Recently, the conquest of countries (Canada, Thailand, USA, European countries) by cannabis is taking place at an active pace. It should be noted that a severe step in the development of the industry in the United States was the agricultural bill signed by the president, which includes a clause on the legalization of industrial hemp. The rest of the countries are also showing impressive growth in the production and sale of cannabis, constantly connecting new territories to legalization. Today we offer the best marketing strategies for your cannabis business.
Why Do You Need a Marketing Strategy?
A marketing strategy is nothing more than planning all actions to promote your brand, product, or service and tracking the results of such actions. To understand what needs to be supported and what can be improved. Having a marketing strategy also means that your product/service is being advertised to the prospect in the best possible way. This means not trying to sell all the time and tell people what they should and shouldn’t do, but rather offering people what you have to offer and recommending solutions. It’s a set of elements that can take people from knowing your product to the final purchase. This is why you must understand and plan the various methods of promoting your cannabis business.
Such a business has an audience that it wants to reach. Plus, you should also know that you don’t have to choose just one marketing strategy for your business. By planning, you can create more than one activity for your brand. Over time, you will understand what works, and you will be able to undo what is not relevant to the business.
Focus on Modern Delivery
First of all, we note that the quality of product delivery is its timeliness and accuracy. In other words, the client needs to bring the product in the volume and range in which he ordered it on time. Often, when working with large chains, a manufacturer needs to collect an order from various presented positions for dispatch, and this must be done as quickly as possible. The problem of assortment formation is solved at the picking site. At the same time, the timeliness of delivery depends not only on the professionalism of the specialists who make up the order but also on the qualifications of the transport department employees.
Work through all the factors that affect the quality of delivery and, ultimately, the customer’s satisfaction with the work with the manufacturer, such as Organization of work at the picking site; Competent drawing up of logistic routes; Motivation of delivery specialists.
For example, California sorely lacks a marijuana delivery service. The winners were companies that focused specifically on the speed of delivery – customers received orders within 10-15 minutes.
Business Must Be Scalable
The cannabis business, which has a significant share of the market, is in an advantageous position. Therefore, any owner of such a business seeks to expand production and attract new customers. Benefits from market expansion share are due to several principles of the company’s income generation: The more goods are sold, the lower the cost per unit of production; The costs of successfully expanding market share are guaranteed to be compensated; Increasing market share allows manufacturers to increase the unit cost. When planning to expand your market share, you should not prioritize growing sales.
The main criterion for assessing the success of a company is its profitability. Therefore, it is necessary to strive to produce and sell good quality cannabis at a high price point. But of course, with expansion, there come new responsibilities, such as recruiting new employees. If you are too busy to dedicate time to the hiring process, you can outsource your hiring to a PEO company or Employer of Records. An employer of record is the company or organization that handles employee taxes, benefits, insurance, and sponsorship applications among others.
Create a Cannabis Business That Cannot be Repeated
Business copying is a potent tool for building an excellent business of your own. And let say that this is bad, that originality is valued higher, that copying a company is ineffective, etc. More than 95% of fundamentally new businesses fail. Yes, there will be those who will shoot, of course. But their number as a percentage of the number of attempts is negligible. This is where we talk about the importance of copy protection for your cannabis business as part of a strategy.
This can be achieved by increasing the level of production. The higher the production level, the more difficult it is for competitors to copy something. Therefore, crises arising for companies – and copying their new products can cause a crisis – is an excellent opportunity for business growth and development. Despite the seeming negativity, in reality, problems and crises are a developing factor that allows you to re-check the leading business principle, its system of work, the structure and method of management, and the optimal provision. As a result – step by step to solve the problem, become more assertive, and reach a new level of opportunities.
A business partnership is an agreement between two entrepreneurs on joint activities to achieve the goals and successful development of the enterprise. A business partner allows you to receive financial, resource, and psychological support, as well as to share responsibilities and responsibilities. To make your cannabis business more robust, it is sometimes better to look for other small businesses and merge.
This can be in the form of cross-promoting each other’s products, bundling some of your products together, or hosting an event for your target customers together. Find potential partners starting with your target audience. What products do you need besides your products? List these products and look for small businesses that provide them. These small businesses are natural partners, and you can start moving them closer to see if they will be open to a mutually beneficial promotion or event. By pooling your resources, audience, and skills, you can help each other grow.
The success of your cannabis business depends on your marketing. Marketing covers everything related to gaining and retaining customers. This is a significant problem among cannabis business owners. Business owners face the challenge of identifying and achieving prospects. Once you solve this problem and practice the strategies outlined above, you will overcome the main obstacle to operating and maintaining a profitable cannabis business.