Marketing Strategies for Cannabis Seeds Company
A marketing strategy is a plan of action aimed at developing a business. It defines the results that the company wants to achieve with the help of marketing tools. The strategy is chosen based on the goals and the maximum possible efficiency that it will bring to the company both in the short and long term. In this article. We will highlight the important functional marketing strategies for the cannabis seeds company.
MjSEO company offers services of SEO for cannabis seeds. MjSEO company defines fundamental strategies that determine the growth and development of the cannabis seeds company. Their types are:
- specialization — occupation of leadership in a narrow niche;
- differentiation — the strategy of differentiated marketing involves endowing the product with properties that competitive products do not have;
- price leadership – providing the lowest possible price by optimizing production costs.
This is the development of a marketing strategy for an enterprise about competitors. Weed SEO experts offer to follow such strategies:
- leadership — strengthening positions, searching for a new target audience;
- expansion of market capacity — used with little competition: search for new customers, promotion of the product;
- defense — needed in a highly competitive market where it is necessary to protect the position of the company;
- offensive — used at the stage of opening a new market, shows good results against competitors that imitate market leadership;
- demarketing — companies resort to it when it is necessary to reduce market share: they increase prices, reduce the range, diversify into another market;
- challenge — an attack on the weaknesses of the leader to take his place;
- following the leader — eliminates attacks on competitors, follows the strategies of market leaders;
- niche — focusing only on those segments that the market leader does not work with.
This is the development of business in the global market and its physical expansion:
- internationalization — entering and developing new markets;
- globalization — standardization of goods at all enterprises, regardless of the country where the company is located;
- cooperation — a market strategy for mutually beneficial cooperation with other companies;
- segmentation — expanding the client base through the production of goods for different market segments;
- diversification — expansion of the product line, and services.
These marketing strategies are applicable when the cannabis seeds company is not experiencing difficulties with survival and does not need to be stabilized:
- market penetration — the most intensive use of company resources to search for new markets, and create new products;
- integrative growth — acquisition or partnership with other companies for joint business development;
- diversification — if the company does not develop with the product being sold, the emphasis is on the production of a new product.
Let’s take a step-by-step look at how to prepare a marketing plan for a cannabis seeds company.
The first stage consists of market and competitor analysis. This is necessary to understand whether the market needs the cannabis seeds, and what place competitors occupy in the market. To resolve these issues, you can:
- track the movement of the market;
- apply to consulting and audit firms;
- conduct or buy research.
The second stage is an assessment of the current state of the company:
- The mission of the company — its definition is important for both customers and employees of the company. They should have an understanding of why a particular brand is needed, and what benefits it brings.
- Who is the consumer — a portrait of the target customer. If the company has been on the market for a long time, significant characters can be identified — these are those who bring the main profit. Marketing activities should be focused primarily on this segment.
- Specific cannabis product (seeds) — how does the product solve the problems of the consumer, and what is the unique selling proposition.
- How sales are organized — how the client goes from acquaintance with the brand to purchase and re-purchase, where touches occur and what channels are used for communication. To do this, compiling and regularly updating a customer journey map is useful.
Answering these questions will help:
- Assess the state of the company — for this, you can apply a SWOT analysis that takes into account the strengths and weaknesses of the product/company, as well as potential opportunities and threats.
- Define positioning — for proper positioning, you need information about what you do, for whom you do it, and what is your competitive advantage.
The third stage is the development of a development plan, it involves:
- Goal Setting – The goals of the marketing campaign should be aligned with the mission of the company and the overall brand goals.
- Determination of market segments — the strategy of promoting a product to the market includes the choice of time and method of entering the target segments.
- Action planning — instructions on how to launch advertising campaigns, what to broadcast in them, to whom to address, and through what to communicate.
- Definition of performers — a clear description of the responsibilities of each employee of the marketing department: who is responsible for what tasks and channels, what KPIs.
The fourth stage is control:
- Evaluate the effectiveness of each campaign to highlight the most successful ones and follow them.
- Tracking changes in the market and adjusting the product promotion strategy.
- Monitor customer feedback.
Thus, the marketing strategy of a cannabis seeds enterprise is a chain of actions: market and competitor analysis → positioning → creating a marketing plan taking into account goals → dividing goals into stages and defining KPIs → control and adjustment.