Starting a successful cannabis business is not easy, but managing your reputation as the owner may be even more difficult. As the market continues to grow in 2023 and beyond, a strong, positive public opinion could be the difference in a consumer choosing your products over your competitors.
The quality of your products, how you present your brand to consumers, and the reliability of your business all determine the state of your reputation as a cannabis business.
Qredible’s mission is to build trust and reliability in the hemp and hemp derivatives supply chain through transparency. Our team is ready to work with you to grow your business.
We’ve compiled 10 points to consider so your business can build a positive reputation in the cannabis, CBD, and hemp industry from the beginning.
Be Transparent
Transparency builds consumer trust. Customers want to know that the products they buy contain the ingredients as advertised, that they are created ethically, and that all business processes are equally ethical.
Open and honest communication with stakeholders and the public creates loyalty and sets you up for long-term success as a business owner.
Prioritize Compliance
Compliance is the backbone of this industry. The cannabis, CBD, and hemp supply chain is laden with false, outdated, or missing information on both suppliers and products. This creates confusion and risk, not only for the end consumer, but all buyers along the supply chain.
To maintain a positive reputation across the industry, it is crucial to strictly adhere to all applicable laws, regulations, and licensing requirements. This isn’t always easy–cannabis regulations are constantly evolving at every level of government, and fines, fees, and penalties will continue to grow in severity–making compliance even more critical.
As cannabis business owners, you want trust and credibility within the industry. Everyone benefits if the industry as a whole becomes credible. Potential consumers want to know that all cannabis, CBD, and hemp products are safe for use.
Monitor Online Presence
Your online presence, including rating and review sites, social media channels, and other online forums, is a valuable way to gauge public perception of your business. Respond to both negative and positive feedback professionally and promptly. This fosters a relationship with your customers and builds trust.
Respond to Feedback
The feedback you receive both online and in person could help you improve business practices. Don’t forget that consumers can make or break your brand. Stay engaged with the community that buys from you. Take feedback to heart. Make it clear that you take feedback seriously and will act on what consumers need/want from you.
Build Relationships with Influencers
A great way to positively expand your reputation is to collaborate with influential figures in the cannabis, CBD, and hemp community. This may include industry experts, bloggers, or social media influencers. According to a survey by Nielsen, 71% of consumers trust advertising, opinions, and product placements from influencers. Their positive endorsement can help boost your reputation and get your brand in front of a wider audience.
Establish Thought Leadership
Position yourself and your business as a knowledgeable and trusted authority in the cannabis industry. You can become a cannabis industry thought leader by sharing valuable insights, expertise, and educational content through blogs, articles, podcasts, or speaking engagements. The cannabis influencers you partner with can promote your thought leadership content, further growing your brand.
Foster Community Engagement
Engage with the cannabis community through participation in industry events, conferences, and trade shows. There are a few reputable professional organizations and events you can join that will provide networking opportunities, such as The Cannabis Industry, whose mission is “to promote the growth of a responsible, sustainable, and inclusive cannabis industry and work for a favorable social, economic, and regulatory environment for that industry throughout the United States” and Business of Cannabis, who highlights “the companies, brands, people, and trends driving the cannabis industry in North America.”
In these organizations and at these events, you can contribute to discussions, network with peers, and actively support initiatives that benefit the whole industry.
Embrace Responsible Marketing
Marketing in the cannabis, CBD, and hemp industry can be tricky. You should develop responsible marketing strategies that comply with advertising regulations and avoid promoting excessive or inappropriate cannabis consumption. Your marketing should focus on educating consumers on usage and laws and highlighting the benefits of your products.
Support Social Responsibility
Social responsibility, especially when it pertains to cannabis, is important for the growth of the industry and the cultivation of its reputation. Demonstrate your commitment to social responsibility by engaging in local, state, and national philanthropic initiatives or community outreach programs. There are also abundant opportunities to engage in environmentally sustainable practices within the industry and to contribute positively to your local community.
Download our white paper to discover how Qredible can support a more diverse, equitable, and inclusive industry.
Continuously Learn and Improve
As the industry evolves, there will always be more to learn, ways to improve business practices, and new avenues to take. As a cannabis business owner, you should stay updated on industry trends, customer preferences, changing rules and regulations, and emerging issues. Further, you should regularly assess and adapt your strategies to ensure they align with changing market dynamics and customer expectations.
For Cannabis Business Reputation Management, Get in Qredible
By implementing these, you can build and maintain a glowing reputation as a cannabis business owner while contributing to the positive growth of the industry.
Whether you’re a grower, manufacturer, distributor, wholesaler, or retailer, Qredible is designed to support safe commerce in the cannabis supply chain. Build trust based on the unshakable nature of blockchain, and secure the future for your cannabis business. Get in Qredible today.
