Growth marketing is a powerful strategy to retain an existing customer base and attract new clients. Find out how this data-informed approach to marketing can help you understand your cannabis clients and keep them for as long as possible.
Most industries struggle to acquire new customers to expand their businesses. However, it’s particularly challenging for the cannabis industry. Besides the intense competition, state laws and the algorithms of social media platforms tend to limit cannabis marketing strategies.
It’s more difficult for cannabis companies to reach their target audience due to a restricted channel to promote their brand and products online. So given these marketing hurdles, how can you earn new and returning clients for your cannabis business?
What Is Growth Marketing and Its Key Components?
It is a long-term strategic approach that aims to boost a company’s revenue by enhancing customer retention and loyalty. Its efforts mainly target high-quality leads, foster relationships, and turn them into loyal customers.
Unlike traditional marketing, it doesn’t only concentrate on increasing brand awareness and customer acquisition. Instead, it covers the entire marketing funnel, from the prospect’s first contact with your business until they become loyal customers or brand advocates.
It’s worth highlighting that growth marketers prioritize methods that increase customer loyalty and keep existing customers for as long as possible instead of merely acquiring new ones. Moreover, the details of your marketing efforts will vary depending on the outcomes you want.
But regardless of the specific goals, data and reliable feedback will be crucial components at every stage of marketing. Growth marketing has various forms and tactics, including launching paid advertising campaigns and search-engine-optimized content.
However, you must first understand its key components to develop a successful strategy.
A/B testing is a core practice of this kind of marketing technique, and it’s where marketers compare two variations of a website or marketing campaign and monitor the outcomes. By testing or experimenting with different elements, you can make data-driven decisions and see which marketing tactics will perform better.
It involves developing a strategic plan that combines various marketing channels to reach your potential cannabis clients. The main goal is to create a unified customer journey across multiple channels, including email marketing, SMS messaging, social media, direct mail, and other mediums based on your target audience’s preferences.
Customer feedback is also essential to implementing a solid growth marketing strategy. It enables you to gather valuable data and create more avenues for engaging with your target audience. By soliciting feedback from the customer, your company can make a better-informed decision on how to update a product, develop a new feature, and improve its experience.
Responsiveness and Flexibility
It is essential to be flexible and responsive in today’s business landscape. As the business wants to achieve and scale up, it is crucial to constantly adapt to varying market conditions. You should be able to respond quickly to trends or competitors’ activities. And this will enable your business to keep up, sustain growth, and evolve in the marketplace.
The responsiveness and flexibility of marketing for growth are essential in today’s dynamic business landscape. It focuses on achieving rapid and scalable growth by constantly adapting to changing market conditions, consumer trends, and competitor activities.
5 Growth Marketing Strategies to Get New Cannabis Clients
The foundation of marketing for growth is addressing the client’s needs at every stage of the marketing funnel. And to implement this, it’s crucial to have a well-executed plan of action. Crafting a strategy can feel overwhelming at first.
But now that you know its core components, you can utilize each one to build an effective system that leads to your ultimate marketing goal. Align with the company’s goals and vision and follow the basic strategies that growth marketers typically use.
You can also use these strategies to acquire new clients for your cannabis company.
1. Customer Referral Program
It is a word-of-mouth marketing method that encourages the participation of existing customers targeting new or prospective ones like families, friends, etc., and telling them about the brand or the cannabis product. In turn, the targeted customers share the same with others.
The customer referral program encourages the customer to share about the product because the business promotes rewards systems like giving them gift cards, e-commerce points, discounts, incentives, etc. when the referred customers make their first purchase.
2. Email Marketing
Email marketing as a growth marketing strategy is a real-time behavioral trigger. You can build a subscriber list and send emails to get leads and promote products. It sends email messages right when customers are interested in your product or have interactions with the brand.
For example, a follow-up email can be sent outright if a customer gets interested and views ads about the product.
3. Content Marketing
Content marketing attracts audiences or provides them with relevant product information through videos, podcasts, articles, or blog posts on any appropriate media platform. This marketing strategy attracts, engages, and retains customers to promote brand awareness.
And this market development strategy is done through credible information in your content, keeping your product in mind every time a customer buys.
4. Retargeting Campaigns
In retargeting campaigns, only 2% convert the engagement on the first visit, and the remaining 98% can be on the 2nd, 3rd, or 4th engagement. If you notice that most of your website visitors have yet to convert, you need to do a retargeting campaign on them.
That further means that you have a 70% success rate of conversion on retargeted audiences or prospective buyers.
5. Mobile Marketing
Mobile marketing strategy is an activity that reaches customer segments through smartphones or any mobile device through mobile ads, push notifications, marketing emails, or advertisements.
Some of the advantages of it are a global audience, flexibility and opportunity to reach multiple channels, accessibility, and personalized information. It also has the potential to go viral because the content is easily shared with viewers.
Team Up With a Credible Growth Marketing Agency
Like any other business, the long-term survival of a cannabis business depends on its growth. Typically, all brands aspire to grow their businesses, yet many lack the knowledge and skills to do it.
Effective marketing strategy is the key to obtaining sustainable growth from start to finish. But since it involves complex strategizing, it also requires the right expertise to yield actual and meaningful outcomes now and into the future.