The Cannabis market is growing at a massive scale. In fact, “U.S. CBD Sales to Grow an Average of 107% Annually Through 2023.” All of this growth will bring a great deal of competitors into your marketplace. The brands that clearly define how they are different (and better) from the rest of the pack will win the lion’s share of consumers who are actively searching for these products.
A Winning Value Proposition
It is not enough to have a great product, every company and brand believe they have a great product. In this cannabis market, most brands are finding it hard to differentiate their products solely on composition alone.
Most products appear the same when you look at the back label, the key is to connect with people above and beyond the labels so consumers are seeking out your product by name.
You should be able to answer the following questions:
- What is the “One Thing” that defines your product?
- How does your product fill the “Need” of consumers?
- Does your messaging reflect it?
The mistake that we see many brands make in the cannabis industry is focusing solely on the product, and not the impact it will have in the lives of their consumers. The marketing of your cannabis brand and products should be driven by the value proposition you offer.
Your Value Proposition and Marketing
If you have a cannabis brand that has been in the market for more than five minutes, you already know how difficult it is to market your brand and stand out from the pack. Traditional avenues that have worked so well for other industries just simply are not available to the cannabis industry. Don’t fret, there are ample opportunities to get your brand name and value proposition out there.
You should leverage your value proposition as often as possible. It is how you will build credibility and ultimately a tribe for your products. By telling the story of your brand you can still utilize channels like social media to engage with consumers. Build awareness of your product’s unique value proposition and you will earn paying customers. Build trust and they will become your biggest brand advocates. Focus on the fundamentals and what got you here in the first place. With time, effort, and a comprehensive marketing strategy, your brand will rise to the top.