Marijuana manufacturing facilities are expected to grow over 23% in the next three years. Along with this come a number of cannabis business opportunities and challenges.
As facilities grow, your business should be able to adapt by increasing the number of your clients and employees as well. This can be challenging, especially if you already have a lot on your plate such as compliance and regulations to keep updated with—but, it is not impossible.
Here are some ways you can seize the opportunities and grow your marijuana manufacturing business.
1) Improve brand awareness
Raising brand awareness is essential to every business, both for startups and for companies that have been in operation for years. This may be quite a challenge for cannabis manufacturing businesses since there are still limitations. For instance, Facebook and Google constrain advertising of cannabis-related products.
However, there are still a number of ways to get your product out there. You can consider other options such as optimizing your website to gain more traffic, publishing blogs or updates about the industry and your company, and joining industry events such as trade shows and symposiums. Most cannabis manufacturing brands are also giving free t-shirts at trade shows, so prospective clients will be like “walking billboards” for their brand.
Instagram is also the heaviest social media platform for cannabis consumers. Manufacturers will need to create two to three separate profiles for their business as some of cannabis Instagram accounts are being shut down after a few months. Even though this is frustrating, it still pays to get your manufacturing brand out there on the largest social media platform for cannabis consumers.
Another strong opportunity you have in increasing your brand awareness is at the point of purchase. Make sure that you turn your clients to brand ambassadors by providing them with the best product and customer service.
2) Build loyalty programs
Building loyalty programs is one of the ways to expand your client base and sales, and at the same time nurture your current customers.
There are several ways to launch your loyalty program. You can either offer a discount for new customers, give free accessories for those who bought a certain amount of cannabis or offer bonuses for those who refer a buyer. You can also employ a “points-per-visit” structure or “points-per-amount spent” where you’ll give an incentive for those who acquired a certain amount of points.
3) Improve systems
4) Pay attention to accounting and compliance