The cannabis market is growing rapidly, and according to Arcview market research, the legal marijuana industry grew by a whopping 34% in 2016 and has an estimated worth of $6.7 billion. This year, that number is expected to grow by another 25% with a projected value of over $20 billion. This growth potential is strong, which makes now the most opportune time to consider entering the cannabis market as either an investor or an entrepreneur. If this is something that you are currently already contemplating, here are 5 tips you will need to know to become successful in the cannabis industry:
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Offer a Variety Of Products
There are a lot of cannabis products on the market, and the more of these products you sell, the more likely your business will become a success. Your business should sell cannabis as well as cannabis products and consumption devices. Everything from dry cannabis herbs to edibles, to tinctures and vaporizers, try and turn your business into a one-stop cannabis shop where your customers will be able to access any cannabis product they desire. However, you may also opt for specializing in one type of device, just as MagicVaporizers specializes in vaporizers. You can learn more about their products here. Additionally, shift your attention to medical cannabis as well instead of just recreational cannabis. This will attract a larger customer base.
Get Familiar with the Laws
Before getting involved in the cannabis industry, whether as a businessman or an investor, you need to be familiar with the laws and regulations of cannabis in the state that you wish to operate in. Not all states have the same laws regarding cannabis consumption and distribution. Some states have only gone as far as to decriminalize cannabis but the consumption of it is still strictly forbidden, while other states have legalized cannabis for medical use but not for recreational use. There are also states that have legalized cannabis for medical use only for patients who have a medical certificate. Before you dive into opening a business or investing, you must familiarize yourself with these laws and regulations so that you don’t run into trouble with the law.
Explore Different Promotional Methods
Promoting and marketing your business or brand is an important part of operating a successful business. It is your responsibility to market your product to your target audience in a way that is most effective. These days, you have a variety of ways to market, and you should take advantage of them all. A few ideas you can incorporate into your marketing strategy include visiting festivals and setting up a stand to sell and advertise. You can also attend markets where you can not only sell products, but also educate your audience about your product. Your promotion strategy should focus mainly on consumption methods and CBD related products, as well as the medical benefits of cannabis consumption.
Invest in a Brand Identity
The brand identity of your business is how it presents itself to the public and this can be relayed using visual branding, which includes product design and advertising, and also public relations. This is essentially the visual element of your brand, and the emphasis needs to be on design, colour, and logo which will imprint into the customer’s mind. This is a very important part of creating a successful business, because if you build strong brand identity, your customers are more inclined to remember your business.
Take Advantage of Social Media
Social media is a massive part of the lives of most people in the world with billions connected on social media platforms every single day. This makes social media the obvious platform that you need to take advantage of to market your business. The main way to effectively influence your audience is with content marketing, which is the process of creating, publishing, and distributing a variety of content to your audience. Ensure your content is high quality and informative, and utilize tools and features on social media such as paid ads and sponsored posts because this will enable you to reach a wider audience within your niche. You can even use influencer marketing and scout influencers in your niche that can respectfully and responsibly advertise your business to their large audience. Social media is an effective way to boost your brand awareness by increasing your visibility.