If you are looking forward to a long stay in the cannabis market, then you should work on your brand development. Learn how it might help you to reach the top!
The modern cannabis market is highly competitive. For every type of goods and services, there are already a number of attractive offers. In such a situation, only a strong, recognizable and credible brand wins. If you are eager to learn how to build a strong brand that attracts loyal customers – keep reading!
What Is Brand Development?
A brand is an image; a representation of your company and your product. The main goal of a brand is to make a product recognizable in the market through advertising and bring it to the consumer. That is why it is very important to properly develop your brand, constantly increasing its recognition and strengthening its position in the cannabis market. Brand development guarantees quality and is indicated by emotional characteristics that lead to an association with the brand name. This is an indicator that the mission and philosophy of the company are formed correctly.
What Is the Brand Development Process?
Most likely you already have a product or service that you can turn into a brand. Now you need to consider what the unique quality of your product is and which niche of the cannabis market it can occupy. Additionally, brand development usually requires:
- Market research
Analysis of the market needs competitors and target audience. To create a unique brand, you must have up-to-date information about the strengths and weaknesses of your competitors, as well as an understanding of who your target market is. During desk research, analysts use four methods of information analysis.
- Structural functionality: analyzing not only the market players but also the manufacturers of raw materials, suppliers, logistics, transport companies, distributors and sellers;
- Comparative analysis: all about your competitors and their brands;
- Content Analysis. What do consumers see when they look at your brand? What works, what does not work, how can elements of your brand be improved?
- SWOT analysis: determining the advantages and disadvantages of your company and brand, as well as the opportunities and threats that come from the external environment.
The irony of marketing is that the brand’s most valuable asset — its name — is often given the least attention. Brand name should:
- Stand out among the names of competitors;
- Be short (no more than 4 syllables);
- Be illustrative, and not too generalized;
- Be easy to pronounce;
- Sound nice when read or spoken;
- Suitable for wordplay in a slogan;
- Have the right to legal defense.
- Logo and corporate identity
A logo should be read well, be creative and unique. The designer needs to think about how their logo will look in different sizes and on different surfaces. This important element of the brand is being developed for a specific target audience. First of all, it is needed not by the brand owner, not by employees, but by the consumer. A single identity allows the brand to stand out in the market for similar offers and therefore be remembered by the consumer.
- Brand Book
Imagine: you clearly understand what your brand wants, what it can give to the world. Moreover, you have a catchy name, a stunning logo and a world-changing story. So how do you share your brand vision with your employees? By using a brand book. A brand book is an internal corporate document that incorporates all of the ideological elements of a brand, forms its complex picture, and also contains a set of rules on the use of graphic and verbal components.
- Evaluation of the effectiveness of activities
Sometimes the most brilliant plans, in theory, die in the harsh world of practice. Therefore, you should monitor the development process of your brand. Working in this way will ensure that any small problems are caught before they cause major damage!
Reasons Brand Development Is Important
In a nutshell, a strong brand means an impeccable reputation. This is an attempt to put together all the values and attributes that your company upholds and hopes to promote. Your reputation and brand are what distinguishes your company from other competitors within the cannabis industry. So, what might brand development bring you?
One of the main components of your brand is the logo. Since it is the “face” of the company, logo design is incredibly important because the company’s graphic emblem will be on every correspondence and in every advertisement. The Bloom says that after creating their special logo, their brand awareness has doubled. This led to sales boost and higher customers retain rate.
- Brand Development Creates Trust
The professionally made look of the company creates credibility and trust: people are more likely to buy from a cannabis business that looks well-established, solid and polished to a shine. Emotional reactions and associations are “wired” to our brains - and these reactions actually affect people's choices.
- Branding Helps Advertising
Advertising is another important component of your brand. The average customer portrait and demographic characteristics of advertising create the brand. If you choose too to narrow an advertising focus, you risk staying too small and lose the ability to expand and enter new markets. However, too wide a focus and you will not be able to create a clear impression of your business in the minds of the people whom you would like to see as your customers.
- Continuous Brand Development Inspires Employees
Many employees need more than just work — they need something that makes them move forward. When employees understand the mission of the company and the reason for its existence, the number of those who feel pride in their work and strive to achieve their business goals grows exponentially. A strong brand is the transformation of a logo into a banner around which the whole team will rally.
- Strong Brand Development Drives New Business
Branding allows your company to become a word of mouth business. The brand concept itself is what is used to attract new customers, as its goal is to create a lasting impression when combined with the company’s brand name. The most profitable way of advertising, word of mouth, is possible when you have provided your client with the unforgettable experience of working with you.
The most successful and profitable companies, whether small or large, have only one thing in common: they have established themselves as a leader in their industry by creating a strong brand.
Marketing Strategy for Brand Development
In modern conditions of brand promotion and development, the formation of a positive attitude towards your brand is the key to success and a viable marketing approach. The consumer's attitude to the product, their satisfaction with its quality and service level determine the demand for the product and the success of the concept of the company. Therefore, any current policy should focus on maintaining the positioning of the company and product, strengthening relations with consumers, increasing loyalty, and looking for new approaches to attract new customers. Such a planning policy in the architecture of relations, in order to study customer requests and expand brand information and scope, has more significant positive consequences for promoting a brand on the market. Brand promotion is a continuous process, constantly requiring new and unique ideas in creative marketing strategy such as media placement, including mainstream and social media;
- Release of videos;
- Printing products of an advertising nature;
- Layouts for advertising;
- Making souvenirs;
- Internet announcements;
- Non-traditional advertising media;
- Development of BTL / PR projects.
KPIs for measuring Brand Marketing
The degree of competitiveness of the modern cannabis market is unprecedentedly high, and companies want to stand out and overtake competitors at all costs. The market is shrinking, and there is not enough space for every brand within it. Strategic Branding and marketing are the only ways for a commercial organization to create its unique face in an original way to draw up its offer and attract clientele. Therefore, if you want to create the desired image in the minds of people, you will have to immerse yourself in analytics and planning, and research consumer psychology. There can be no universal recipe for success here, but successful brands have some common characteristics that can be seen as indicators of success.
You will need something more than a logo, a designed business card, and an advertising slogan in order to be among the leaders in your industry and pass the test of leadership. Real brands are the result of organized, responsible, long-term and well-funded work. A brand is the sum of all of your efforts to provide a target market with goods and services, as well as actions for their presentation.
While undergoing brand development it is vital to remember that having a brand is not enough; you have to strategically promote it.
Key indicators of brand promotion are:
- Brand awareness,
- Perceived quality,
- Brand association,
- Brand identity,
- Customers loyalty.
Thus, investing in smart brand development might lead to a sudden and exponential growth of your cannabis business, enhancing market performance and driving new loyal customers.