In marketing, relevancy is a word often thrown around, but with very little context. Simply put, relevancy is how well your products or services meet the needs or “perceived needs” of your target audience. In theory, the more relevant your brand is, the more it influences the customer’s buying decision. That means as an emerging cannabis business in a market with no clear leaders, brand relevancy should be a key marketing goal. To help you in this quest, we compiled a few tips to jumpstart your brand relevancy into high gear.
1. Throw Out the Cookie Cutter Approach
As our study suggests, the cannabis market is quite different for the various key consumer segments. Demographics of cannabis users is quickly changing, and the reasons for growth within each vary. Baby Boomers’ (age 50 and older) usage of cannabis grew 25% in 2018, making them one of the fastest growing demographics. Boomers are motivated by products that treat chronic pain, while Affluent Families most often turn to cannabis for anxiety and stress management. These are just a couple of the examples that underscore the stark differences for cannabis usage among various users. As a result, you can't be all things to everybody. A cookie cutter approach not only comes across as disingenuous, but it also risks hurting your brand’s relevancy.
2. Focus, Focus, Focus
Especially if you are a resource-strapped organization (like many fast-growth companies are), narrowing down your marketing efforts to a few consumer segments is the smart thing to do. This approach enables your team to quickly take corrective action as necessary or replicate best practices and techniques that are working for canna businesses like yours.
3. Validate Market Need
This tip may seem obvious, but it's surprising to see just how many companies ignore this critical step. In order to sell your product, your target audience has to believe they need it. Compare the key benefits of your products with the key attributes of your intended target audience to make sure there’s a natural fit.
4. Align Your Efforts
Once you validate a market need, the next step is to align your growth and marketing strategies. This step includes creating the programs you’ll use to connect with your future customers. It also includes the creation of target lists of the publications, organizations, outlets, and various ways to reach your target audience. This is also the time to refine your company story to make it as applicable and engaging as possible to your intended audience.
5. Pick the Right Strategic Partners
If you don’t have the internal resources to go at it alone, look for a marketing partner that can provide key data for selected segments to sharpen your plans. Defining a relevant brand story requires knowledge of selection drivers and general behaviors and lifestyle characteristics. Without this, your story will fall flat.
6. Tell your Story in the Places That Matter
And finally, disseminate your story across the content sources that your potential customers trust to ensure you’re reaching them on the most influential platforms.
At LOCALiQ, we give our cannabis clients the data, tools, and strategies they need to carve out a unique position in the market and build brand loyalty with their core customers. To find out more or to get more details on the USA TODAY NETWORK | LOCALiQ cannabis study, email one of our experts, Claire Will, at email@example.com.