We are quickly approaching the end of 2022. It went up in smoke, and we’re left wondering where the days went…did we squander the time and resources available to us during the year?
If you’ve spent any amount of time staying up to date on trends in the cannabis industry, you know that the major thing on the minds of brands and dispensary operators alike, is “how are we going to gain a competitive advantage in 2023?
Of course we can’t reliably predict federal legalization, but we can definitely start working on our cannabis marketing strategy now, before things drastically change.
You have a unique advantage if you already have an operating cannabis brand or dispensary because you can start implementing a strategy through the holidays and into the new year, getting a jump on your competition that are just trying to keep things together.
What are some pitfalls of not having a strategy in place for the coming year?
If your cannabis business has been operating without strategic leadership up until this point, you may find that your marketing efforts seem to fall short, or you know they could be improved.
You may either end up with a wasted budget, wasted talent, wasted data, and wasted potential.
What a bummer.
No one wants to spin their wheels when it comes to marketing and advertising their business, that’s why it’s important to not only track your KPIs, but it’s also important to have the leadership you need to help you navigate the haze of common obstacles that plague regulated industries like cannabis.
These are some pitfalls of not having effective leadership in place to help navigate your team to success:
- Wasted Budget: If there is no accountability on where to focus time, energy and resources, then it become a slow drip of money in wasted time, and wasted focus and missed opportunities. Not having a focused idea of where efforts should be concentrated will cause budget to get wasted rapidly. Slow drip of budget is scary for leadership because can cause the ship to slowly sink.
- Wasted Talent: This is also related to wasted budget. When you don’t have a data-driven strategy, the personnel you do have will end up working on things that will not lead to income-driving activities. Your team thrives under inspiration and motivation, and without either of those, they won’t have the drive in them to meet quarterly and yearly goals. Talent wasted is a shame– people want to be proud of what they’re doing, but they might not be able to see where they’re going without a strategic leader helping to plan 3-6 months out for them so they can focus on
- Wasted Data: If you don’t own your data, that’s a whole other issue, however, IF you are collecting data, are you using that data to course correct, or are you leaving that data to float about, hoping that your customers will continue to shop with you when they are ready? If you don’t own your data, why is this the case, and why are you allowing a third-party provider handle your customer acquisitions? Sure it’s short term gains, but in the long term, you’re paying for the cost of taking short cuts by losing out on customer loyalty and brand building.
The benefits of having a strategic leader (Fractional CMO) that will help guide your cannabis marketing team:
- Properly Utilized Budget: When you have a Fractional CMO on your team, you’re able to not only operate on a budget, you’re able to properly utilize the budget and get the biggest “hit” for your buck 😉
- Excelling Talent: You’ll be surprised at how a strong leader with a solid strategy will do for your team. Your team members will no longer feel like they’re being spread too thin. Why? Because you can’t expect to hire one or two people and make them take on the full responsibility of an 8 person team. There will be less burnout with your team, and you will be blazing along, and able to be effective in the skills and tasks they accomplish the best.
- Preserved Data: With a proper cannabis marketing strategy in place, you’ll be able to effectively track your customer data (and own it), course correct based on that data, and utilize the appropriate copy and creative to attract those ideal customers.
Ready to get your cannabis brand marketing strategy on the right track? Book a time to have a quick clarity call to discuss your 2023 plan for success in the cannabis industry.