Cannabis is arguably one of the most lucrative industries today and if recent statistics are anything to go by, the industry could cross the $73 billion mark by 2027. Therefore, there can never be a better time to invest in the cannabis industry than now.
While cannabis is a lucrative industry, staying ahead of the competition requires every cannabis venture to deploy aggressive marketing strategies. If you’re a budding cannabis business and are wondering how to gain control of the market within your area of operation, this article is for you.
Read on as we offer the top 8 tips on how to grow your cannabis venture.
- Offer Specific Products
With the increasing legalization of cannabis, there is always the temptation among cannabis traders to have their fingers in every pie. If you are only starting off, choose a specific line of cannabis products, and focus on those.
Examples of the various cannabis products that you might focus your business around include:
- Edibles, such as cannabis-infused drinks and supplements, baked goods, confectionery, etc.
- Cannabis-based vape juices
- Cannabis oil tinctures
- High Supplies blue dream feminized seeds,
- Cannabis-enriched beauty and skincare products
- Cannabis-formulated medical pills and capsules
The conventional wisdom is to start off with one product and then expand to other products as you continue to penetrate the market.
- Target Specific Demographics
Cannabis consumers are generally classified into medical and recreational consumers. Each of these demographics has its specific needs and interests, and the success of your cannabis venture will greatly depend on how effectively you address those interests.
For instance, did you know that medical cannabis ads are packaged differently from recreational cannabis ads? A customer looking for cannabidiol (CBD) oil for therapeutic purposes may be turned-off if your website’s homepage is littered with graphics portraying your products more geared towards recreational cannabis.
Unless you understand these dynamics, you may never get ahead with your marketing campaigns. So, to grow your brand, begin by catering to one consumer demographic, particularly if you’re a budding cannabis venture. Once you have a foothold of the market, you can think of diversifying your services to cater to both recreational as well as medical cannabis users.
- Enter Partnerships with Cannabis-Friendly Companies
One of the best things about cannabis products is that there is a long list of other products that they can be paired with, including beer, performance-enhancement drugs, etc.
You can grow your cannabis brand considerably by seeking out partnerships with such businesses. Once you’ve located an ideal partner, sign a cross-promotion contract where both parties agree to promote each other’s products through various methods like cannabis SEO backlinks and word-of-mouth referrals.
- Sponsor Local Tournaments
Tournaments are invaluable in raising awareness of your cannabis venture within your locality. Local events offer you a platform to interact with your potential clients and business partners. Most importantly, you can use the platform to educate the general public on some facts about cannabis that they may not already know.
Contrary to popular misconceptions, organizing local tournaments doesn’t require shelling out huge bucks. All you need to do is liaise with local event organizers and offer cost-effective freebies in the form of business cards, branded t-shirts, branded caps, and coupons. Of course, a small token of appreciation for the tournament winners.
- Keep Abreast of Cannabis Legalization
The success of the cannabis industry mostly hinges on changes in regulatory laws. To stay ahead of the pack, you must ensure you keep abreast of any legal developments in your area of jurisdiction. With the growing body of research findings hailing cannabis sour tangie for its medicinal properties, there seems to be a general tendency for regulators to relax their punitive measures around the sale and use of cannabis.
One major milestone in the industry was the signing into law of the 2018 Hemp Bill by President Donald Trump. The new law legalized the cultivation, sale, and use of hemp-based cannabis products in all the 50 states, provided they contain a maximum of 0.3% concentration of the psychoactive tetrahydrocannabinol (THC).
- Offer Accurate Information
Though cannabis has been used from time immemorial for the treatment of various medical conditions, campaigns to mainstream the herb did not begin until a few years ago. So, the industry is still relatively young, and that comes with the challenge of misinformation.
With so much information on the purported benefits of cannabis flying around, your prospects may not know what to believe. You can win the trust of your prospective clients by ensuring that all your marketing information is backed by scientific research from reputable organizations.
Most importantly, make sure that your products have accurate labeling and that you’re not making any wild claims just to woo more clients to your side. Imagine marketing your cannabis products as THC-free, only for the users to be treated to hours of euphoria after consuming them.
- Use Search Engine Optimization
Search Engine Optimization (SEO) ranks among the most effective digital marketing methods. Being a digital marketing strategy, SEO will only work for you if your business already has a website.
In SEO marketing, you hire specialists who try to rank your company high up on search engine result pages (SERPs). Therefore, your company becomes discoverable by online users searching for terms that are similar to the keywords relevant to your business.
Search Engine Optimization marketing may be a bit cost-inhibitive for cannabis startups. But if done correctly, the returns are definitely worth the investment.
- Leverage Social Media
In addition to SEO, social media marketing is another effective digital marketing strategy you can adopt for your cannabis venture. One of the benefits of social media marketing is that it allows you to engage with your clients in real-time. That’s particularly important in tracking reviews and turning around negative feedback before it can hamper your company’s reputation.
Another advantage of social media marketing for cannabis ventures is that it’s cost-effective. It’s free to post ads on all the top social media platforms as long as the content doesn’t violate the company’s set standards. Even if you opt for monetized social media campaigns, the rates are still friendly compared to the billions of potential clients that will view your ads.
There goes our guide on the top eight tips to grow your cannabis business. Another bonus tip is to be patient and diligent. Cannabis ventures may take some time to take off. But when they do, you’ll be smiling all the way to the bank.
You may also be interested in How to Grow Your Cannabis Brand with Digital Marketing.