The number of cannabis products, services, and businesses that have sprung up over the past five years is simply amazing. More interestingly, however, is how these companies and products are working to create relevant, memorable brands that stand out.
With a range of companies across sub-sectors in the industry working to develop their own marketable brands, there’s a degree of variety in terms of consumer impact and profitability- an inevitability in any industry.
Regardless of what space you’re working in, a brand needs to tell a story to be effective. Its story must convey and deliver its place of value for why it exists, and it better be authentic and relevant to the greater good of the community it serves.
To get started, anyone hoping to develop a successful brand will need to define their product, service, or business’ storytelling foundation. Think about this foundation as the reason for your business, product, or service’s existence. This foundation should identify the would-be brand’s value, on human and logistical levels. Once identified and established, your storytelling foundation shouldn’t change, and all marketing efforts should revolve around this foundation for the purpose of forming a successful brand. What does change and evolve, however, are the narrative elements that support the journey of the brand itself.
The narrative of your brand can be broken up into six different categories:
- Emotional Benefits
- Functional Benefits
- Brand Personality
- Brand Discriminator
When evaluating your brand, you’ll want to make sure it serves a purpose, has emotional and functional benefits, has its own personality, can stand out from similar brands, and has specific goals that are in alignment with the goals of your company. Exploring each category will help you focus on and transform your story over time.
While branding in the cannabis industry requires certain considerations that aren’t in place in other industries, such as compliance with complex and ever-changing regulations or societal stigma, many of the same elements required for success are in place. Doing your due diligence, knowing your story, and sticking to it will go a long way.
Tim Tennant is a guest author at Ganjly. Tim Tennant, is the Head of Content Marketing Solutions for MariMed, a national consulting and management firm that provides total solutions for the design, development, operation, funding and optimization of legal cannabis cultivation centers and dispensaries. MariMed recently entered into an agreement with Canuvo to manufacture and distribute MariMed Kalm Fusion™ and Betty’s Eddies™ branded medical cannabis products in Maine, marking the 6th state where medical cannabis users can access MariMed’s line of high quality, precision-dosed edibles brands.