The cannabis industry is constantly changing and while there are many things that are pushing the movement forward when it comes to state-specific laws, there are still plenty of gray areas.
However, no matter which way someone looks at the market, the cannabis industry, which includes cannabidiol (CBD) products, has been getting increasingly popular.
In fact, according to estimates from Wall Street, the CBD industry alone is expected to grow to about $16 billion in the next three years. With this type of fast growth, there is also plenty of uncertainty in the industry.
Whether it’s in terms of a startup or a well-established brand in the cannabis industry, the best way for anyone to stand out from the crowd and reach the target audience is with the right public relations strategies.
It’s important to make the distinction between the effects of CBD, which are non-psychoactive, compared to THC, which does produce a high in people, which isn’t something that many people are aware of.
When it comes to CBD, it’s directly derived from the hemp plant, which is in the same family as the marijuana plant, but as previously mentioned, is non-psychoactive. This type of distinction is important for companies in the cannabis industry to make for the public.
Additionally, keeping audiences informed on the latest industry information allows businesses to be perceived as more authoritative to their customers.
When it comes to educating the customers, companies should be positioning themselves as a go-to resource for information and knowledge on the right subject matters, such as the growing popularity of CBD and how it’s used, innovations in the medical industry with the help of cannabis, and more.
Trust and transparency with the audience are essential in the operations of any business, and one of the best ways for companies in the cannabis industry to do that is by getting a Certificate of Analysis (COA). Labels like that help consumers better understand where the products their purchase have been made, as well as other details regarding their ingredients, and more.
Companies should always strive to be as transparent as possible via every communication channel they’re using about their products and which third-party labs they’re using to test those products.
Another great way for companies in the cannabis industry to be transparent with the public is by staying ahead of industry situations or news and quickly communicating any new findings, developments, concerns, or other essential information with them.
With the cannabis industry on a constant increase in terms of its growth, it’s important for any business operating in it to establish itself as a reputable brand as soon as possible. However, that’s not always easy for companies to achieve, but it can still be done.
A great way to start going about it is by conducting a market analysis where a business will review all of its top competitors and their achievements. This can help companies figure out which strategies work well with their target audience, how they relate to consumers, and how the business itself stacks up against other competitors.
The cannabis industry was already facing plenty of regulatory requirement challenges which made for some gray areas at both state and federal levels, which were only exacerbated by the pandemic.
All of the effective PR efforts that companies in the industry were investing in likely stopped being effective because of everything else that was happening. However, as things are slowly going back to normal, businesses in the industry can reach their target audiences with the right messages, as long as they’re using sound PR strategies.
Establishing a business as reputable in the market and laying the groundwork for a business go hand in hand. In the last few years, over half of the states in the US have, at least partially, legalized cannabis, and when companies get ahead of any new changes, they have the potential to turn into a big player in their markets.
However, to do that, companies should first establish in which way they are planning on becoming a big player, and one of the biggest elements to doing that is staying on top of any industry news and trends.
Businesses should also position themselves as an expert source that anyone can rely upon for valuable information. By generating positive media coverage, attending speaking engagements and other types of industry events, as well as publishing bylined articles, companies can contribute to showcasing their expertise and brand establishment in the market.
Although most businesses don’t want to think about it, facing a crisis situation at some point is inevitable for businesses, which means everyone should be ready beforehand with a plan. If a company doesn’t have a strategic crisis navigation plan in place, a negative situation can quickly turn much worse and bring about a lot more damage to that company’s reputation.
During those types of situations, businesses have to communicate clearly and frequently with the public about whatever the issue might be because staying silent can only raise concerns from the public and the media, and fuel speculation.
To do that, it’s best for companies to establish an internal crisis PR team that’s going to brainstorm and detail different types of responses that a business can share during various types of crises. Practicing with real-life scenarios can help companies be even more prepared for any potentially negative situation they might have in the future, and get ahead of any issues that might already be present to fix them before they turn into anything bigger.
It’s important for companies in the cannabis industry to identify the needs, hopes, desires, and pain points of the target audience.
There are plenty of ways that companies can do that, such as researching and learning more about the target audience, however, one of the best ways is to simply ask for their input.
After gathering all that information, companies can figure out the best way to create, publish, and communicate valuable and high-quality content that’s going to help the customers make better purchasing decisions.
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