Scanning the headlines these days, you’d think that everyone on the planet is into cannabis. And you’d be wrong.
It might seem that all you have to do is put a sign in the front window announcing “CBD SOLD HERE” or send out a catalogue with thousands of product SKUs and sales will magically happen. We’ve heard it over and over from both retailers and vendors — when asked about their target customer demographic, the answer is often, “We’re a one-stop-shop.” It’s a noble idea, and would be a lucrative one — if it were feasible. It’s a business basic expressed in the adage, “If You Try To Be Everything To Everyone, You’ll Be Nothing To No One.”
It’s impossible to build a business and market a brand in a way that serves everyone. First of all, you can’t possibly please everyone all the time and, secondly, in attempting to cover all the bases, you end up watering down your business proposition and our brand promise — you become so vague that no one knows what you are offering and why they should buy from you, and potential customers turn to other, more specific options.
So, what’s a small business owner or wholesaler/distributor to do? Get specific about your goals and really hone in on the values that you offer your customers.
Determine current brand positioning
Start by determining your brand’s current positioning. This gives you important insights into where to go next and also provides an opportunity to further analyze the competition. This can be done by segmenting and defining your target customers and understanding what makes your brand different from others in the market.
Determine your competition
Using competitor analysis, analyze your key competitors in the market. This will help you gain a better idea of who you are up against in the market and what their key strategies are. Some of the key methods you can use to determine your competition include market research, customer feedback, and through social media.
Identify your unique selling proposition
A successful brand positioning is all about communicating to customers about what makes your brand different from the others. As you examine the strengths and weaknesses of the competitors, you may notice that their weakness is your strength. You can use this as a key element in promoting your brand positioning strategy.
Create a brand positioning statement
A brand positioning statement is a comprehensive declaration that communicates your brand’s unique value to your customers. Before drafting a positioning statement, some of the questions that you must answer include — who the target customers are, what core benefits are offered by your product, and what categories of products are offered by your company.
Test your brand positioning statement
Creating a brand positioning statement is only the beginning. The real challenge lies in testing and gathering feedback on whether the positioning strategy is living up to what is expected. Gather feedback from the target customer and identify if there are any improvements that can be made to achieve the desired result.
In the end, trying to be everything to everybody is a one-way ticket to a brand that has no true meaning, a disengaged customer base and a business without a strong future. On the flip side focus, expertise and customer-specific service will create exactly what you were striving for, which is a fulfilling brand experience, highly loyal customers and a future driven by your own well thought out infinitives.