The market is saturated with good products, which makes authenticity and commitment all the more important to building a brand. The competitive landscape is fierce, further driving the need to build a brand identity that stands out in an already saturated market. Consumers value honesty and if you build a brand they can believe in, you will earn their loyalty and support. The newly-regulated cannabis industry is still a nascent market and a “pump-’n-dump” business strategy will likely leave you burned. Your X-factor is what makes you different. Competing in a saturated market goes beyond your brand image, you need to deliver added or unique value to potential customers. Identify your competition and collaborators. Know your market. The cannabis market can be broken down into two streams: medical and recreational. Start by identifying the market you want to target and then get specific.
The market is saturated with good products, which makes authenticity and commitment all the more important to building a brand.
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The emerging cannabis game is attracting players across a variety of industries who are hoping to cash in on the latest green rush. The competitive landscape is fierce, further driving the need to build a brand identity that stands out in an already saturated market. Having an amazing product or service is paramount, but it’s not always enough to get your company the recognition you’re looking for.
Below are a few tips to consider before pressing the “go” button.
1. Be authentic.
Consumers are looking for brands that stand up to their hype, or better yet, don’t rely on hype to deliver their message. The legal cannabis industry has been the victim of overvaluations and underperformance, leaving many consumers dissatisfied with their first product orders. 7ACRES is quickly earning its positive reputation by notably being one of the few licensed producers able to back its claim of fire cannabis that actually delivers.
In the age of the internet, consumers rule the market with reviews, reshares and word-out-mouth that can reach millions making consistency, integrity and authenticity key factors in establishing your brand. Making promises to consumers and under delivering early on will likely lead to a lack of repeat sales. Similarly, don’t back an idea just because it’s trendy; do support a cause because it has inherent value to you, your brand, and the community you serve.
Consumers value honesty and if you build a brand they can believe in, you will earn their loyalty and support.
Related: Cannabis Companies Generously Support Their Communities But Don’t Get to Deduct It From Their Taxes
2. Choose the long haul.
Playing off the point of authenticity, having a long-term end-game can help your brand’s longevity. The newly-regulated cannabis industry is still a nascent market and a “pump-’n-dump” business strategy will likely leave you burned.
Setting your sights on long-term gains…
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