Generating & Maintaining Cannabis Sponsorship ROI
Like any other service and retail business, cannabis companies need to grow their market share. Unfortunately, due to state regulations that strictly monitor and control their advertising efforts, cannabis companies have limited marketing options. National advertising such as Google and Facebook is unavailable to cannabis retailers, so cannabis businesses have begun turning to Cannabis Sponsorship opportunities to increase their brand’s visibility. Sponsorships are an essential alternative for cannabis companies that want to advertise their products and services and get a high return on investment. There are usually multiple sponsorship levels that can align with almost any budget. Let’s look at four key things to keep in mind when generating and maintaining sponsorship.
Sign a Contract
It never hurts to get the cannabis sponsorship in writing, ensuring you and the event you are sponsoring have clear expectations. This contract means both parties come out victorious while preventing misunderstandings and miscommunication. Negotiate the terms of your sponsorship and get every detail in writing before beginning to protect your business and your marketing investment.
Focus on the Local Market
Getting the most out of your marketing dollars means you will want to focus your time and energy on opportunities that bring in the local clientele. Sponsorship of local city and state events makes far more sense than a national exhibit with consumers outside of your market.
Pound the Pavement
One reliable approach to sponsorships is to be present yourself and make sure you are involved. Whether you choose to hand out fliers or promote your product through an attractive display, make it stand out, and don’t be afraid to mix and mingle with the crowd.
Marketing 101 stresses the need to focus on your target audience, and sponsorships are no different. Be mindful of the audience the event will attract and make sure you choose your sponsorships wisely. Just because the cost to sponsor an event is affordable doesn’t mean it’s the right move if the values of the people it attracts do not align with the values of your business, it could be a wasted effort.
Plan Your Own Event
If you want to make sure your sponsorship delivers, plan your own event and be the lead sponsor. Organizing an event yourself means you can cater to the crowd you want and incorporate music, food, and entertainment to match your brand. Taking control of the event ensures it’s what you envisioned and will likely give you the best return.
Regardless of where you choose to market yourself and which sponsorships you select to boost your brand’s visibility, you’ll want to be proactive about compliance with all state and federal regulations. Protecting your company and your product cannot be overstated. Partner with a professional cannabis insurance company that knows the industry and can make sure you have all the coverage you need.
About CannGen Insurance Services
For more information about our comprehensive insurance solutions for the cannabis, CBD, and hemp industries, please visit our website at www.canngenins.com or email firstname.lastname@example.org.