It cannot be denied that the COVID-19 pandemic has touched every facet of our lives. To this end, in the year 2020, the business landscape has undergone violent upheavals, transitions, and changes. This notion is also true in the cannabis industry.
As the coronavirus overtook the globe in spring 2020, business owners feared what such massive lockdowns could mean for their companies. As executive teams critically assessed expenditures in the wake of the virus, marketing budgets were often cut. However, as COVID-19 has quickly become a part of our daily lives, marketing experts are uncovering why you shouldn’t cut your marketing budget during the pandemic.
Looking strictly at the cannabis space, 2020 has strangely been a good year for business. Not only has the cannabis industry been deemed essential in many places, but the several U.S. States voted to legalize cannabis in the 2020 elections. Even more, as stated on the Nasdaq website, “COVID-19 seems to have brought an increase in cannabis sales.”
As we continue to navigate the age of COVID-19, you are well-advised to keep your marketing budgets going at full capacity. Here are a few key reasons why:
Customers Need More Help Finding You
People need more help than ever; finding your business is a great reason not to cut your marketing budget during the pandemic.
Before the coronavirus, cannabis use has always been enjoyed and shared in a social setting. In doing so, they also discuss their favorite products, brands, and dispensaries. However, the pandemic has altered this “word of mouth” dynamic as – for safety reasons – people are not commingling in the same capacities as before. Even more, people are much less likely to go shopping without a specific objective in mind.
Because consumers are not leaving their houses as much, it is up to your marketing department to make sure they can find your business. To this end, forward-looking cannabis marketers today invest a good deal of energy into Search Engine Optimization (SEO), email marketing, and digital display ads. These digital avenues will help ensure that potential cannabis customers find your company online.
People Are Spending More Time on Their Devices
The notion that people are using the internet for more tasks lends further credibility to keeping your digital marketing budget running at full capacity.
In the age of COVID-19, people are spending more time than ever at their computers. Not only has the workplace has gone digital in many capacities, but our family and social lives have also followed suit. To this end, Zoom meetings have been the go-to platforms for such things as church services and family gatherings. In like fashion, many of our kids are attending virtual classrooms.
With this global shift towards virtual meetings, workspaces, and schools come massive opportunities in digital marketing. As such, the business world has taken notice of this shifting dynamic. Marketing analysts show that over 80% of marketing clients are willing to engage in digital avenues during the pandemic. With this rising interest in digital marketing, social media has gained particular relevance – namely because people depend on platforms like Facebook and Instagram to stay connected during the pandemic.
Your cannabis company is well-advised to maintain a robust digital marketing budget during COVID-19.
The Business World is Rapidly Changing
Because the business world has been altered so drastically during the pandemic, creative marketing teams have opportunities to uncover new methods for brand exposure.
Aside from wartime tragedies and natural disasters, the COVID-19 pandemic has upended the business world like nothing in modern history. Within the chaotic changes of 2020, specific markets have dwindled while others have dramatically expanded. Therefore, intelligent entrepreneurs and marketers can find opportunities amidst the volatility of the current business landscape. In critically assessing your field, you may even find that new doors open that didn’t exist before the pandemic.
Many companies cut their marketing budgets during COVID-19 should motivate you to keep your marketing operations going full-speed, namely, because it’s very likely that your competitors cut back on marketing expenses too. If that’s the case, your business could get far more exposure than previously possible before the pandemic.
Cannabis is Essential
Cannabis being deemed an important business during the pandemic further solidifies the need for consistent, aggressive marketing in the industry.
Cannabis also holds an exciting position regarding the recession as related to COVID-19. Namely, because people use cannabis as a “coping mechanism” during stressful times (as seen with the pandemic), many consider it recession-proof. This same pattern is seen with alcohol, tobacco, and gambling during times of financial hardship.
In the 2020 elections, voters legalized recreational cannabis in Arizona, Montana, New Jersey, and South Dakota while also approving medical programs in Mississippi and South Dakota. These massive legalization efforts not only reassure investors of the stability of the industry, but they also speak to the prospect of federal legalization.
Looking at all the indicators in 2020, outside investors and business owners alike are quite comfortable investing money in the cannabis industry. That being said, you can rest assured that your marketing budget is a safe investment at this time because cannabis holds such a unique place in the business world during COVID-19.
The COVID-19 pandemic has touched every corner of the globe – the business world is certainly not insulated from this fact. To this end, it’s nearly impossible to comprehend how much the marketplace has changed in 2020. Nonetheless, as we understand the times’ challenges and opportunities better, it’s evident that cannabis companies should not cut back on marketing budgets during the pandemic.
If you are concerned about investing money into marketing, remember that challenges often present opportunities. As the business world changes with COVID-19, you can remain profitable if you adapt to the times. For most marketers and business owners, this process necessitates some serious attention being paid to digital marketing.