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Cannabis Brand Development

Cannabis Brand Development

The word ‘brand’ may pop up pretty often in your daily life. People now craft personal brands in addition to it being a word associated with business. What once meant you were talking about the name of a company or product has grown into a much larger concept. This makes having a solid brand identity crucial for new businesses, especially in areas of high competition like the cannabis industry.

The definition of ‘brand’ today

In general, your corporate brand is the company’s personality. It’s expressed through the name, signage, logo design, or even a known symbol. It’s not how you think about your business but rather what impression the customers have when they interact with you, your company, and your products. Having a quality interaction leads to repeat business, or brand loyalty, which positively impacts your bottom line.

When you think about building your brand, you want to create a professional persona that makes people comfortable and happy while being accurately informed as to who you are as a business. Seeing your logo or company name should inspire positive feelings that encourage people to swing in and make a purchase.

To get into the right headspace when it comes to visualizing the ultimate goal of a brand, think of a product you really like. Now think of its biggest competitor. Why don’t you like it as much and what do you think of them as a company? Do you prefer a certain type of soda because the ads elicit an emotional response (in addition to it tasting better)? Do you buy a certain brand of shoes because a portion of every purchase goes to helping those in need? These are all elements of a brand because the customer feels something upon interacting with that company. Even on the smaller scale of your local, cannabis business, creating reactions like this matter.

The proof is in the research

While branding may seem a little philosophical in nature while you’re bogged down with the physicality of starting a cannabis business, taking the time to work on this area has significance, and here are just a few reasons why:

The average revenue increase attributed to presenting a consistent brand is 23 percent. Giving customers a consistent, positive experience also increases brand recognition, which helps boost revenue.

A signature color for your brand can boost identification by 80 percent. What if all the other cannabis businesses in your local area use a lot of green or blue? If their customer experiences are all relatively similar, how does anyone tell them apart? By providing a better experience and grabbing a purple that pops for your logo, you’ve differentiated yourself in two memorable ways.

Why brand is a crucial element for cannabis businesses

In those states where it’s legal to operate a cannabis business, the market is often flooded with competition. Establishing a notable brand as a company, but also effectively branding your unique product strains are essential. Branding is what makes you stand out to those who aren’t as knowledgeable in purchasing and using cannabis products. The comfort they feel with your company can fill the gaps in their knowledge so you become their #1 choice.

As a brand development agency, Industry Source Consulting (INSO) can not only help you build a unique brand that stands out against local competition, but can teach you how to use that brand to attract underserved market segments.

Gaps in marijuana marketing

Currently, marketing strategies in the cannabis industry focus on the easiest target. Branding and advertising appeals to those who are already users. Campaigns strive to get current customers into their store, but this is just one small component of your market within the industry. There’s a huge opportunity to use your brand to appeal to those who are interested in cannabis, but don’t fully understand their options. This is the audience segment looking to your brand to make them more comfortable when walking into a dispensary to make a purchase. Creating a branding message that helps these customers gain awareness of their options can serve as an important tactic to bring in the business that nobody else in your area is targeting.

How INSO supports branding efforts

Creating a strong brand means knowing what else is already out there. INSO begins their consult by analyzing the biggest competition in your local cannabis market. We review who’s already established a strong brand along with their overall marketing strategy. Our goal is to position your brand so that it’s unique enough to stand up to your competition and hold its own among the options customers have. Our branding consulting includes a variety of services to guide you through this process. We help you:

  • Craft a brand strategy.
  • Build a company identity.
  • Increase brand awareness through proper positioning.
  • Develop marketing personas to attract all audience segments.
  • Create targeted campaigns for audience segments with the highest potential for interest.

We additionally work with our legal team to protect your brand assets and ensure they’re not too similar to anything else already out there. We monitor for both copyright and trademark infringement to keep your business safe and your brand unique.

Alongside our brand development, INSO offers services reaching end-to-end for your cannabis business. We can help find the right, authorized location for business, secure the necessary equipment, and support business functions beyond marketing such as human resources. Within each service we pay meticulous attention to the state, county, and city laws connected to operating a cannabis business to keep you protected. Contact us today to learn more about the complete suite of services we offer to help get our business off the ground successfully.

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