5 Ways Cannabis Brands Can Stand out in an Increasingly Competitive Market – Cannabis Business Executive

The key to standing out in a crowded marketplace is to own a word in consumers’ minds. That’s what brand positioning is all about – creating unique perceptions and expectations for your brand that consumers can trust and delivering on your promises in every interaction.

In the cannabis industry, the doors are still wide open for brands to establish leadership positions in most niches. What remains to be seen is which brands will prioritize positioning in the near future and seize those opportunities before they’re gone.

It’s only a matter of time until cannabis is legalized at the federal level and interstate commerce is finally possible. Eventually, international commerce will open, and the strongest brands with solid positioning will be the ones that thrive as these markets expand.

With that said, there are five things your business can do to ensure your brand has a chance to stand out in the increasingly competitive cannabis market and to maintain and grow that position as the industry continues to evolve.

1. Focus

A focused brand is a strong brand. If you try to be too many things to too many audiences, your messages and efforts will get watered down. Ultimately, your results will suffer. When you’re first starting to build a brand, being a jack-of-all trades and master-of-none won’t help you establish your position in the marketplace.

Instead, you need to identify your strength, your niche, and your ideal consumer audience. Use that information to find your focus and then exploit that strength, niche, and audience to carve out your leadership position.

You can expand later, but if you own a word in consumers’ minds first, you’ll have more success extending and expanding your brand in the future.

2. Stand for Something

What does your brand stand for? Sustainability, quality, affordability? Whatever you stand for, that should be a core part of your brand promise and position.

For example, if you want your brand to own the word “environmentally-conscious” in consumers’ minds, then everything you do has to prioritize eco-friendliness. From sustainable growing, manufacturing, packaging, and so on – own that word, not just in your communications but in your actions.

3. Prove Your Position

Once you’ve identified the position you want your brand to occupy in the marketplace, you need to prove to the world that you actually are the leader or poster-brand for that position. Content marketing provides a perfect foundation to prove your brand position. Publish blog posts, social media content, videos, ebooks, and more that establish your company’s expertise and your brand’s reputation as the go-to choice in your niche.

Marketing, advertising, and public relations work together to spread the word about how your brand delivers on its promises, so make sure you invest part of your budget into building brand awareness and trust as it relates to your position in the marketplace.

The goal is for people to see your brand and instantly recognize it and connect it with your promise and position. This takes time, effort, and money, but the returns are worth it.

4. Embrace the Cannabis Community

Know your customers. That is a key step to effectively positioning your brand and maintaining that position. Fortunately, the cannabis community is built on culture formed over many years that promotes inclusivity, transparency, and open-mindedness. In other words, as long as your brand is honest, approachable, and human, the community is likely to accept you.

Make sure your brand is present on key websites, social media groups, online forums, and in-person events. Give back to your local community through charitable partnerships and events, and consumers will start to believe in your brand’s authenticity. As a result, they’ll choose your brand, talk about it positively with other people, and protect it against naysayers. It’s a type of word-of-mouth marketing that money can’t buy.

5. Follow the 3 Rules of Branding

The three rules of branding are consistency, persistence, and restraint. In simplest terms, to build a brand, you must be consistent in every brand experience and consumer interaction. Confusion is the number one brand killer!

In addition, you have to be persistent to build a brand. You can’t give up. It takes time to generate awareness, gain trust, and develop loyalty. Branding is a long-term strategy, so commit to always investing time and money into owning your brand’s position in the marketplace. Consumers are fickle, so it’s up to you to ensure your brand stays top-of-mind for the right reasons.

Third, you have to exercise restraint to build a brand. If an opportunity doesn’t fit with your brand’s position and promise, don’t pursue it. Stay focused and only pursue opportunities that are consistent with the brand reputation you’re trying to build or consumers will become confused and turn away from your brand in search of another that meets their expectations in every interaction.

Key Takeaways for Cannabis Brands to Gain a Competitive Edge

Positioning is essential for cannabis brands to win in the long-term. As more states legalize cannabis and federal lawmakers inch closer to legalization, competition will continue to increase. Smart companies will start positioning their brands today so when markets open further, they’re ready to expand their leadership positions across borders.