The Medical Cannabiz Summit was a huge success bringing innovators, marketers and business tycoons together to discuss the future of this new and emerging industry. During this summit Growth Guru’s co-founder and COO, Alex Thomson had the opportunity to discuss some of the latest strategies and trends when it comes to marketing in the Medical Cannabis Industry. However a lot of the strategies he discussed aren’t limited to medical cannabis, in fact, they can be applied to a number of emerging industries!
What is an Emerging Industry?
We’ve heard the term emerging industry bandied about lately, but what exactly is an emerging industry? An emerging industry is characterized by few competitors, high growth potential, the uncertainty of demand, the dominance of proprietary technology, wide differences in product quality, low entry barriers, difficulty in having an ample supply of raw materials, and so on.
Examples of Emerging Industries in 2020
To help provide a bit of context, examples of Emerging Industries in 2020 include; Blockchain, Medical Cannabis as well as Well-Being. These industries have few competitors and are just about gearing up for some explosive growth! However, this doesn’t mean that Emerging Industries are all smooth sailing, in fact there are quite a few obstacles unique to emerging industries.
Marketing challenges in Emerging Industries
For most emerging industries it is important to invest in marketing early on, as in most cases the emerging product or service is largely unknown. Through savvy marketing based on an actionable marketing strategy, you can break through the fog of ignorance and start reaching people who are interested in your product. Besides dealing with a sceptical market, expect to work through tight-regulations as well as challenges specific to your industry.
A Sceptical Market
When people are confronted by something new, their instinctive reaction is fear or caution. This results in sceptical consumers who are willing to wait for more information. This is the first thing you need to tackle as an emerging industry. When dealing with emerging industries, showcasing the similarities between existing brands and your own can be helpful to lend your brand a sense of familiarity. Basically, you want to show how your brand isn’t completely foreign. Make your product tangible. Visual content can be a great way to convey a complex idea into a corporeal form.
If you’re selling CBD products, for instance, it’s important to provide information about what your products are and how to use them. It’s better to over-communicate rather than under-communicate. Survey consumers about what they find confusing about your product and create effective content around those topics.
Given the nature of emerging industries, not all countries are equipped with legal legislation to handle your industry. It is important to base your operations in a country that not only allows it but one that encourages it. As an emerging industry, any help you manage to find early on will prove invaluable to your initial start. Regulations might still be in a grey area, being proactive can help ensure that you remain on the right side of the law and avoid any unnecessary hassle. Deal with potential risks before they occur.
Hire advisers that have been in a regulatory or law enforcement role – and promote that fact in your marketing. Having that seal of approval can go a long way, and ensures that your customers feel safe!
Each industry has its own nuances that must be carefully navigated. Many people are very conservative when it comes to discussing their finances, the Blockchain Industry had to break that ice when it emerged. The Medical Marijuana Industry has to fight off the years of stigma related to cannabis use. Your Industry isn’t that different, you will inadvertently be faced with controversy. New things are often perceived as scary, your public image needs to quell that fear. Besides, especially as a young company, your reputation cannot afford to take a hit. One small crisis can quickly sink your stock and customer trust.