanding consumer drivers of CBD & help derived products: Reviews and Social Comments can uncover positive and negative drivers across the category and potential competitors. By mapping the drivers, brands gain insights into what is motivating new consumers and what is motivating or discouraging re-purchase. It explains the ‘why’ behind the ‘what’ – beyond any descriptive analytics. And with no better data: consumers are not trying to impress anyone with an answer. Just the really-really.
2. Understanding how CBD and Hemp products compare vs non-CBD/Hemp products in the category: Leveraging natural language processing and text analytics allows for a view of strengths and weakness in the consumer experience. Comparing the benefit experiences also helps brands understand the potential for cannibalization from “traditional” products in the category. The risk is greater if consumers are experiencing the same benefit “and then some…”
3. Understanding how the consumer experience is trending over time: CBD and Hemp infused products are still fairly new. Looking at the reviews and comments surrounding them now will allow brands to see what consumers are saying now. But it’s also important to gain a longitudinal understanding of customer sentiment to see if the current reaction is a case of initial excitement at trial or if it has staying power. Applying quarterly or monthly trend detection to measure changes can give brands an advantage as the category grows.
As CBD and Hemp-oil products expand in market and into new categories, it’s imperative for brands to not only have the best data on these new competitors, but also to examine drivers and trends over time. There is urgency – brands cannot take a mellow attitude about it. Based on the strong star rating of CBD and Help-oil infused products and the strong number of reviews, these products are certainly NOT going to the dogs. Instead, the plethora of data from which to extract actionable insights is clear and the time is now before these products gain even more steam.
Reach out to us at 4Sight (www.4sightadvantage) if we can help your teams in this area or others.