CanaFarma Hemp Products Corp (CSE:CNFA) (FRA:4K9) has outlined the metrics-based analytical approach it channels to ensure that its sales efforts continuously boost efficiency and contribute to the bottom line.
In a statement on Wednesday, the Vancouver-based multifaceted hemp products brand company said it takes a “very methodical,” metrics-based “analytical approach” to bringing products to market.
“By testing in a microcosm, our marketing analysts are able to decipher which channels are generating the strongest results,” the company said in a statement.
CanaFarma said then it “mechanically eliminates” those efforts that delivered at a subpar level, adjusts those that provided acceptable results, and “capitalizes on those strategies that performed at the highest levels.”
“We then continue to add novel tests and repeat the same methodology,” the company added.
CanaFarma said the right metrics make a difference. It revealed that the analysis from June through November 2019 which tracked the introduction of its YOOFORIC hemp-infused chewing gum, yielded strong results. The company said unique customer count grew an average of 75% per month, while unique customer order count grew an average of 96% per month. Most importantly, gross revenue grew by an average of 103% per month.
"We are very pleased with the performance of our metrics-based marketing model to date and look forward to applying the knowledge gained from our initial product sales as we look to scale up our marketing and sales efforts in the future," CanaFarma CEO David Lonsdale said in the statement.
CanaFarma’s flagship YOOFORIC brand products are made with organically grown hemp that delivers CBD in a higher amount, more efficiently through full-spectrum hemp oil. The company creates high-grade hemp-based formulations.
CanaFarma produces a range of hemp-derived products for the consumer wellness market. The company has a vertically integrated ‘farm-to-table’ strategy encompassing hemp cultivation, extraction, hemp processing services, and manufacturing branded hemp-based consumer products.
Contact the author Uttara Choudhury at [email protected]
Follow her on Twitter: @UttaraProactive