In order to SURVIVE and THRIVE in the Hemp and Cannabis industries, start-up businesses must grow, and grow fast!
The global legal cannabis market size is expected to reach USD 66.3 billion by the end of 2025, and competition is going to be fierce. In order to have a share of that pie, start-up entrepreneurs will have to survive the competition.
Discounts and promotional give-away's are already circulating in an effort to attract customers. Heavily restricted and mostly banned, advertising is virtually non-existent in the industry. The "pioneers" of the industry
are forced to revert back to Organic Marketing and SEO (Search Engine Optimization). Organic Marketing is relying on an eventual customer to find you. SEO (search engine optimization) is ideally appearing on the 1st Page of Google, Bing and Yahoo based on browser keyword searches, i.e. Natural Pre Rolls.
Big Business is on the U.S. Cannabis and Hemp doorstep. Restricted from directly doing business in the U.S., Big Business has staged outside the Country through investment in foreign Cannabis and Hemp companies, i.e. Canopy Growth Corp., Aurora Cannabis, Inc., Cronos, MedReleaf Corp., Aphria, Inc. and more. Recently, there has been a HUGE "uptick" in the presence of these foreign companies on U.S. soil. Big Business now has a foot in the door, INDIRECTLY. And it's legal.
NERVOUS. You should be.
The good news for start-up entrepreneurs, at the moment, there are no "household" brand names in U.S. Hemp and Cannabis marketplace. While a few companies have emerged as leaders, they are light years away from influence of the Fortune 500 brands. Therein lies the opportunity for the savvy entrepreneur. It's a free for all, underscored with "Buyer Beware". The market is beginning to flood with good's and services, some good, some bad, some safe, some not. What is consistent is that the consumer lacks confidence or trust and as a result, the industry is slumping. Just ask someone on the street, "What is Hemp?" Would you buy something you know very little about, at premium price? Let alone consume it, I think not.
You can't buy TRUST, you have to earn it. Trust is built upon education and experience. Presently, the consumer is extremely uneducated about Hemp and Cannabis and are very reluctant to trust. It should come as no surprise, Cannabis and Hemp were illegal for years. Would you trust a drug dealer? No, but most do trust the medical profession...legal drug dealers, who have gained our trust through education and experience.
Once, fully legislated, regulated and administered, Big Business brands are going to be everywhere. With limited exception, Big Business has the U.S. consumer's blind trust. And they are betting that we will transfer this trust to new offerings of Cannabis and Hemp goods and services. It's a great bet, because we will and they know it. It's only human.
The solution, EDUCATE the consumer and earn their TRUST through a quality good or service offering. In turn, you will create a brand. There are no short cuts, at least for very long.
The Solution: Educate from the beginning and earn trust along the way while establishing a brand that the market can rely on, every time!
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