Last updated on November 5th, 2020
Cannabis is becoming legal in more and more countries. The industry is growing exponentially and there’s the huge potential to start a cannabis business (cannabusiness) as well as make profits. This is the right time you can invest in the Cannabis Industry. This article is specially written on the sectors of the cannabis industry you can invest and how you can plan a marketing strategy for the same.
There is no wonder in the fact that the cannabis industry is growing day by day. Cannabis is now becoming legal in many countries across the globe. Over half of the United States have legalized the use of cannabis in some recreational and medicinal form which will accelerate the cannabis industry soon.
The best thing about doing a Cannabis business is you can get a 100% ROI. And this is the reason why people are ready to pay thousands of dollars just for its license. To make it more clear let’s have a quick look at some of the important statistics.
Do You Know?
- The marijuana industry is worth approximately $16 billion globally.
- Estimation says that the Cannabis industry will reach $30 billion by 2023.
- About 90% of the Marijuana market is occupied by the US alone.
- The approximate startup cost of this industry is $775,000.
- By 2025, the estimated marijuana medical value is $100.3 billion.
- In Maryland, $100 million in sales of marijuana medical in the first year.
- The total demand of Cannabis in the US is $52.5 billion
So, do you agree you can earn huge with Cannabis Industry?
But how? Let us, deep-dive, into how you can get massive ROI in Cannabis.
How To Earn In The Cannabis Industry?
As discussed above, the marijuana industry is growing at a faster rate. So, I can say that it is the best time to start with your Cannabis business. Below given are the best ways to invest in the Cannabis industry.
Buy Cannabis Stocks
You can buy cannabis stocks. It is a long-time investment. To avoid any risk you just need to diversify your stocks. The second thing you can do is the ETF (Exchange-Traded Fund). It is specially designed for large stakeholders and ensures to give easy and stable returns.
If you’re just in a plan to invest, the above two methods can help you get a satisfied ROI.
Commercial Cannabis Operation
So tell me what’s wrong in directly going to the source? Consumers’ demand for Cannabis oil and CBD is increasing to higher rates.
You can select a company that has strong plans and ideas to explore their company. Again, you should not forget the diversification for portfolio. It even be good choice investing.
Build A Cannabis Delivery App
This is the best option I would recommend to you that is to build an app. As we know that the world is on the mode of digitization so having such investment is a smart choice to go for.
The cost to build an app for the marijuana delivery business is minimal. And it is the easiest and cost-effective way to invest and get the best ROI. The benefit you get here is, going digitize with your Cannabis business is safer than the above two.
Be A BudTender
If you are a people person and have dreamt about something like becoming Cannabis Budtender, then you can make it a reality now.
These days, everyone needs an educated and friendly retail stuff. Hence, it is an opportunity to work in the front-house of in the Cannabis industry. All you need here is a love for Cannabis and a friendly attitude to make the sales.
And the passion for being a budtender is increasing day by day among the people.
For instance, in states of the US, they have legalized recreational or medical marijuana. So the product is available with licensed dispensaries.
And as per the rules, you cannot transfer marijuana between states. Hence, look for the company that has multiple locations for their cannabis store. You can invest here. But before investing, have a look at their business plans and strategies for the present as well as future.
So, these are some of the ways you can earn in the Cannabis industry. But just by investing or having an application is not enough to get the 100% ROI. The foremost thing for any business is marketing.
Whether it is an eCommerce business, a Manufacturing business or a brick and mortar shop everyone requires marketing. Especially in this world of smartphones and the internet, marketing holds major importance.
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So to make your Cannabis business successful and earn massive ROI, we have found some of the major marketing tips you should go for.
7 Marketing Tips To Get Best Out Of Your Cannabis Industry
The main goal is to give you a perfect marketing strategy for your Cannabis business. This will help you to create brand awareness for your business and drive the right traffic.
To give you the best results we have mentioned mixed marketing tips. That means there are digital as well as traditional marketing strategies. You can opt any as per your niche Cannabis business.
01. Identify Your Customers
It is the first and foremost thing you need to do. You need to recognize your customers and then hit the target. Have a record of the various Cannabis customers you are targetting.
You Can Break Down Your Customer Target In The Way Mentioned Below:
- Users who prefer edibles,
- who only want to smoke flower,
- who wish to use CBD oil,
- will just vape but not smoke,
- looking for CBD products
This can be some of your targeted audiences, hence just break them down and target them through various mediums.
By this, you can make a more clear and better strategy for your marketing. You can segment your users to various product lists and target them accordingly.
Here Email Marketing Can Help You Effectively.
Yes, it is years old marketing but yet effective in today’s era. With email marketing, you can target your various segments and keep them up-to-date with the changes you make to the specific products.
The analysis says that there is 4.25% of the chances that users will buy something from email marketing in comparison to 2.42% from a Google search. It shows that you can target your user segments easily with email marketing.
02. Affiliate Marketing To Drive Sales
By implementing affiliate marketing to your Cannabis business you can get a decent ROI. For years, it is an effective and affordable marketing strategy.
If you’re not familiar with this term, then affiliate marketing is where you need to pay commission to an external website for the traffic generated from there referrals. By adding this affiliate marketing to your campaigns, you will have long term sales from the traffic generated by these influencers.
Another thing you can do here is hiring potential Cannabis bloggers or influencers. The main reason for it is they’ve already got a sizeable audience. Thus this can help you to increase sales. You can do the blog writing with in-house writers but then it is a time-consuming process.
All you need to do here is, list out the affiliate programs you wish to go for. And then hire the Cannabis bloggers who purely works on a commission basis.
To Actively Promote Your Affiliate Marketing, Work On The Below-Given Tips:
- Join effective affiliate networks
- Reach out the best Cannabis bloggers suited for your brand
- Buy advertising for the website popular for Marijuana users
- Select influencers who are appropriate for Cannabis
03. Advertise Your Cannabis Products On Native Advertisement Network
Yes! It is possible to advertise your Marijuana products without Google or any social media.
The platforms like TrafficRoots, Outbrain, etc. are hyper-target by Cannabis users. These platforms are specially available for modern lifestyles which even includes Cannabis. Traffic Roots help advertisers reaching their consumers with minimal efforts. They have a wide range of website networks which lets advertisers get their targeted audience.
These platforms are ready for any type of Cannabis advertising through blogs, videos, ads, etc. Hence, when you opt for such platforms you can easily get the Cannabis users. It is one of the effective ways to drive relevant traffic to your website.
04. Social Media Helps Your Cannabis Business
Whether it is a Cannabis store, a marijuana and other dispensary supply store, social media gives your relevant consumers. The fact here is that Google loves the website which has more traffic, shares and social media activities.
Henceforth, if your Cannabis content or information on marijuana is famous on any popular social media platform, there is a high chance that your content will be index by Google faster.
When your content gets shared there are “social signals” generated and Google notices it. These social signals indicate that your brand is being searched more by Cannabis users. Further, Googles takes it as a trustworthy recommendation.
This can help your website to rank and drive more traffic. It increases the visibility of your Cannabis content. Thus, you can achieve your ultimate goal of increasing ROI. Also, don’t forget to create your uniquely designed cannabis logo. It helps in brand recognition.
05. Get Your Business In Online Directories
By using local and other online directories, you can get a double benefit. There are a lot of online directories available, select all those which are suitable for your Cannabis website.
Make your company properly listed on the Cannabis-focused directories. One of the main reasons for it is, most Cannabis users are would search for a particular type of marijuana.
Another advantage here is you can increase your brand name and gain the trust of the Cannabis user. It is a key point for your marketing strategy as users these days use online directories for trustworthy sources.
And some of the online directories even provide a section for reviews. This can enhance your Cannabis brand and convince the customers to choose your brand.
By using local and online directories, your business can even improve the SEO strategy and the ranking of your website.
Online directories will help you get the backlinks for your website. Thus, directories can help you to improve your marketing strategy to a high level.Some of the online directories I recommend are Google My Business, Weedmaps, Leafy, Bing Places and many more.
06. Mobile Optimization Is Important
In 2018, 52.4% of website traffic comes through mobile phones across the globe. Hence, mobile optimization plays a major role to bring traffic to your site.
So, How You Can Achieve This?
You need to make sure that your website page is available on the Google mobile search index.
Some Of The Points You Can Note Here Are:
- Make your website mobile responsive.
- Have a google map link on the contact page of your website.
- Make sure that the contact details like mobile no, email id are clickable on your website.
- For blog article and product content use AMP pages.
07. Showcase Your Website Content With High-Quality Visuals
Providing a high-quality image for your marijuana products will make customers stay on your website and thus decrease the bounce rate. User engagement on your website will increase the SEO value for your site.
With high-quality visuals, you will observe longer visits by potential customers, and a high chance of sale the products.
Ultimately, your goal is to sell your marijuana products or Cannabis, and a high-quality image will help you for the same.
You can hire for graphic design services from platforms like Designhill who has a creative community of 150+ designers and artists specialized in creating graphics related to the Cannabis industry.
In a way, these images tell a story of your products and users would be more interested to have a look at images first rather than description.
So, high-quality visuals might be an important aspect of your Cannabis marketing strategy.
Hence, these were some of the unique marketing tips you can implement on your website. Implementing this above-mentioned point to your Cannabis business, you will get the effective results.
The Ending Thoughts
Having a startup in the Cannabis industry is a risk as well as a good opportunity to earn 100% ROI for your business.
You have various Cannabis fields to explore and invest, you can select any one of them as per your niches.
I’d recommend you to go for a digitize business rather than a local one. As we know that the world is moving towards the digitization, it is more profitable to have an online presence for your business.
So, did we covered every point or missed out on any?
Let us know your comments on the article.