The solventless market is poised to become a prominent player in the years to come. Companies that add solventless SKUs to their product offerings now could find themselves in prime position to earn a significant profit and share of the marketplace, especially in new and emerging markets. Like a fine wine, solventless is regarded as a synonym of excellence with connoisseurs and enthusiasts alike. Thus, brands wanting to profit from the current demand will need to know how to market, promote and brand themselves effectively.
The market is already booming. Data from Cannabis Business Times found that concentrates sales increased by 114% from 2015 to 2017 and is estimated to be worth a total of $13.78 billion by 2026. Strategies should be aligned to understand why concentrates are taking over the market and how it can be part of the action. Anyone looking to step up their game will need to adapt smartly to remain relevant among consumers, and having a cohesive, consistent brand presence is one of the best ways to generate relevancy.
Key Trends to Watch For
According to MjBiz 2019 Factbook, current trends indicate that concentrates are swiftly gaining ground. What was considered a dominant flower market with a 62.2% market share in 2019, has fallen to 49.5% in just a few years. This trend shows the growing demand for various products under the concentrates umbrella, with a 57% market share. Companies offering more SKUs are often profiting. The Factbook found that a staggering 83% of companies making 11-15 unique processed SKUs reported profitability already, whereas 60% of companies providing seven to 10 SKUs reported being profitable. Having a plan in place to produce, market, and deliver at least 11 SKUs is seemingly essential in the concentrate and infused product space.
Biggest Takeaways for Brands Interested in Solventless
Today’s market consists of a wide range of consumers, and for that reason, quality alone is not enough for marketing your cannabis business. If your cannabis extraction or processing operation is not producing solventless products, it could struggle to be perceived as a serious brand. The success behind branding your cannabis business will depend on how quickly you step up your extraction marketing game and how you deliver to your broad range of consumers.
Successfully Marketing Your Cannabis Extraction Business
The right insights can determine your marketing plan and business success. Consider the following to get on top of your game:
Invest in Creative Talent
- Between financial planning and assuring strategies to translate into sales, some might forget the power of creativity. Brands thrive on being remembered by consumers. If you can’t convey your message properly, you won’t be able to succeed.
- Invest in great graphic design and creative talent to stand out. It’s apparent which companies do and don’t. The actual cost of poor design and brand aesthetics has on your sales far outweighs the price tag that high quality creative work demands.
- Give your creative talent clear goals. Having a cohesive brand guide, consistent visual themes and attractive packaging are all crucial.
- If you’re a new company and don’t have a style guide or brand identity just yet, consider finding creative talent with expertise in helping early-stage brands establish an identity both in stores and online. They are experts at bringing your vision to life.
Tell Your Brand Story
- A compelling brand story should tell the public about the brand. A brand story is where you communicate the company’s origin, what’s essential to it, and how you demonstrate these views and values to your audience.
- When defining your brand story, choose your focus. Some focus on a lifestyle, aiming to connect the consumer’s way of life through its overall appeal, from product packaging to merchandise. Lifestyle brands often focus on their location or a “vibe” of sorts that customers can connect with and share with their circle.
- Another option companies use to tell its story is milestones, including awards won, strains cultivated, IP, and other similar standout traits.
- When deciding, be creative and convey your story precisely and concisely, making people want to know more about it and the products.
Educate the Market
- Teach your customers about solventless, rosin and all things hash. A large number of the general public is still not familiar with solventless products, if you’re producing them.
- Your brand’s uniqueness won’t mean anything if your market doesn’t know what it is. Use easy to understand information to expand your brand awareness.
- An educated client is a potential brand ambassador. Their knowledge and understanding of the product promote word of mouth.
- You can quickly draw a larger, more engaged audience by taking the time to dig into your product’s details. A great example is 710 Labs, who create deeply informative posts about hash, solventless and much more.
- Keep in mind that most consumers love to be educated. There is a nearly bottomless appetite for information about strains, solventless products and why they are great. Take the opportunity to teach your viewers.
Use Your Website to Be Its Own Education Source
- People like to do their homework on companies. Give them something they want to share with the public so you can extend your reach and engagement.
- Invest in and have an informative, well-designed website. Hire a capable developer and other needed skilled workers if your business doesn’t have an in-house option. Your site should showcase your products, methods, strains you produce and as much detail as you can offer.
- Premium solventless products sell themselves pretty well after they’ve been bought the first time. To encourage getting new consumers over the price point, investing in macro photography and high-quality media is vital.
- Also, make sure the site is user friendly! People will skip even the most useful website if it doesn’t load properly, has safety issues or any other shortcomings that often give websites a lousy reputation.
Avoid Social Media Drama
As amazing as it is to express our feelings online, we often will find people who disagree with us. Avoid being combative on your social media feed to minimize any such interactions. You may want to consider avoiding hot button issues unless it is something your brand is ready to discuss and support online extensively.
Don’t Let the Trolls Get to You
While avoiding trolls is OK, taking a stand does show the public where your company’s values align. As such, many more companies have become vocal on such issues as of late. If your company decides to do so, make sure it is a genuine effort and not a copy/paste social media post or press release. These efforts often backfire, as they are seen as transparent efforts by a company trying to gain attention or earn public favor.
Don’t Be Inconsistent
You can have all kinds of different colors, package types, and so on, but your visual consistency is just as important as your product. You need consistent packaging and products for consumers to identify with your brand positively. Use your brand guide and create a content strategy to follow consistency through all your platforms. Keep track of how your audience reacts and how the content impacts your success.
That said, it’s good to try new ideas from time to time. Just be mindful of your testing and how it could affect your audience. Try to do tests in-house before going public whenever possible. The bottom line is that a customer should be able to immediately know that when they see your products or advertisements, regardless of where, they should be able to tell it is your brand instantly.
Don’t Expect High-Quality Solventless to Sell Itself Off the Shelves Instantly
We appreciate and understand the power of a fantastic solventless product. However, that doesn’t guarantee immediate sales. It takes time to build up a loyal customer base, and one way to do that is to have great packaging, a stellar website and a great looking brand overall. Now more than ever, it should not be taken lightly what you create, how you share it, and how your audience perceives it.
It’s Time to Go Solventless
Solventless products are taking over the cannabis market. What was considered a very niche-segment for cannabis connoisseurs is now attracting every type of consumer. Being able to provide several SKUs is essential to ensure your business success. Only those who quickly adapt solventless options in their portfolio will be able to profit from this trend. In addition to a great product, you need a strong brand strategy and marketing plan to get your business positioned.
It is essential to brand your company correctly from the beginning. Doing so will help you reach your audience, ideally gaining a share of the market. We know marketing is difficult and is not nearly as easy as some assume it to be. Nevertheless, it is a crucial element to ensure steady growth. The PureCannalabs team of experts can help companies with their market, regardless of their stage of development, so reach out today if you’re looking for help!