Nic Easley presents To Do or Die: Staying Relevant in the Maturing Cannabis Market at the Indo Expo in Denver, CO. This speech is a must for new and existing cannabis businesses looking to succeed in the industry long term. Nic discusses the relevance of branding as critical component of a successful cannabis business.
When creating or redesigning the branding of your cannabis business it is important to ask who are you and what do you offer, but most importantly Why do you do what you do? Branding and Marketing focuses on selling a feeling state to consumers. While powerful branding can attract customers in the short term it is imperative to have quality products and sound business practices to backup your branding for long term success. Companies have failed in the cannabis industry with strong branding and marketing due to a lack of understanding of business, compliance, product safety and cultivation. A celebrity brand without quality product means little in the long term.
Branding is crucial in all aspects of your customers experience including packaging and the dispensary location itself. Finding the proper location and investing the money in a modern appearance and feel to the space has major benefits. We have seen clients spend $25,000 on the exterior of their dispensary and see a 50% increase in sales. Nic highlights a few branding and marketing strategies to avoid in the maturing cannabis industry. The industry is over-saturated with cannabis leaf logos, bright green colors and cannabis related names. Create a unique name, logo and brand for your cannabis business. Avoid advertisements that exploit women and use sex to sell products. Make advertisements relevant to your brand and what you offer the industry. It is time for the industry to grow up as we grow into mainstream large scale businesses.
By strategically defining your brand early on in your development and having the product quality, scalability and business sense to match you have a chance to take a lead in this last great American industry.