Brand strategy plays a critical role in the success and profitability of a hemp company. You might think that branding is only about looking good, or that it’s just about your logo and colors, but it’s not.
After working in the hemp industry for almost two decades, specifically in the fields of branding and marketing, I’ve had the first-hand experience of seeing the power and effectiveness of brand strategy in my own hemp companies, and our clients.
So to keep this as brief as possible, and express to you the importance of brand strategy for your hemp business, let’s jump right in.
And if you are struggling with your branding, or marketing and want to start getting the traffic, leads and sales you deserve then let’s chat, we can help you grow your business using the branding principles and marketing strategies that have worked for many other hemp companies.
Here are 17 ways in which an effective brand strategy can help a hemp company increase its revenue:
1. Differentiation in the Market:
Stand out in a crowded market.
Highlight your unique selling proposition (USP) and set your hemp products apart from competitors.
When it comes to the hemp industry, standing out in a crowded market is crucial for the success and profitability of companies.
By effectively highlighting unique selling propositions (USPs), hemp businesses can differentiate themselves from competitors and attract a loyal customer base.
This, in turn, directly contributes to their ability to make money and thrive in the industry. In a market saturated with hemp products, having a strong brand strategy is key.
It allows companies to communicate their USPs clearly and effectively, giving potential customers a reason to choose their products over others.
Whether it’s the quality of their hemp, sustainable production methods, or innovative product formulations, emphasizing these unique aspects helps build trust and credibility with consumers.
Additionally, a well-defined brand strategy helps create brand recognition and recall among target audiences.
When customers can easily identify and remember a hemp company based on its distinctive Unique Selling Proposition, they are more likely to make repeat purchases and recommend the brand to others.
This word-of-mouth marketing can significantly boost sales and revenue for hemp your business.
Furthermore, a solid brand strategy enables hemp companies to position themselves as experts in the industry.
By consistently delivering on their unique selling propositions, such as providing educational resources on the benefits of hemp or offering personalized customer support, companies can establish themselves as trusted authorities.
This reputation not only attracts more customers but also opens up opportunities for partnerships and collaborations that can amplify their reach and revenue potential.
By leveraging a strong brand strategy, your hemp businesses can be set apart from competitors, attract a loyal customer base, and ultimately increase your chances of making money in this ever-growing hemp industry.
2. Target Audience Precision:
Identify and appeal to your ideal customer.
Tailoring marketing to resonate with a specific demographic increases conversion rates, and therefore can boost profitibilty.
When you can deeply understand your customers, their needs, their desires, and hopes and dreams, you can speak to their core.
As Simon Sinek said, “people don’t buy what you do, they buy why you do it.”
So having an engaging story behind your product or service give people a bigger more personal reason to buy your stuff.
3. Brand Loyalty:
Cultivate a strong brand identity.
Loyal customers are more likely to make repeat purchases and recommend your products to their friends, family and colleagues.
When you are more memorable, and consistent with your appearnce and tone of voice, you become trustworthy.
So consistency leads to trust and trust leads to loyalty. Be consistent with your brand message and brand appearance and you will become more memorable, making it easy for people to think of you when it comes to making a buying decision.
4. Pricing Power:
A strong brand can command higher prices.
Premium branding justifies premium pricing. And when you are positioned as the best choice, you can ask for higher prices.
Especially if you’re claiming higher quality ingredients, or more experience than your competitors.
5. Streamlined Marketing:
A clear brand strategy focuses your marketing efforts, making them more efficient and cost-effective.
Don’t waste time trying a bunch of different messages on a bunch of different audiences.
Learn about your customers and discover exactly what to say to push the right triggers to get people to buy your hemp products.
Marketing is all about being at the right place, at the right time, in front of the right audience.
Branding is all about what people think and feel when they think about your company and buy your hemp goods.
Branding is about experience. Marketing is about value exchange and solving a problem for people with your solution, aka your hemp product or service.
6. Increased Credibility:
Again, a professional, cohesive brand builds trust.
Trust translates to consumer confidence and higher sales.
Ways to get across your credibility:
- Display any certifications you or your products have.
- Show people using your products.
- Share educational content on the topic your products are around.
- Create valuable content: ebooks, blog posts, videos, etc…
- Get in front of other people’s audiences, speak on stages, on podcasts, and get interviews from other experts to use their credibility.
7. Strategic Partnerships:
Attract beneficial collaborations.
A strong brand can leverage partnerships for mutual growth and expanded market reach. Another name for this is the power of influencers.
Find people in your niche or a related niche that has a loyal following and use their authority to piggyback off.
8. Market Adaptability:
Stay relevant and responsive.
A well-defined brand can pivot effectively in response to market changes.
This is done by listening to your audience and knowing what matters to them.
You can either position your products to specifically help them solve their problems, or develop new products that do the same.
Then they know you are a reliable choice when they need you, so they keep coming back and share you with their friends.
9. Employee Engagement:
Align your team with a common brand mission.
Engaged employees often lead to higher productivity and sales.
When people believe in what they are doing and have a deeper purpose in their work, they will go above and beyond to serve your company and customer.
Brand strategy incorporates getting clear about your, vision, mission and values which can create alignment for your team, so you are all heading in the same direction, and everyone gets the most out of the experience – most importantly your customers.
10. Investor Interest:
Attract investors.
A solid brand strategy indicates a well-thought-out business plan, increasing investor confidence.
In fact, many brands are extremely valuable because of their memorability and recognition among their customer base.
The value of a company goes up the more clear the branding and brand strategy is.
So if you ever want to sell your company one day, building your brand strategy is essential to increasing the overall value of your business.
11. Clear Communication of Values & Mission:
A well-defined brand strategy communicates the company’s values and mission effectively, which as mentioned, aligns your team, but also portrays to your customers that there is a deeper more meaningful reason you are in business.
Not just to sell products, but to make a real difference in the world and in people’s lives.
This resonates with customers who share similar values, especially in the hemp industry where sustainability and natural products are often important to consumers.
People buy from other people who are like them, and value the same things as them. So wear your values on your sleeve, and let the world know what matters to you, and attract the people who resonate with you.
12. Targeting the Right Audience:
A focused brand strategy helps in identifying and targeting the right audience.
Understanding the specific needs and preferences of this audience means that marketing efforts are more likely to result in sales.
When you get in front of the right people, who have a problem your product solves, and you can let them know why you’re a better choice than the competition, and you speak their language, your products will practically sell themselves.
13. Enhanced Online Presence
In today’s digital age, a strong online brand presence is crucial.
Effective branding across digital platforms improves visibility and can attract more traffic to the company’s website, leading to increased sales.
With all the noise, ads and marketing messages people encounter each day, it’s vital for you to stand out and be heard. Be remembered and be known.
On average a person has to have at least 7-11 interactions with a brand before they decide to do business with them.
So the more places you show up online, and the more consistent you are with your messaging, the quicker and easier it will be for your ideal customers to make that buying decision to work with you.
14. Effective Marketing Campaigns:
A clear brand strategy guides marketing efforts, ensuring they are coherent, targeted, and more likely to convert prospects into customers.
Your brand strategy comes first, then you can launch specific marketing campaigns with targeted Key Performance Indicators (KPIs) that will help you determine your success.
But in order for any marketing campaign to work your brand strategy has to be clear, focused and consistent.
15. Higher Perceived Value:
Strong branding can create a perception of higher quality or premium status.
Customers are often willing to pay more for products from a brand they perceive as superior or aligned with their lifestyle.
Just think of Apple, BMW, Patagonia. These brands can charge higher prices because their brand strategy allows them to.
16. Leveraging Brand Advocates:
Satisfied customers can become brand advocates.
Word-of-mouth marketing and social proof, fueled by a strong brand, can lead to organic growth and increased sales without proportional increases in marketing costs.
Having a clear brand strategy leads to cohesive messaging which allows your customers to more easily share who you are what you do, and why people should choose you over the competition.
Make it easy for your brand advocates to spread the word about you.
17. Facilitates Expansion into New Markets
A strong, well-recognized brand can leverage its existing reputation to introduce new products or enter different geographic or demographic markets more easily.
This expansion often leads to an increased customer base and, consequently, higher revenue streams.
Customers who trust and value a brand are more likely to try new products offered by that brand, reducing the risk and cost associated with market expansion efforts.
Final Thoughts on Growing Your Hemp Sales with Brand Strategy
Each point focuses on how brand strategy isn’t just about image – it’s a pivotal part of driving revenue and growth in the competitive hemp market.
And if you’re struggling to clarify your messaging, find the right customers or position your hemp brand as the go to solution for your ideal customers, then we’d love to help.
Schedule a Complimentary Discovery Call with a hemp expert now to learn what you can do to design a winning Brand Strategy to grow you hemp company, get more sales and increase the overall value of your brand.
