Insights in Insurance: How Professionals are Using Cannabis Data to Generate New Leads & Increase Sales

The expansion of the legal cannabis industry presents a promising new vertical for insurance agencies. With increasing opportunities to venture into emerging markets, insurance agencies are eager to cater to the needs of budding cannabis businesses.  

However, navigating this niche industry, with its strict marketing regulations, can be challenging when generating leads and increasing sales. Yet, it is here that insurance professionals can distinguish themselves. By implementing innovative strategies, they can generate more leads and significantly increase their policy writing pipelines – ultimately leading to higher sales. 

To gain insights into successful lead generation and sales strategies within the cannabis industry, we spoke with two experienced insurance professionals: Jake Kaplan, Advisor at NFP, and Leesha Call, Commercial Producer at INSURICA. 

Generating New Leads in the Cannabis Industry

Generating new leads in the cannabis sector hinges on one vital element: finding the contact information of the business owners or decision-makers. Though often elusive, this information is the key to initiating conversations with potential clients and ultimately sealing the deal.

“We are always looking to see who is being granted licenses and aim to assist them through the insurance process,” said Jake Kaplan. “But, the license itself does not tell us much other than the size of their facility.”

Though important, acquiring license holder data can prove challenging, and methods for lead generation can vary in effectiveness. Common methods of lead generation include cold-calling, in-person networking, digital advertisements, paid listings, referrals, and harnessing cannabis data analytics.

“There’s currently a variety of ways to obtain cannabis business license holder contact information,” said Jake Kaplan. “I use CannaSpyglass, obviously, as well as LinkedIn and ZoomInfo.”

Generating new leads in cannabis has some key differences compared to other industries. Due to factors such as regulatory constraints, consumer behavior, and the evolving landscape of cannabis legalization, traditional lead generation tactics often need to be adapted or supplemented with industry-specific methods to yield optimal results.

“In cannabis, information tends to be harder to locate, not readily available on LinkedIn, and the info is usually more discrete,” said Leesha Call. 

“On our side of the business, there is not too much variation across the industries, but I would say what is unique about cannabis is that it is such a small industry, so everyone knows everyone,” said Jake Kaplan. “We typically receive a large number of referrals from our cannabis clients as their friends or partners look to make changes.”

Qualifying Leads & Closing Sales in the Cannabis Industry

With successful lead generation methods in hand, it's time to move towards making the sale. Educating your potential cannabis business client is often a pivotal factor in the insurance sale process. The cannabis industry is distinct from less regulated sectors, and it's crucial to convey this difference to clients. Insuring a cannabis operation costs more than insuring other businesses and necessitates specialized knowledge and tailored insurance offerings that only a select few agencies can provide.

“Great clients are those that understand and appreciate this is a riskier business but are open to managing their risk as much as they possibly can with our support and guidance,” said Leesha Call. “This is ultimately how they obtain the best coverage for the best premium.”

“Communication is always key – If changes are happening in the business, we need to know so we can adjust the risk ahead of time and be prepared. Proactive engagement vs reactive,” said Jake Kaplan. “Of course, we love our clients that give referrals as well. I also like my clients that get out to events often – It is always a pleasure getting to connect with them in person, and we take care of them!”

To succeed in this unique industry, it's imperative to understand your client's cannabis business and its specific needs before attempting to close the sale. Equipping yourself with proven lead generation techniques, efficient client research tools, and educational messaging will be the key to connecting with and insuring new cannabis business clients. 

“We are all about relationships – Though we have tremendous access to data and leverage on pricing, our expertise and value add is in our ability to properly service accounts and vouch for our clients in the marketplace,” said Jake Kaplan. “Consistency is key, and client satisfaction leads to more business opportunities for us. There is no other brokerage that has the same level of influence on the market as NFP.”

“We utilize this contact info to send out our cannabis-specific information and then follow up with a call to schedule an intro meeting,” said Leesha Call. “We educate clients on what sets us apart with risk management for this complex industry and how it is needed based on the size of their business as determined by Cannaspyglass.”

An emerging solution in the cannabis industry, data analytics platforms are a game-changer for insurance representatives looking to generate new leads and increase sales in this sector. They provide access to comprehensive information about cannabis operators, including crucial business details and direct contact information for decision-makers. 

Cannabis data also offers the tools to thoroughly research leads and their business needs. Research serves as a vetting process and offers insights into the number of licenses the business holds, their registered addresses, the types of licenses they possess, and any vertical integration or multi-state operator status they hold. These insights aid in identifying the most valuable leads to pursue, such as those with multi-policy needs, including workers’ compensation, property insurance, crop insurance, and more. This enables insurance agents to approach sales efforts with greater intentionality and efficiency.

Delve deeper into the intricacies of insurance in the cannabis industry and gain valuable insights to increase sales by reading our FREE comprehensive eBook, "A Guide for Insurance Representatives: How to Generate New Leads & Close Sales in the Cannabis Industry." 

Enhance your expertise and tap into the thriving cannabis industry by exploring tactics for generating, quantifying, and increasing sales in the cannabis industry. Download your copy today and position your agency for success in this emerging market!

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.