Mexico is soon to join Canada and several large U.S. states in passing their own national medical cannabis legislation. It’s very likely that within five years, cannabis will be legalized across all of North America and with it so too will come a number of businesses all looking to capitalize on the growing cannabis and edibles markets. Times, they are certainly a’changing and for those entrepreneurs and passionate chefs who want to join this industry, there certainly is room for it.
However, while there is consumer demand, there is also going to be a growing amount of competition in this arena. One only has to look to the craft beer industry to understand that competition is not always a friendly thing. In New York alone, the boom in America’s desire for craft beer has led to an increase of 200 new breweries in just three years. With so many breweries fighting it out for similar consumer loyalty, it’s no surprise that there are those who simply cannot cut it.
But how does the market weed out the success from the unsuccessful? How does someone in the edibles market stay ahead of the competition? The following are a few key ways:
How to Stay Competitive in a Growing Edibles Market
- Find and understand a niche product or audience. Walk into any dispensary and the first thing you are likely to be hit with is how many sheer choices there are. The edibles market is little different. Consumers have so many options that it can be near overwhelming. While sometimes offering consumers a plethora of choices is a good thing and can help certain businesses succeed, for others it can have a negative impact. In fact, psychological studies have shown that too many choices can leave a consumer feeling dissatisfied and disappointed. The solution to this, and to standing apart from the competition, is to find a specific niche audience and craft your brand and products around it. Note that there are several different ways to do this in the edibles market. For example, a business might focus only on offering salty & savory edibles or they may focus their branding and marketing to appeal specifically to senior citizens and retirees.
- Define a strong brand identity. Once a business has set its desired niche product or the niche audience they want to appeal to within the edibles market, the next step to craft a strong brand identity that reflects their products and audience. When it comes to social products like edibles and beverages, consumers are looking also for something that reflects their lifestyle values. Businesses that jump on this and use themes, marketing materials, and craft their products to appeal to their audience’s lifestyle values will be more successful and inspire greater customer loyalty than the business that wants to be a jack-of-all-trades.
It’s Great to Be Different
For those entering the edibles market, it’s a good idea to approach it like any other business within the food industry. One has to be good, one has to get the word out, and, most importantly, one has to offer something unique and different to the field.
True Extracts is different from other terpene products on the market in that we create designer strain profiles and spare no expense when it comes to making our formulas. We don’t cut corners, because you deserve the best. For more information, visit us online today.