Did we guess correctly?
If you do not know what I am talking about, that means you did not read part one of this post. 😉
For those of you who are just joining us, let’s catch you up!
We are comparing the cannabis industry, in which you are dealing with a plant-based substance, and the telecommunications industry with its hosted cloud solutions. Although marijuana may make some feel like they are in the clouds, the cannabis and telco industries are very different. Despite the notable differences, I found similarities between the pair of sectors.
The first two similarities were the government regulations in both sectors and the options for not only businesses, but customers. Read more about the regulations and options for cannabis and telecommunications here in part one.
The similarities in today’s post will focus on quality over quantity and industry growth. Keep reading to discover more.
🌷Quality over Quantity💐
It is always great when you can do something right the first time. After finding a solution that works for you, stick with it. The quality of the product, in both cannabis and telecom, is important. Users should find the best of one thing, rather than a lot of less valuable versions.
Whether you are using cannabis for relaxation, pain management, or to improve your mood, the quality of the product matters. Consuming more cannabis of lesser value will cost you more money, influence the overall effect, and users may face consumption harms.
In telecom, moving a customer from one PBX interface to another can be annoying. There are many variables to consider, like call recordings, voicemails, IVRs, and settings. If a provider is constantly moving their customers because the solution is not up to date with the latest and greatest, customers will begin looking elsewhere.
Our advice? Do it right the first time. Invest in a provider that offers flexible and scalable solutions. When customers begin to demand more, you can offer them more without having to switch to another platform.
Ultimately, in both industries, you pay for what you get.
With the additional legalization of marijuana and technological advancements in telecom, both industries have been drastically growing. Provided by Statista, take a look at some of these statistics on both industries in the USA.
C A N N A B I S T E L E C O M M U N I C A T I O N S
|As per Statista: The US medical marijuana retail sales are estimated to reach USD 8.4B by 2023||As per Statista: The industry revenue of telecommunications resellers is forecasted to be USD 22B by 2023|
|As per Statista: The cannabis market in California is estimated to be valued at USD 7.7B by 2022||As per Statista: In 2015, telecom equipment spending was USD 44.8. In 2020, it is projected to be around USD 49.3B.|
|As per Statista: In 2014, there were 166 cannabis brands in the USA. In 2019, there were 2,650.||As per Statista: It is estimated that by 2023 the total revenue of all other telecommunications in the USA will be USD 20.4B.|
Not only are both industries similar, but the cannabis industry is actually using telecommunications services to drive it forward! Many telco providers specialize in IP Voice and UC solutions for cannabis industry clients.
One of the great things about hosted telecommunications is that providers can work with any customer in the world. It does not matter where you are located because with hosted, providers can tap into your network and install virtually.