When planning a new business, or growing an existing business, try to think outside of the box. Here are several keys to growing a business, including examples, which can be the basis of your marketing plan:
- Choose something you care about. Reflecting her desire to help women, movie star Whoopi Goldberg co-founded a cannabis company that aims to reduce the pain and cramps from periods. They offer four products: a balm, a tincture, sipping chocolate, and a bath soak.
- Look for niche markets by choosing a unique product or service. What can you sell or provide that stands out from the competition?
- Show off what makes your company better than any other. Clearly communicate the specific benefits of your product or services. For example, if you are a grower, isn’t every cannabis business going to say they have the best cannabis? What are the benefits of your strain over the other multitudes of strains?
- Educate yourself. Research every aspect of your business, including possible obstacles. Look at companies that are successful, and what made them so.
- Plan your marketing so that it highlights how your product or service is different, and how it is better that others. Make sure advertising is consistent. Print ads need to be run several times to be effective. Give advertising time to work.
- Branding is critical, and is part of consistency. Use the consistent images, logos, and messages. A great example is Nike, with, their swoosh logo and slogan like “Just Do it.” While a different industry, the concept is the same: You want people to recognize your brand’s image and unique benefit.
- Networking is a must. Often, it’s not what you know, it’s who you know. Get involved with industry networking groups such as Women Grow (womengrow.com). With over 20,000 professionals across the US and Canada, Women Grow is designed to cultivate (pun intended!) women entrepreneurs.
They hold monthly networking meetings and an annual workshop to help women grow their cannabis businesses. The Oregon Cannabis Association and National Cannabis Associations are also great networking groups. When networking, ask questions, share your experience and knowledge, and try to learn as much as possible.
In summary, choose something you care about. Find something unique, and communicate it far and wide. This is an industry in the middle of an exciting explosion. With some careful planning and hard work, you can be successful!