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In a world increasingly defined by intangible assets, brand building has never been more important. And nowhere is that more important than in the growing and growing cannabis industry.
The shift in the American economy from tangibles such as land, vehicles, and factories to intangibles such as patents, copyrights, and brands reflects broader changes in market dynamics.
Nowhere is this transformation more evident than in the rapidly growing cannabis industry, where brand equity is fundamental to a company’s value and market differentiation.
John Stewart, former president of the Quaker Oats Company, once told a colleague: Then I’ll do better than you. ” The truly valuable asset that any company (or individual) owns is its brand.
The value of brand and goodwill beyond brick-and-mortar stores is even more true today, when intangible assets account for 90% of S&P 500 company value.
For cannabis companies, this fact is more than just an interesting statistic. It’s a roadmap to success. For products that still struggle with regulatory scrutiny and social stigma, brands serve as beacons of quality and origin, as well as beacons of trust and legitimacy.
The appeal of performance marketing, with its promise of immediate results and quantifiable metrics, is undeniable. However, the cannabis industry has unique challenges and opportunities that require a different, more strategic and sophisticated strategy. While useful, performance marketing strategies only provide a short-term view in an industry that requires a long-term game.
On the contrary, brand building is an investment in your future. It encapsulates the essence of what the company stands for beyond its products: its values, vision and voice. In the cannabis space, where products are often indistinguishable to the untrained eye, branding can be a differentiator, commanding premium prices, driving customer loyalty, and creating barriers to entry for competitors.
Additionally, a strong brand can attract and retain top talent, serve as collateral for financing, and withstand lower marketing costs without compromising customer loyalty. In essence, a strong brand is a treasure trove of value that provides a buffer against market fluctuations and competitive pressures.
The importance of consistency and persistence in brand building cannot be overstated. For cannabis companies, this means more than just a one-time investment, it means an ongoing effort to nurture and evolve their brand story.
The impact of ignoring this is evident in the volatile valuations of even the most well-known brands. For example, a recent report on the decline in the brand value of X (formerly Twitter) shows that inconsistent branding and strategic changes can have a significant impact on a company’s bottom line.
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The story of intangible value is not limited to consumer-facing companies. It also extends to B2B entities. As the cannabis industry matures, B2B players are increasingly recognizing the importance of brand equity and are investing accordingly. Look at Dutchie, Weedmaps, and Leafly as prime examples.
Considering the important role that brand building, communications, and PR play in the cannabis industry, here are some specific, practical tips that cannabis companies can apply.
Develop a compelling brand narrative
Create authentic and engaging brand stories that resonate with your audience. This story should go beyond the product itself and reflect the values, mission, and vision of the company and the people behind it. For example, focus on sustainability, innovation, and community impact.
Action steps: Host a brainstorming session with your team to identify your core values and mission. Then, craft a story that weaves these elements together to align with your target audience’s interests and values. Share this story consistently across all marketing channels, including your website, social media, packaging, and PR materials.
Invest in thought leadership and content marketing
Establish your brand as a thought leader in the cannabis industry. This includes creating and distributing valuable, insightful, educational and/or engaging content that responds to consumer needs, industry trends and regulatory changes.
Action steps: Start a blog or video series discussing different aspects of the cannabis industry, from cultivation practices to legal developments. Collaborate with influencers and experts in the field to expand your reach. Leverage SEO best practices to ensure your content is found online.
Utilizing strategic public relations activities
Build relationships with media and influencers that help increase your brand’s presence and credibility. PR is more than just getting press coverage. It’s about creating the right visibility.
Action steps: Identify and engage with key journalists and influencers in the cannabis industry. Create a compelling press release about your company’s milestone, partnership, or unique sales proposal. Plan events and webinars that provide value to your audience and encourage media participation.
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By implementing these strategies, cannabis companies can build a strong brand presence, establish trust with their audience, and lay a solid foundation for long-term growth in a market where intangible assets are increasingly valued. I can.
The cannabis industry is uniquely positioned to benefit from a strategic focus on brand building. As the effectiveness of performance marketing strategies declines, brands serve as an immovable asset that propels companies to market leadership. Therefore, for cannabis companies looking to grow, investing in brand building, communications, and PR is not just a marketing strategy, but an essential business strategy for sustainable growth and competitive advantage.
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