There’s never enough room for a business to grow. The market and industry are rapidly changing, so companies must always think of ways to attract customers. In the cannabis industry, this is more crucial because it’s already a niche market—losing customers means that they might not return to you in the future.
The problem lies in what’s referred to as brand concentration, which is the portion of sales that go to the top 10 brands in the industry. In 2019, the top 10 brands in California got a total of 28% of overall sales, which is a big problem for smaller cannabis companies because they can be driven out of business if they don’t get a share of the profits.
Because of the danger it poses, cannabis businesses need to increase their brand awareness. How exactly can a cannabis business increase its brand awareness? In this article, we’ll shed some light on the matter. Read on below to learn more.
More about Brand Awareness
As the name suggests, brand awareness involves how aware people are of your presence in the industry. If you have significant brand awareness, people will come to you for their needs.
With brand awareness comes brand equity, which is the social value of your brand, or how well they know it. Brand equity plays a vital role because it’s essentially the perception of your brand—if they perceive your brand as excellent, it will drive sales because of the positive perception.
With that said, here are some ways you can increase brand awareness for your cannabis business.
Know Your Target Audience
The first and foremost step to improving brand awareness is knowing who you’re selling your products to.
There are many ways to narrow down your target audience, but the important thing is that you should know the demographic to prioritize. If you try to reach too many customers, then you might not reach them at all.
Use Social Media
Advertising your business must be done to reach your target audience. In today’s digital age, there’s no better way to do this than using social media.
Growing your social media presence is a surefire way to increase brand awareness because of real-time engagement. It can be anything from replying to prospective customers whenever they have an inquiry or leaving behind a positive message when a customer leaves a positive review for your products.
Make Your Own Branded Products
Think about any of the following big companies: Apple, McDonald’s, and Adidas. What do they have in common? The answer is simple: their logos are recognizable. With this in mind, you can also create branded products on your own.
Since your business logo is its identity, you can slap it on any of your merchandise, such as papers, grinders, and glass pieces. You can even kick it up a notch by offering other merchandise such as hoodies and t-shirts bearing the logo of your cannabis business.
Find Your Niche
As stated earlier, the cannabis industry is already a niche market. Because of this, you need to think up something quirky when it comes to your products.
These can be anything from a special deal that’s only available at your store or a different cannabis variant that’s not commonly found in the area where you operate. Whatever you think of, you have to make sure that it gets you one step ahead of your competitors.
Widen Your Network
Widening your network is an essential practice for any business. For a cannabis brand, that means going to cannabis industry events, creating partnerships with other brands, or generally associating with the rest of the community.
Running a cannabis business is no easy task, primarily because it caters to a niche audience. Improving your brand awareness is crucial because there’s the looming threat of being driven out of business by more prominent cannabis brands, so be sure to follow the information detailed above.
Cannabud Marketing provides top-quality digital marketing services for Cannabis businesses. Our services are specifically tailored to assist cannabis brands in getting the attention they will need to thrive in the digital space. Contact us today to learn more!