Brand Strategy Best Practices For Cannabis Businesses
The liberalization of cannabis under state laws for medicinal and recreational use has led to a significant increase in the number of businesses operating in this industry. The cannabis industry is expected to attain an annual growth rate of 14.06% between 2024 and 2028. This means the market volume will reach $102.90bn by 2028!
With such rapid market growth comes increased competition, making it crucial for cannabis businesses to have an effective brand strategy. A brand strategy is a long-term plan that outlines specific goals and objectives for a brand and how they will be achieved.
Without a proper brand strategy, it will be difficult for cannabis businesses to differentiate themselves from competitors. They will also have a harder time building brand awareness and establishing customer loyalty.
Wondering how to build the perfect brand strategy for your cannabis business? Here are some best practices to consider.
High competition in the cannabis industry means that the marketing environment is noisy. For your business to cut through the noise, you need to understand the target audience for your business and products and what motivates them.
The target audience for the cannabis industry is diverse and can include medical users, recreational users, distributors, wholesalers, and retailers
Knowing key demographic information like the age, interests, gender, preferences, and lifestyle of your target audience is pivotal to your brand strategy.
Conduct a market analysis of your target audience to gain key insights into consumer habits and interests.
This market analysis should also help you understand who your competitors target and what has worked for them. Armed with this information, you can build a brand that caters to the unique needs of your target audience.
In an already crowded cannabis market, media relations can help you reach new audiences. Your business will gain exposure and credibility among potential customers by getting featured in industry publications.
Our most recent brand awareness campaign for a cannabis business resulted in half a million media impressions and publications in regional news issues. We achieved this by:
- Identifying relevant publications that cover cannabis-related topics
- Gauging story opportunities for the cannabis industry
- Crafting compelling stories that align with audience interests
- Reaching out to journalists and editors with personalized pitches
- Offering value by sharing expert insights, data, or unique perspectives
As with any business, it is vital to have a good website as part of your brand strategy. With high competition in the cannabis industry, consumers tend to go for brands with easy-to-use websites that accept several merchant accounts.
Your website should provide clear navigation, fast loading speeds, and easy access to information about your products, policies, and contact details. It should also have visually appealing graphics that align with your brand’s image.
In addition, ensure that your website is mobile-friendly. More and more people access the internet through their smartphones. This will not only improve user experience but also boost your SEO rankings.
Influencers can help you reach a broader audience with their established credibility and expertise in the cannabis industry.
Partnering with influencers can also help you build brand awareness, trust, and loyalty among potential customers.
When working with influencers, consider their:
- Relevance to your business and target audience
- Level of engagement on social media platforms
- Content quality and authenticity
Local SEO refers to enhancing your online visibility to connect with customers in your geographical area. It’s about optimizing your digital footprint so that your business shows up prominently when people conduct searches relevant to your business and in your area.
Whether it’s a search for specific products you sell or services you provide, local SEO ensures you’re not missing out on potential customers right in your backyard.
To secure your space in the local search results, you need to:
- Claim your Google My Business listing and keep it up-to-date with accurate information about your business.
- Get listed on relevant online directories such as Yelp, Yellow Pages, and Weedmaps.
- Encourage customers to leave reviews, as they can significantly impact your local search rankings.
- Optimize your website for local keywords that your target audience will likely use when searching for products or services like yours.
Devising a robust brand strategy is a linchpin for success in the competitive cannabis business. It enables your brand to stand out, builds a loyal customer base, and significantly impacts your bottom line. Being strategic, innovative, and genuine in your approach can lead to sustainable growth in this emerging industry.
For expert assistance in crafting and implementing your brand strategy, check out our offerings at The Hoyt Organization. Our proven track record in the cannabis industry assures comprehensive and effective branding solutions.