By: Stella Morrison, Founder & Content Strategist, CannaContent
A marketing plan is your roadmap to success. You use it to spread the word about your brand, launch a product or service, and drive foot traffic. It doesn’t matter how small or large your business is — a well-constructed marketing plan is indispensable to keep the dollars flowing.
Whether you’re a microbusiness with few moving parts or a sizable operation with multiple moving parts, a marketing plan (or plans) is your north star. Here’s how to get started.
The essential components of a marketing plan
1. Executive summary: This is an overview of your marketing plan that communicates your main goals to all stakeholders.
2. Target audience: Define who you’re trying to attract or who needs your products or services.
3. Objectives: Summarize clear and measurable goals that can be tracked using key performance indicators (KPIs), like the number of new leads or quarterly sales reports.
4. Competitive analysis: Evaluate what similar companies in New Jersey’s market are doing. Understand what they’re doing and what they’re not doing so you can stand out.
5. Budget: Account for anything you plan to spend money on or make money from. This can include labor, ad costs, tools and subscriptions, event marketing, and sponsorship fees, among others
12 strategies a cannabis marketing plan should consider
1. SEO
Short for search engine optimization, SEO includes all the tactics that help your website reach customers on search engines. Increasing your website’s visibility “organically” (instead of with paid ads) is one of the few marketing tactics that in itself is not subject to restrictions from state agencies like the CRC.
2. Paid search and programmatic advertising
Platforms like Google Ads technically do not allow cannabis content, but many dispensaries and other cannabis businesses successfully run workarounds. Programmatic advertising is generally regarded as a safer alternative to paid search. This technique uses advanced targeting and automated media buying to show audiences your ads.
3. Social media
Many social media platforms prohibit cannabis content in some form. But the fact is, customers still look for your company on these platforms. LinkedIn, in particular, has earned a reputation for its friendlier stance on cannabis. Many cannabis professionals find success there.
4. Content marketing
A robust content marketing plan provides readers with the information needed to make good decisions about their choices – and ultimately, the choice to buy from you. Content marketing is a vast umbrella that touches SEO, social media, email marketing, testimonials, videos, case studies, reports, webinars, and more.
5. Email marketing
Reaching a customer in their inbox is a powerful thing. There are many cannabis-friendly email marketing platforms that you can use to reach and stay in touch with your customers.
6. Text message marketing
Text message marketing can be cumbersome for companies from a regulatory perspective, but it’s quite effective and should be part of your mix. Many cannabis-friendly email marketing platforms also have texting features or work with leading platforms.
7. Video marketing
Whether your campaign calls for full video production or some quick clips captured on a quality smartphone, video marketing can enhance many strategies on this list.
8. Out-of-home and digital out-of-home
Out-of-home and digital out-of-home (OOH and DOOH) refer to ads customers see while out and about, like billboards or digital screens at bus stops. Billboards are regulated by the CRC within state borders.
9. Retail marketing
This is what you do to bring people into your store. It includes pop-up events, loyalty programs, merchandising, and how you physically design your space, among other tactics.
10.Trade shows and event marketing
Cannabis is still very much an in-person industry, and events are the lifeblood of those opportunities to meet and greet potential customers and partners. Check out events in New Jersey and see what makes sense to sponsor (and account for those costs in your marketing plan).
11. Cross-promotion
Work with other companies to introduce new audiences to your products or services. This could involve brand pop-ups in a dispensary, collaborating on a webinar, or hosting an event together.
12. TV and radio ads
While the CRC has strict laws around when TV and radio ads can air, they are permitted. Depending on your target audience, they may be quite effective.
Challenges to carrying out your marketing plan
- State regulations: Ensure your plan complies with the CRC. Ask questions of the department when necessary. Consulting legal counsel or a compliance specialist can help prevent costly violations as well.
- Channel limitations: Many traditional and digital platforms restrict cannabis advertising and content. Understanding platform policies helps avoid wasted resources and spending time on marketing efforts that may ultimately be rejected.
- Market dynamics and stigma: Although most Americans can access some form of legal cannabis, traces of stigma still remain. This can affect your marketing plans and even change how you roll out some of your ideas.
Cannabis marketing plan mistakes to avoid
- Skipping over research: Data may be hard to come by in the cannabis space, but you should still use what you can to make informed decisions. Sales data, customer feedback, and competitor analysis are all in reach — don’t skip it.
- Unrealistic budgeting: A budget won’t help if actual expenses exceed projections. Make sure you fully understand the costs involved before committing to a plan that’s too expensive to implement.
- Lack of specifics: A vague plan leaves you unprepared for rollout and unable to track progress. Make sure your goals are SMART — specific, measurable, achievable, relevant, and time-bound.
A top-notch marketing plan is key to your cannabis company’s success
A well-developed cannabis marketing plan is essential for reaching your target market effectively. The advice in this guide gets you on the right track, and an experienced cannabis marketing firm can take a plan a step further. Best of luck on your growth in the Garden State!
