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Cannabis Marketing: A Conversation with Laurie Parfitt

cannabis marketing with laurie parfitt

We recently hosted Laurie Parfitt on the Qredible Broadcast. Laurie has extensive experience with cannabis marketing and works as a fractional CMO through LKP Impact Consulting. 

Read the transcript of our discussion below or watch the video on YouTube.

Qredible: Welcome to the Qredible Live Broadcast! Today, we have the pleasure of hosting Laurie Parfitt, the Chief Executive Officer of LKP Impact Consulting, a leading firm specializing in fractional CMO services. With extensive experience in consumer products and the cannabis industry, Laurie is here to share her insights and expertise. Let’s dive into the conversation.

Laurie, it’s great to have you here. Could you give our audience a brief overview of your background and journey into the cannabis marketing space?

Laurie: Thank you for having me. My journey into the cannabis industry was somewhat unexpected but incredibly rewarding. With a background spanning finance, sales, operations, and marketing, I’ve always been passionate about understanding consumer behavior and crafting impactful campaigns. After years in consumer products and finance, I took the leap into the cannabis space when an opportunity arose. Joining Forefront Ventures, I immersed myself in marketing and customer experience for their dispensaries across multiple states, learning on the fly amidst industry challenges and opportunities.

How is Marketing Cannabis Different than Other Industries?

Qredible: Your journey sounds both exciting and challenging. Could you elaborate on the unique dynamics of marketing in the cannabis industry compared to traditional consumer products?

Laurie: Absolutely. The cannabis industry presents a fascinating blend of regulation, innovation, and consumer education. Unlike traditional consumer products, where marketing options are vast, cannabis marketing operates within strict regulatory frameworks. This necessitates a scrappy approach, focusing on brand strategy, differentiation, and targeted messaging. Moreover, overcoming decades of stigma and misinformation requires a nuanced understanding of consumer personas and effective communication strategies.

Qredible: That’s an important distinction. Speaking of differentiation, how do you advise smaller cannabis brands to compete with larger players, considering budget constraints and regulatory challenges?

Laurie: Smaller brands face unique challenges in a highly competitive landscape. While larger MSOs may have more resources, effective marketing isn’t solely about budget size. It’s about strategic brand positioning, leveraging digital, social, and PR channels effectively, and staying true to your brand essence. By prioritizing brand strategy and embracing a scrappy mindset, smaller brands can carve out their niche and resonate with their target audience without breaking the bank.

The Importance of Brand Differentiation

Qredible: Your emphasis on strategic branding and resourcefulness is invaluable for emerging brands. Could you elaborate on the importance of brand differentiation beyond just product quality?

Laurie: Absolutely. While product quality is essential, it’s merely table stakes in today’s market. True brand differentiation lies in a compelling brand story, unique value propositions, and emotional resonance with consumers. Whether it’s innovative product formulations, distinct flavor profiles, or aligning with consumer lifestyles, brands must identify and amplify their unique selling points to stand out in a crowded market.

Qredible: That’s a critical insight for brands looking to make an impact. Finally, how can businesses interested in your fractional CMO services get in touch with you?

Laurie: You can reach out to me via email at Laurie@lkpimpact.com or visit our website for more information. I’m also available on LinkedIn for further inquiries and discussions.

Qredible: Excellent. Thank you, Laurie, for sharing your expertise with us today. It’s been an enlightening conversation, and we look forward to future collaborations.

Laurie: Thank you for having me. It’s been a pleasure.

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