'Get The Top Of The Funnel Flowing,' New Frontier Data CEO Discusses Challenges Facing Consumer Packaged Goods

In a recent discussion at the Benzinga Cannabis Capital Conference in Miami, New Frontier Data CEO, Gary Allen, shed light on the challenges facing the Consumer Packaged Goods (CPG) in the cannabis industry, focusing on the importance of capturing the Lifetime Value (LTV) consumers.

"We haven’t even gotten to the LTV consumers yet." He pointed out that a significant problem lies at the 'top of the funnel', referring to the initial stage of the customer acquisition process, where businesses attract and capture potential customers. The New Frontier Data CEO stressed that this is where other industries can teach the CPG industry the most," Allen said.

"And so if we haven’t gotten to those LTV consumers and we spend most of our time looking at the consumers that we have in our store, we have a top-of-funnel problem," he added.

In his view, if the CPG industry can improve the flow at the top of the funnel, focusing on the detailed study of frequent shoppers, the industry would find efficiency and sense.

Reiterating the importance of this, Allen explained, "That’s where, again, to the title of the panel, that’s where the other industries can teach us the most. As a CPG industry if we can get that top of the funnel flowing then the deep scrutiny of our frequent shoppers in the personas within our store will make a lot of sense and will provide efficiency."

However, he raised concerns that the current focus on frequent shoppers is merely a money drain. "All that’s doing right now is taking money out of the dispensary," he concluded.

Benzinga Cannabis Capital Conference is set to return to Chicago on September 27 and 28, promising more discussions on the future of the CPG industry. All relevant information is available on bzcannabis.com