Canafarma Hemp Products (CSE: CNFA) this morning released sales data analysis from its first six months of sales activity. The data, representing sales from June to November 2019, has been combed through by the company to conduct analysis on its marketing direct response model.
Several highlights from the analysis were reported by the company, which was in relation to product sales for its Yooforic branded chewing gum, the firms flagship product, as well as Yooforic branded hemp oil tinctures, the second product to be launched by the firm.
Highlights from the data analysis include:
- Daily order count of 300 orders per day, in line with budget expectations.
- The re-order rate for products in the Yooforic line was 68%.
- 65% of customers elected to try a second Yooforic branded product, which demonstrates confidence in brand quality, equity, and confidence.
- The cost per acquisition (CPA) for customers was 10% lower than the company had budgeted for.
- Canafarma’s re-marketing efforts to customers performed 28% better than originally projected.
The analysis of this data is critical for Canafarma, whom notably has a sales and marketing strategy that significantly differs from its peers. Rather than focus on the often costly retail placement of its products, the company has instead embarked on a direct to consumer sales model to reduce the cost of customer acquisitions. The strategy employs several steps, as we outlined in our Saturday column, which can be found below.
In addition to its flagship Yooforic-branded chewing gum, as well as its Yooforic-branded hemp oil tincture, the company announced earlier this week that it has begun research and development on a hemp oil based acne cream. The product, to be launched by the end of the second quarter of 2020, is intended to utilize the full spectrum of cannabinoid hemp oil while addressing three base characterisitics of acne.
Canafarma Hemp Products last traded at $0.91 on the CSE.
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As the founder of The Deep Dive, Jay is focused on all aspects of the firm. This includes operations, as well as acting as the primary writer for The Deep Dive’s stock analysis. In addition to The Deep Dive, Jay performs freelance writing for a number of firms and has been published on Stockhouse.com and CannaInvestor Magazine among others.