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There is a global shift in our consumer economy. Your customers expect more and relate to socially responsible companies that offer sustainable products. Naturally sourced, providing better livelihoods and culture of prosperity for the people growing and producing the resources, making a measurable impact in the world.
Enter the cannabis revolution. Rollingstone Magazine reports “It’s not a matter of IF its a matter of WHEN...politicians are eager to bring order to the new marijuana reality.” This emerging multi-billion-dollar industry is still in its infancy. From Medical Marijuana to Industrial Hemp, the growing political support and related policy change are opening the doors of opportunity. With the Canadian legalization of recreational use and agricultural development open for business in the USA, the potential is almost limitless and trickles down to production and the development of ancillary services to support this global industry.
A budding entrepreneur is limited only by their imagination. The hemp industry alone offers an ever-increasing number of products from textiles to industrial use, food grade, and medical quality consumable products and everything in between.
If you have an established business and are introducing a cannabis-related product, or perhaps you are in the planning stages of a new business venture, here are three verticals worth exploring to bring value to your customers and add revenue streams to grow and scale your business.
These verticals embrace customer experience strategies, integrate your brand into your customers daily life, and help you leverage the internet and influencer marketing trends.
Digital Customer Loyalty / Reward Programs
From a shop local perspective, you can leverage the power of local search on the internet to provide promotion for your customers to redeem locally in your store. According to researchers at Wharton and Goethe University, referred customers are more loyal with a 16% longer lifetime value for your brand. Inject reward into genuine family and friend referrals, encourages customers to spread the good word!
With Canadian restrictions on advertising for the promotion of cannabis a slippery slope, being found online can be tricky but it can be done. Growing your business through customer loyalty programs, local optimization is a great way to get online exposure and local traffic. There are affordable, user-friendly tools and platforms available that do the heavy lifting for you if you are ready to set up some local reach and rewards systems.
Subscription service is not a new concept, it has arguably been re-branded and brought to new life through technology and infrastructure developments. Consider that subscription service goes back to the time of catalog ordering for monthly supplies the family needed.
Everything from daily essentials to specialty products can be found in a subscription service. You gain returning customers, your product reach is limited only by where you ship to, grow your customer base exponentially outside your local market. Not to mention it's an ideal way to increase the valuation of your business with projected revenues from paying subscribers.
Your cannabis-related products from soaps to pet essentials, wellness food supplements to skin care, any of the consumable products you provide should be available on a regular schedule that fits your customers' needs.
Planning and logistics are the foundation of a successful subscription service, using a platform that can handle everything from A-Z in a cloud-based environment will ensure your customer experience is on track from beginning to after purchase care.
Affiliate Marketing Program
Leverage the valuable word-of-mouth advertising that comes from product recommendations. This provides you a platform for online marketers, lifestyle bloggers an influencer marketing. Referrals by people we know like and trust with an affiliate marketing program will create a win/win for the supplier/affiliate/end consumer.
Limiting risk makes this marketing strategy very appealing. With some time invested in setting up your program with an affordable management platform, you only pay out when results are delivered. Your partnership with your affiliates is simply compensating them (referral fee or commission) for sending buyers who complete purchases at your online store.
Developing creative to help your affiliate with promotion ensures your message is following your brand guidelines. A quality system with support for a potentially unlimited team of affiliates can help you attract the right professional marketers, as well as casual lifestyle bloggers. There are several cloud-based platforms for affiliate programs and some that are specializing in the cannabis industry.
You have taken the leap into the Cannabis revolution and provide products or services directly related or ancillary to the industry. As an established company, it’s time to explore more revenue streams and this post covered some of the highest trending options that drive results.
3 Top Trending Verticals:
With could-based support platforms available to launch any of these, a Professional Virtual Assistant can help you with the various research and deployment stages of expanding into one of these revenue-generating verticals.
It is worth noting, these verticals can be applied to any consumer brands and a host of services, not exclusive to the cannabis/hemp industry. Some of the hottest and most lucrative business trends are products and services related to health and wellness, kids and pets! If you are looking for some inspiration, check out my Premium Domain Branding Kits, or ask me about customizing to meet your needs.
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