As more adult-use cannabis businesses open across the country, there has never been a more challenging time to compete in the market.
This — coupled with a struggling economic environment and rapidly shifting regulations — means more cannabis business owners are looking for ways to stand out in a crowded market.
It’s something our sales team encounters in nearly every meeting with a new Qredible subscriber: how can honest cannabis businesses differentiate themselves from competitors who are less honest with their customers? How can you get the trust, recognition, and attention your company deserves?
How Does Your Customer Know Your Cannabis Products Are High Quality?
Every brand tells us that their products are high-quality and that they follow rules, and we respond the same way: “how does your customer know that?” The industry has misled so many consumers, in fact, the media constantly talks about the dangers and fraudulent behavior of bad actors in the industry. Unfortunately, this means your business will get painted with the same bad brush.
In today’s post, we’ll explore how emerging technology in the industry is creating a rare opportunity for cannabis businesses to finally stand out from the competition and show consumers that you are indeed a brand that is committed to keeping your brand promises. Keep reading to learn more.
How to Compete in the Supply Chain as a Cannabis Business
There are so many strategies for differentiating yourself from competitors, but the cannabis and CBD industry is different. Let’s go over some of the best ways to compete in the cannabis supply chain.
1. Develop Your Unique Selling Point
Your unique selling point (USP) is the key to standing out in a crowded market. Consider what makes your product special, and why someone might be motivated to purchase it.
Is your product:
- The most affordable?
- The best quality?
- The most sustainably produced and packaged?
- The most conveniently accessible?
- The safest?
- The most aligned to the customer’s needs?
Check out your competitors and see what their messaging claims, then find out how you can develop a product that takes what is available and elevates it.
Once you have your USP and you create marketing messaging that highlights it, your customers will naturally perceive you as different from the competition because you are different from the competition.
2. Embrace New Cannabis Supply Chain Software
The latest innovations in technology have provided tech-savvy cannabis companies with endless opportunities to widen the gap between themselves and their competitors. The key is to become an early adopter, so you can leverage the benefits of the new technology before the majority of other businesses are doing the same.
There are many different types of cannabis supply chain software, and new software enters the market on a regular basis. The key to using software to differentiate yourself in the market is to find software that:
- Simplifies your operations
- Provides overall cost and time savings (that can translate into savings for your customers)
- Improves quality control processes
- Improves your reputation
- Helps you connect with both new and existing customers
- Supports risk mitigation and scalability
Depending on the type of business you have, this could be compliance software, operations management software, or B2B marketplace software.
Qredible®: A Single Software Platform to Protect and Grow Your Cannabis Business
Until recently, your business most likely would have had to take advantage of multiple different types of software. There wasn’t a single cannabis software that offered multiple ways to protect and grow your business until we created Qredible®.
Qredible is a powerhouse cannabis software that provides cannabis, hemp, and CBD businesses with an advanced suite of innovative tools and features designed to help you compete in a crowded, complicated cannabis market.
To learn more about how Qredible can help you reach your goals, contact us.
3. Earn Trust With Your Customers
In this industry, trust is the most important thing your business can earn from a customer.
There is a serious lack of trust and transparency in our industry and it’s not only customers who struggle to believe what businesses claim. Financial institutions, manufacturers, retailers, growers, testing labs, and businesses in all areas of the cannabis supply chain have difficulty trusting each other.
But if you want to succeed, you need to earn that trust. Here are some key ways to do it:
- Build relationships with retailers and budtenders
- Gather reviews on reviewing platforms and your website
- Be consistent and compliant in your marketing
- Stay compliant and focused on quality
- Be transparent
Trust takes time to build, and it’s especially difficult in this industry. Luckily, there is a shortcut…
Stand Out From the Competition in Qredible
Qredible is an industry-changing resource for cannabis businesses looking to stand out from their competitors.
We’re here to clean up this industry by helping the best and most honest businesses (like yours) outshine the competition.
Here’s how we’re doing it:
- Build trust: in Qredible, you can build trust with your customers, business partners, investors, and more. We use advanced blockchain technology to validate and verify all your claims, certifications, licenses, registrations, and messaging to show everyone viewing your profile that you are trustworthy and committed to transparency. Why is this important? Because they can validate and verify your claim from a third party — this shows that you have nothing to hide!
- Build your reputation: just as important as building trust is maintaining it. If you can do that, you’re on your way to establishing a reputation as an industry leader. We do this with innovative machine learning and AI compliance monitoring that helps you avoid and control reputational harm. We also provide reputation management and mediation, so if you’ve received bad reviews or an FDA warning letter, we’ll help you right your wrongs and regain trust. Some brands have been given a black eye as a result of an innocent mistake or unintended consequences. Let them see what you are doing or have done to address the issue!
- Connect with trustworthy businesses: the only way to ensure your reputation is safe is by partnering with brands and businesses that are equally as committed to transparency as you are. In Qredible, you can find those businesses while also monitoring them to ensure they remain compliant and committed.
- Connect with customers: when we launch our consumer-facing app in a few months, your customers will be able to find information about you, whether you’ve claimed your profile or not. Claiming your profile allows you to take control of the narrative and connect with your consumer base. Our proprietary rating system will allow them to leave and read reviews, so staying ahead of this coming change is mission-critical. We will also provide you with valuable analytics to understand the areas where customers like your product or areas where they think you need improvement.
To find out more about our resources designed to help you grow your business and build brand loyalty, and potentially even reduce your cost of merchant processing, set up a discovery call today. Our team would love to learn more about how we can support you.