Brand partnerships can make or break a canna-company’s growth. Cannabis is an extremely competitive industry, which means it’s often challenging for new brands to emerge and stand out from the crowd. Partnering or collaborating with other established brands is one way new brands can gain a competitive advantage. Collaborating with other brands helps reach new customers, gain exposure, and save money on marketing efforts. Learn the benefits of brand partnerships in cannabis marketing and share examples of successful partnerships in the industry.
What are “brand partnerships” in a cannabis marketing?
Brand partnerships involve two or more companies collaborating on a marketing initiative or campaign. The goal is to leverage each other’s brand equity, expertise, and audience to achieve mutual benefits. Brand partnerships can take various forms, including co-branded products, joint events, and cross-promotions.
Call it branding “piggy back”, call it a collab – either way, brand partnerships are an excellent way for new or growing brands to gain exposure to new audiences and reach new customers, often for less ad budget than it would take to reach the audience elsewhere.
Benefits of brand partnerships in cannabis marketing
Increased brand exposure
Brand partnerships provide an opportunity for businesses to reach a wider audience. When two brands collaborate on a marketing initiative, they combine their customer bases, expanding their reach beyond their existing markets. This increased exposure can help businesses build brand awareness, drive traffic to their websites or stores, and generate leads.
Access to new customer segments
Partnering with another brand can also help businesses tap into new customer segments. For example, if a cannabis brand partners with a wellness brand, they can reach a new audience of health-conscious consumers who may not have considered cannabis products before. This can help businesses diversify their customer base and reach new markets.
Cost savings
Marketing can be expensive, and cannabis businesses often face additional challenges due to advertising restrictions. Partnering with another brand can help businesses save money on marketing initiatives. By splitting the costs of a campaign, businesses can create more significant impact and reach a broader audience with their marketing efforts.
Examples of successful brand partnerships in cannabis marketing
MedMen and Papa & Barkley
In 2019, MedMen and Papa & Barkley announced a partnership to distribute Papa & Barkley’s cannabis-infused wellness products through MedMen’s retail locations. The partnership gave Papa & Barkley access to MedMen’s extensive retail network, while MedMen was able to expand its product offerings to include high-quality wellness products.
PAX and The Lab
PAX, a leading vaporizer manufacturer, partnered with The Lab, a cannabis concentrate producer, to launch a co-branded line of vaporizer cartridges. The partnership allowed PAX to expand its product line while giving The Lab access to a broader audience of cannabis consumers.
Factors to consider when choosing a brand partner
Brand values and reputation
When choosing a brand partner, it’s essential to consider their values and reputation. Partnering with a brand that shares similar values and has a positive reputation can help businesses build trust and credibility with their customers.
Complementary products or services
Partnering with a brand that offers complementary products or services can help businesses create a more holistic customer experience. For example, a cannabis brand may partner with a company that offers accessories or a delivery service to provide a more comprehensive product offering to customers.
Target audience
Finally, it’s essential to consider the target audience when choosing a brand partner. Partnering with a brand that targets a similar audience can help businesses reach customers who are likely to be interested in their products or services.
Brand Partnerships Facilitate Growth
Brand partnerships can be a powerful tool for cannabis brands looking to gain a competitive advantage in the industry, offering a range of benefits to both parties involved, including expanded reach, increased credibility, and the potential for increased revenue.
By partnering with other brands that share similar values and target audiences, cannabis companies can create powerful marketing campaigns that resonate with their customers and help them stand out in a crowded market.
However, remember that it’s important to approach brand partnerships with care and consideration. Companies should take the time to research potential partners and ensure that their values align before moving forward with any collaboration. By doing so, they can build strong and long-lasting relationships that benefit both parties.
At MedMarketers, we understand the importance of effective branding and marketing in the cannabis industry. That’s why we offer a range of services designed to help cannabis companies grow their businesses and reach new customers. Whether you’re looking to develop a new brand strategy, create engaging content, or improve your online presence, we’re here to help.
