Ask anyone at a cannabis marketing agency about the idea of selling a product, and they'll tell you that there's a lot more to it than just putting out something the public wants. The marketplace is oversaturated, but fortunately, many of the players out there are either in land-rush mode or are just flat-out lazy in their treatment of the public. In order to get the most out of your investment, these are the challenges and opportunities you should be talking about.
Challenge: Lazy Attitudes
The biggest challenge to overcome is the impulse to treat all marijuana design efforts as an exercise in throwing a leaf and a bunch of colors on a label. If that's your plan, you've already lost. That segment of the market was oversaturated long before a single state legalized marijuana-based products.
Opportunity: New Consumer Segments
Marijuana legalization has widened the window of socially acceptable attitudes, and that means that segments of the public that had never considered the benefits of THC, CBD, and other products are now open to thinking about them. For some folks, it may be as simple as disambiguating their self-image from the stereotypical potheads. Just as the folks selling Coors beer want to be selling the champagne of beers, you may want to look further up the market. For that matter, there's a lot of market in the middle where people just haven't been introduced.
Challenge: Brand Differentiation
In an oversaturated industry, one of the biggest challenges is making your brand stand out. One advantage that comes with this is that many of the land rush businesses are more focused on short-term build-outs. You, on the other hand, should be thinking about what makes your brand appealing to consumers. Many companies focus on the science side of things, exploring different strains that produce bigger or smaller highs, ones that activate or satiate appetite and even ones that are largely aimed at the supplements market more than recreational users.
Opportunity: Defining Your Brand
The difference in marketing materials for a business that wants to engineer the next strain of mind-blowing weed is going to be radically different from the one that wants to sell natural and safe pain management options. More than any other step, making this choice about your brand is what matters. Once you arrive at this decision, it'll guide you to everything from the product itself to your logo.