With the legal cannabis business being relatively new and increasingly lucrative, the marketing strategies involved in cannabis haven’t quite gained footing like other industries have.
As a result, cannabis companies are doing a lot of trial and error when trying to find the right marketing strategy that engages their customers and contributes to the growth they want to see for their cannabis retail operation.
Here are 5 marketing mistakes cannabis businesses are making that are seriously affecting their bottom line:
Neglecting the legalities
As any cannabis business who has been trying to market their products know, cannabis marketing is fraught with a ton of regulations that dictate how product information reaches their consumers. While it may be a pain to have to skirt around enforced regulations around marketing, it is a necessary best practice. If your marijuana retail operation fails to adhere to the marketing requirements in your state, you can be slapped with serious fines, or even worse, lose your license.
Perpetuating stoner culture
Sure, a lot of cannabis culture is founded on old perceptions of Cheech and Chong, or the idea that marijuana gives you the munchies, but the professional cannabis industry is trying to seriously get away from those images. It may be fun to send out a tweet of Bob Marley once in a while, but if your whole marketing strategy is based on photos of people ripping bongs, or doobies as big as your head, you may fail to elevate yourself outside the old images of stoner culture, and thus, fail to engage important stakeholders.
Failing to recognize different niche markets
From soccer moms to professionals on the go, to athletes, people of all backgrounds are using cannabis and are eager to see how the cannabis market is rising to meet their needs. Don’t just appeal to one type of cannabis user; push the envelope and market your products to the 55+ crowd, or the fitness enthusiast, or the yoga teacher, or the millennial professional. Hold special marketing events that gets the attention of these niche users specifically so they know that you have their needs and cannabis interests in mind.
Neglecting the importance of professionalism
Any cannabis content creator will tell you that the first thing they notice about cannabis brands is that professionalism can fall by the wayside, with some professionals thinking that with cannabis being “relaxed”, professionalism can relax too. Marketing is about utilizing your brand and being able to represent your brand consistently and professionally at all times, no matter what the medium. This means that your professional business account should be kept exclusive for business content only, where your personal life, and personal opinions are kept the distance of a ten-foot pole away from your brand. Nothing can take down a brand, or a marketing strategy more, than tarnishing your brand with a distasteful comment or photo or personal opinion that gains your brand the type of attention you never intended.
Just take a look at Twitter and type in cannabis, and...
Read the rest of this blog post at Marijuana Retail Report.