Brand marketing has become the most effective tool in the cannabis industry as an increasing number of companies are targeting to expand their business across cities, states and international boundaries. Traditionally, growers, dispensaries, infused product businesses and retailers mostly depended upon word-of-mouth to have their names out in the local community. Many took the help of online listing sites like Weedmaps and Leafly, while some put ads in regional alternative newspapers.
This worked efficiently until the business came out of its confinement and started to expand. Today, growth in the marijuana industry is rising relatively and businesses are looking for answers for making their products a household brand.
Many established medical marijuana businesses are trying to expand their brands into new markets like Illinois and Nevada. On the other hand, recreational corporations in Washington State and Colorado are trying to extend their hands in Alaska and Oregon. Putting up a product on shelves or opening up a store in a recognizable state is an effective expansion strategy for cannabis marketing. Estimates suggest that over 90 percent of cannabis companies will grow this year. Therefore, branding will be a necessity to win the race.
The Walgreen’s Model
Bruse Nassau, the co-founder of Tru Cannabis, says that Branding is the most important factor in marketing and that customer recognition is the most valuable asset for any business. He currently owns 5 recreational shops and dispensaries in Colorado.
Prior to owning the Tru Cannabis chain of dispensaries, he owned a cable television installation and servicing company called Telecrafter Services. He says that his brand marketing campaigns helped him establish a name for his cable television company. His hard work paid off real soon. It was not long when Telecraft became a recognizable and respected brand in the world of cable companies. Even the executives of large cable companies were aware of his company. This opened up lot of opportunities for Nassau and helped him grow revenues.
He plans the same for his newly owned dispensaries. He suggests that a Tru Cannabis client form Denver can easily access a Tru Cannabis store in Portland. The only thing you need to know is the name, logo and reputation to make purchases without any hassle. He calls this strategy “Walgreen’s Model”. According to this model the cost of advertising also decreases as you have to put on a single ad for all the stores under the same brand.
Dixie Elixirs is an edible company that has created a good brand reputation in the industry. Advertising in the cannabis industry is restricted to a large extent. So, executives of this company has used a combination of marketing, press relations and word-of-mouth to reach out to larger number of customers.
Along with customers, this company markets its products to dispensary owners who sell them. After creating a creative logo for the company, executives also designed the packages. Since packaging is the initial handshake with the customers, this company has high hopes on its cannabis marketing strategies.
Look to Beer Industry
Ideas for cannabis marketing strategies can be drawn from long-standing beer companies like Budweiser. People prefer Bud products over others because of its recognizable brand, logo and catchphrases. However, creating a recognizable brand name is not easy and requires lot of time and hardwork. For success in the long run, it is important to establish a name, logo and marketing strategies. If you are doing the job right, you will blessed with improved revenue and a broader customer base.
For more information on how to promote your cannabis business, reach out to the experts at Marijuana Marketing Gurus.