If we’ve said it once, we’ve said it a million times — the cannabis industry is crowded. Cannabis supports and entrepreneurs alike have flocked to the emerging global market, as worldwide restrictions surrounding the drug become more relaxed. The sudden rush of investment dollars has flooded the industry with countless competitors and deep pocketbooks. At the end of the day, cannabis is going to be an expensive product to market, produce, and sell due to the restrictions and regulations that surround it.
So what are the best advertising opportunities for a business on a budget? What is going to get you the biggest bang for your buck? Well, we have picked out three strategies that have proven to fit well within the cannabis space, for any type of cannabis-related company. But first… let’s talk about money. How does one determine what your budget is allocated to advertising?
Four options include:
- Set Dollar Amount: You predetermine your budget at the start of the year, quarter, campaign, etc. You will only spend XYZ, and nothing more.
- Match Sizeable Competitors: You can try and determine what competitors in your arena are spending on their marketing budgets and attempt to match their dollar amount.
- Objective-Based: You have a goal to hit and will use the necessary funds to hit that mark. For example, if gaining 1,000 newsletter sign-ups is your campaign goal, you will spend the needed amount to achieve that objective.
- Percentage of Sales Revenue: You determine your budget based on a percentage of your sales, after expenses. This brings flexibility into your budget, as dollar amounts may fluctuate greatly month-to-month.
Another important factor to consider is what your marketing campaign goal is. Not every advertising opportunity is built to produce for every kind of advertising goal. Therefore, before building out a campaign launch, it is important to analyze the strengths and weaknesses of different marketing tactics to see if they align with your desired outcome(s).
Example goals could include:
- Increased web traffic
- Greater qualified lead generation
- More new customer impressions
- Faster customer progression through the sales funnel
- Higher content engagement rates
As mentioned above, determining the right advertising opportunities largely depends on the type of budget formula and your marketing goal(s). Once those are determined, you can make a better decision as to what methods might best suit you. With that being said, we are highlighting three tactics that we believe are almost universal in use. Here are three tactics that you can use and tailor to your personal budget.
We’ve covered in our blog how email marketing has always been a cost-effective measure with a high ROI. In today’s age, email marketing has become more than a static image and some block text. Now, email marketing is a dynamic, direct advertising opportunity that gives businesses an efficient way to connect with consumers.
Email sign-ups are relatively easy to obtain due to their low barrier of entry for consumers. But in only providing an email address, businesses have the ability to reach potential leads for almost no cost — at any time. The beauty of email marketing is also found in the versatility of the platform. Now, emails can feature engaging media to increase the consumer experience and engagement rate. This allows emails to be used for news updates, sale promotions, surveys, etc. All cannabis companies should utilize the ad power behind email.
Organic Social Media (With Video)
Organic social media is another advertising tool that nearly every cannabis business is using in 2020. With practically no cost to you, organic social media quite possibly might deliver you the highest ROI of ANY other type of marketing. Social media remains a great play for any business within the industry — plant-related companies and auxiliary businesses — due to the high search volume and interest in cannabis content on platforms like Instagram.
Coupled with video content, which sees the highest rate of user engagement, reaching new potential customers and retaining your current client base is done with little cost. Producing new impressions and increasing your brand message goes hand-in-hand with organic social media content.
Due to the advertising restrictions surrounding cannabis, organic avenues have been the leaders since day one. SEO being the heavyweight champion. Running SEO campaigns for your cannabis company is not a question — it’s a must. But don’t worry, SEO remains a low-cost strategy, in which success largely depends on your knowledge and talent — not the dollar.
With good technical SEO practices/maintenance, and high-quality content production, your website can help you meet any goal you set out to hit. From more contact submissions to higher e-Commerce checkout rates, it can do it all.
Need Help Advertising Your Cannabis Company?
Elevato Marketing is a full-service digital agency specializing in cannabis advertising. With a team of experienced professionals, we are ready to help connect your products and services with the right clients. Contact us to see how together we can benefit your business!