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3 Things to Consider When Choosing a Cannabis Data Provider

A analyzing cannabis analytics on a laptop. This image is part of a blog post titled: 3 Things to Consider When Choosing a Cannabis Data Provider.

In the rapidly evolving cannabis industry, data plays a pivotal role in shaping business strategies and driving success. Choosing the right cannabis data provider is a critical decision that can significantly impact the growth and sustainability of your cannabis business. Here are three key considerations to keep in mind when making this crucial choice:

1) Flexibility: Tailoring Data Solutions to Your Needs

Since each business in the cannabis industry has its own unique needs, finding a data provider that offers flexibility is paramount. Whether you are a licensed operator or involved in ancillary services, a flexible data provider can tailor solutions to meet your specific needs.

When evaluating potential cannabis data providers, flexibility should extend beyond data solutions to include pricing models. Opt for providers with a range of pricing options, empowering businesses to choose data services aligned with their budget constraints. Choosing pay-as-you-go models or customizable packages can enable you to pay for the specific data services you need and prevent unnecessary expenses. However, caution is advised against providers requiring annual commitments or upfront payments that may strain the business financially. 

A flexible data provider should also be scalable, accommodating the growth of your business as the cannabis industry evolves. This adaptability ensures continued support, making flexibility essential for tailoring data solutions, adapting to industry changes, and providing scalable, cost-effective services.

2) Data Quality: The Foundation of Informed Decision-Making

Another crucial consideration is the quality of the cannabis data. Businesses leveraging accurate data gain a competitive advantage and position themselves at the forefront of market developments through informed decision-making.

When selecting a data provider, prioritize a commitment to data accuracy over marketing or supplementary services, and make sure that the provider specializes in your desired markets rather than one that spreads its resources internationally. This targeted approach ensures that the data dives deep into the markets that matter most to you.

Quality extends past the data itself, and you should consider the quality of the data provider’s team as well. Opt for a provider with a proven track record of providing timely support, demonstrating an unwavering commitment to ensuring data currency through sourcing from over 150 unique data points.

It may also be beneficial to choose a cannabis data provider that offers Data as a Service (DaaS). This approach goes beyond platform limitations, empowering you to source vital data crucial to your business operations, potentially unavailable elsewhere. DaaS providers, equipped with teams of adept data scientists, actively track down and aggregate information into your desired format, providing a competitive edge and valuable insights. This proactive responsiveness to data requests and access to a dedicated team capable of addressing your specific needs ultimately enhance your potential for success.

3) Data Control: Empower Your Business with Full Access

Perhaps the most critical consideration is the degree of data control granted to your business. The freedom to utilize your cannabis data across various platforms—be it within the data platform itself, seamlessly integrated into your CRM, embedded in Excel files, or stored in your data lake—is crucial. Your chosen cannabis data provider should be transparent and should not hide data from subscribers or impose additional charges for unmasking vital information, accessing APIs, or downloading essential reports.

Eliminate barriers to accessing crucial insights by choosing a provider that allows you to effortlessly export and import your data into the CRM of your choice. This versatility enables you to harness the power of a name-brand CRM system such as HubSpot, Zoho, or Salesforce, maximizing your current investments and reducing the overall time to value on your data subscription.

Having control over data allows businesses to customize and tailor data solutions to their specific needs. This includes defining data parameters, selecting relevant metrics, and adapting data formats to align with the business's unique requirements. Control over data also facilitates seamless integration with internal systems and processes. Companies can integrate data into their existing software and infrastructure, optimizing workflows and ensuring that data is utilized effectively throughout the organization.

Choosing a cannabis data provider goes beyond information sourcing; it's about finding a partner that offers flexibility, quality data, and full data access. A provider that can adapt to your unique needs, deliver accurate insights, and empower you with control over your data is an invaluable asset in the dynamic cannabis industry. Make your decision wisely, and let data be the driving force behind the success of your cannabis business.

Why CannaSpyglass?

CannaSpyglass offers cannabis data subscription services that provide dependable, on-demand, and exclusive industry analytics. Our insights cover vital data on cannabis cultivation, business statistics, and enterprise information within the rapidly growing cannabis sector. Whether you are an established industry leader seeking business expansion or a lawmaker requiring essential research to inform policy, our up-to-date, cloud-based data can be tailored to your specific interests and regions.