Cannabis is undeniably the hottest consumer product as of late. With over half the country now embracing legal cannabis sales for either medical or recreational purposes—including many New England states—the cannabis industry has grown to be a multi-billion dollar entity that only continues to grow. The pace of market growth is all-out astonishing, which means cannabis branding must be on-point and perfectly honed if you are just stepping into the arena.
Why is cannabis branding so important? What steps can you take to help with cannabis brand promotion? We’ve pulled together this guide on how to market cannabis effectively as a brand owner to get you going on the path to success.
Why Cannabis Branding Is So Important
According to Grandview Research, the cannabis market size grew to over $13 Billion in 2022, and a compound annual growth rate of more than 14 percent is projected between 2023 and 2030. There’s no time like the present to grab a piece of the proverbial green pie. However, a newcomer to the cannabis market is not a shoo-in for big profits. Make no mistake, competition is fierce.
Whether you are a cultivator bringing your branded flower to life, a product manufacturer with a new extract or edible, or a retailer, every brand must take the cannabis sales job seriously. The market is becoming increasingly saturated with new dispensaries and highly favorable cannabis products.
For example, the state of Massachusetts currently hosts 264 cannabis retailers with more on the way. The Bay State is also home to 22 cultivation facilities operating under a final license, 195 cultivators operating under a provisional license, and 46 more under provisional consideration. Therefore, new players in the market must take cannabis branding seriously. Otherwise, they may never get a foothold as a brand with enough draw to hold customer interest.
Cannabis Brand Promotion Ideas to Set Your Brand Apart
When you are new to the cannabis market in your state, you’re essentially trying to get noticed in a field of cannabusiness competitors. These competitors may already have a recognized name, sought-after or trusted products, and a hefty following of customers. Cannabis branding is the only way to set yourself apart from everyone else to make sure your cannabis products get the attention they deserve. Check out a few cannabis brand promotion tactics used by the best in the industry, regardless of what area of the supply chain you’re stepping into.
1. Know your target customer exceptionally well
Before you start with steps like creating a logo for your brand or even designing product packaging, make sure you know your target buyers. The best brands conduct in-depth marketing analysis to determine things like:
- Who will be most interested in their products
- Where those people will likely be shopping for those products
- Buying behaviors the target buyer is likely to practice
- What price points buyers from your target market are most likely to purchase
With insight into who will buy your products and how, you can better build a strategy for cannabis product promotion ideas and make your brand attractive to those target buyers. For example, if your target market will be buyers looking for therapeutic support or wellness from cannabis, this can give you a starting point for designing brand imagery and missions that cater to those buyers.
2. Know your competitors even better
When researching your target market for cannabis products, competitors can also be revealed. These competing brands are even more important to get to know because whatever they are doing right, you have to figure out how to do better. Examine several attributes about the direct competitors for your cannabis brand, such as:
- What services/products do they offer?
- What price points or valuable benefits do they offer?
- What marketing strategies are they using?
- What do customers say the brand is doing right in reviews?
3. Give your brand recognizable attributes
Giving your brand recognizable attributes develops the identity of who you are as a cannabis brand. Visual elements like a brand logo, colors used in marketing and promotion, and graphics give your brand a face that your target customers will grow to recognize. There should be consistency here across all visual avenues, right down to the signage on a physical storefront and the imagery used on product packaging or your website.
4. Pin down cannabis product promotion ideas
If you are in the product development side of the cannabis market, consider how you will promote your cannabis product to buyers. You will be faced with the challenge of making products desirable to your target end buyer, of course. However, you will also be promoting to dispensaries that may be highly selective about what products they choose to include as part of their inventory.
For example, if your cannabis brand focuses on cannabis tinctures, which have dropped in popularity by 24 percent over the last year, you may have to work harder to make your tincture appear profitable and attractive enough for a retailer to accept as part of their store inventory.
5. Build a stellar digital marketing plan
Cannabis branding must have a two-sided approach in the modern world. In 2022, roughly 25 percent of cannabis retail sales could be attributed to online ordering. Likewise, most retailers researching products to offer on dispensary menus are looking online for brand information. Digital marketing involves steps like:
- Having a customized website that acts as a hub for your brand in the digital world
- Creating a social media marketing plan to build brand affinity and support community engagement
- Making sure your website and cannabis products are discoverable by people most likely to buy your products
Grow Your Cannabis Business with Key Players in Your Corner
While learning how to market cannabis as a new brand in the industry is important, your connections are also key. Cannabis industry networking supports a sustainable business by providing key partnerships and insights. Plymouth Armor Group is New England’s most trusted cannabis logistics company, which means we’re connected to multiple entities in the supply chain, from cultivators to retailers and everyone in between. Reach out to our team to find out how our insights into the cannabis supply chain can support your new cannabis brand.