7 Points of Research & Evaluation for Cannabis Infused Product Brands
Selling cannabis infused products in the modern era is a big business game. Infused edible and topical brands must remain extremely current on the state of the industry in order to keep providing a viable product. Below are our key points to note when researching and re-evaluating your cannabis brand.
Your Competitor’s Branding
Looking at your competitors is how you figure out what you do and don’t want your brand to become. Pick apart their colors, branding, messaging, product design and packaging and decide how you will improve upon them. There’s absolutely no point in putting out a new product if it’s not going to be head and shoulders above its predecessor!
Quality Sourcing
No matter what type of infused product you want to make, in this economy, ingredients are king. Cannabis consumers are among the world’s most health-conscious emerging demographics. That means they expect everything to be healthy, natural and on-point as possible – from the cannabis you extracted from, to the base and inactive ingredients that provide the ancillary user experience. In other words, few will want to buy a high fructose corn syrup-based cannabis beverage made with “trim run” concentrate, so source smart.
Consumer Taste Trends
Think everyone likes sweets? Think again. Infused product brands that do well in the cannabis world are those that think outside the box and cater to eccentric or trendy tastes. Salty and savory brands are popping up with great success to counter the sugary cookies and brownies of old. Canna-butter is going by the wayside in favor of healthier cold-pressed infused coconut or olive oils. Time for you to find your product’s true niche in this market, rather than continue in the old way of thinking.
Dosage Demographics
Not every cannabis consumer wants a 100mg THC brownie – and realizing that is the first step to success on your infused product branding journey. When developing and new product or re-evaluating an existing one, it’s ideal to land your dosage somewhere in between your competitors. For example, if there are only a few cookies on the market and they are 25mg, 100mg, and 250mg respectively, then you should set out to create a 40mg version to offer consumers a unique and different option.
Product & Package Design
How many of your products can fit on a shelf? What does your packaging look like next to your competitor, or in a magazine spread? Does your labeling material or pigment scratch off easily? Would you rather be known as the eco-friendly tight packager, or provide luxurious box-and-padding to house your product? All of these are questions you should ask yourself as retail models and consumer desires in the cannabis industry change.
Retailer Choice
One big part of infused product branding that many entrepreneurs neglect, is where the products are sold. If you have a luxury or high-end cannabis product, do you really want it on the shelves at a “mom and pop” shop in the industrial part of town? Rather, find dispensaries and delivery services who ascribe to the same values that you do. Developing these retailer relationships early on will bring long-term success, much better than short-term sales, and will keep you exposed to the same general customer demographics for years to come.
Brand & Voice
You can bet that your product will attract fans as soon as it hits dispensary shelves. Part of developing an infused product brand is to form a distinct personality and voice for the company. That means deciding which age groups and lifestyles you’re going after. Once you’ve decided, you’ll be able to respond to comments and feedback in a professional manner, while building trust with your social media audience. Plus, you can naturally evolve this personality over the years as your target customers and products change.
