When it comes to marketing your cannabis business, make sure you are getting started the right way. This includes everything from your operational set-up to the partners you choose.
The legalization of medical marijuana spreading state-by-state across the United States has created a new and burgeoning industry is attracting entrepreneurs, investors, and advocates like never before. As the acceptance of the natural health benefits of CBD and medicinal-use marijuana increases among consumers, it is an exciting time to be helping business connect their product with the right audience.
One State’s Story of Legalizing Medical Marijuana
In Oklahoma, the passing of SB 788 on June 26, 2018, created a wild west, land grab for the 21st century. The state implemented some of the quickest licensing procedures in the nation. By December, the state had collected over $7.8 million in application fees and $70k in tax revenue.
By March 2019, over 1,200 licensed medical marijuana dispensaries were approved for business in a state of less than 4 million! And those numbers continue to climb.
To stand out in Oklahoma’s newest industry, entrepreneurs must be smart, savvy, and ready to make bold decisions.
Still a Highly Regulated Industry
While every state is embracing their legalization process at their own pace, the cannabis industry continues to be one that is highly regulated by federal laws. State laws can vary widely on how businesses operate, from physical locations, accounting options, online sales, and marketing messaging.
This means – regardless of the state – cannabis business owners need the right partners to succeed.
Getting Your Cannabis Marketing Started the Right Way
Let’s look at tips from industry experts on what cannabis entrepreneurs need to know as you get started on your journey.
Partner with Experts
Beth Graham, Principal at Reputation Cannabis, says, “Plan to outsource those central business functions to create more a traditional business model – like marketing, HR, and finance. Start-ups just can’t do it all and investing in outside professionals to help you create the right business structure in those first few months of launch that are critical to long-term success.”
Here’s another tip she adds: “sign up for every reputable newsletter in this industry and spend the first hour of your day reading up on the industry. It’s moving quickly and you’ve got to make a commitment to staying informed.”
Know Your Audience
Tony Vann, Principal at Brownie Mary & Jane – Oklahoma’s 1st Cannabis Marketing Agency ™ – shared marketing tips at a recent cannabis conference in Tulsa. The biggest takeaway was to know your audience and how your product or service connects to your audience. You cannot be all things to everyone. Find the right message that differentiates you from all the others.
Own Your Digital Footprint
Edward, with Tribal Town Radio, says, “Ideally, a new business would have a website with a digital footprint across many different social media platforms and other digital communities like Weedmaps for example… take the time to determine what platform is right your business and make sure you have all the fundamental and critical information that you need for your customers to learn about your business. Get your basics right. Phone numbers, email, quality images, location information, Info about your company”
Smart Operations
Andrew Kaufman, a cannabis business professional says, “Try and attain vertical integration as quickly as possible. I think most underestimated operating costs at scale in regulated markets. Those succeeding best are controlling most of their own supply chain.”
Keep Up with Regulations
Knowing your local regulations is imperative to keep your business on the right track. “Many states are constantly evolving their regulations around this industry. Stay in tune with your local laws or have someone on your team who specializes in following the legal developments,” says Jenny Proehl-Day, principal at the Proehl-Day Law Firm
The cannabis industry is a strong, vibrant, and fruitful industry that is just starting to bud across the nation. Don’t just rely on the state-approved license to drive traffic to your business. Like all other industries, you must have a strong strategy for finding, attracting, converting, and keeping clients.
Have questions about this article or want to schedule a free 30-minute marketing consult for your business? Contact the Smart Girl team today.
