In only a few short years, the cannabis industry has proven to be one of the fastest-growing and most profitable sectors in the country. Over two decades after California legalized medical cannabis, the marijuana industry has grown to a behemoth sector worth billions of dollars.
The industry has sold billions’ worth of cannabis products, filled state coffers with billions of dollars in taxes and created hundreds of thousands of new employment opportunities.
This landscape of constant growth and runaway profits attracted entrepreneurs from all over the country who were itching to gain a portion of the extremely lucrative cannabis market for themselves. However, this quickly resulted in an oversaturation of supply as more sellers jumped into the mix, crowding the market. It can be quite difficult to stand out in such an oversaturated market, especially if your business is located in a region such as Michigan, which has no statewide cap on the number of marijuana business licenses.
Data suggests that businesses that focus on brand health rather than sales have a better chance of long-term success. While some cannabis markets believe that branding still doesn’t matter in the cannabis sector, others are pouring all of their energies into creating brand awareness for their products.
In recent years, cannabis markets have taken to advertisements (as much as their home states allow), sponsor events, and even enlist celebrity brand managers to increase awareness of their products.
Others have adopted fun and quirky product designs to stand out on the shelves, targeted specific consumer segments as part of their branding, launched loyalty programs to encourage repeat customers, and created in-store campaigns to pull in new consumers or budtenders.
But even though these marketing initiatives can be costly, cannabis marketers rarely have a means of determining just how effective their marketing initiatives are. If a marketer uses several initiatives to drive sales and repeat sales, they may not know which of their marketing initiatives was responsible for boosting sales.
In such cases, tracking brand health can be a great way to determine how marketing initiatives are resonating with customers. It allows marketers to gauge how well their marketing initiatives are working both in terms of product sales and customer engagement.
Tracking brand health also helps markets to gauge customer consideration, awareness, purchase, and loyalty to each brand and gives marketers a reasonable metric on how they rank with other brands in the industry.
Furthermore, it provides clear marketing performance indicators and makes it possible for marketers to track the effectiveness of their tactics over the long term. These metrics are also helpful to firms like Advanced Container Technologies Inc. (OTC: ACTX) which are ancillary to the cannabis space.
NOTE TO INVESTORS: The latest news and updates relating to Advanced Container Technologies Inc. (OTC: ACTX) are available in the company’s newsroom at https://cnw.fm/ACTX
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CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.
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