If you are wondering how to invest in cannabis, understand that (just like with any other type of investment,) it is vital to assess the risk factor first and foremost. Mitigating risk in the legal weed industry is possible if you perform adequate research to properly understand what generation is driving the shift toward public support of legal cannabis.
YOUNGER GENERATIONS ARE A PRIME TARGET MARKET FOR CANNABIS
Generational certainly comes into play, since the younger generations tend to be more supportive of cannabis reform as opposed to the older generations. According to statistics gathered by the Pew Research Center, 63% of Republican Millennials are advocates of cannabis legalization.
People aged 18-35 fall into the millennial category. Cannabis legalization support from millennials doubled from 2006 to 2016. Within this decade-long timeframe, 34% more millennials showed support for legal weed.
With that being said, it is worth targeting a cannabis investment in the direction of millennials. Unlike Gen-Xers and Baby Boomers, millennials are not as easy to lure in with traditional marketing tactics.
INTEGRATING MARKETING TACTICS TO CAPTIVATE THE MILLENNIAL MARKET
- Build a Social Media Presence – Since millennials are frequent Internet users, it is crucial that you optimize your content for social purposes. By doing so, you can establish personal relationships with your audience, garner feedback, and build a solid brand presence in the world of web.
- Respond Quickly to Messages – According to a survey by Qualtrics and Accel, Millennials check their phones 150 times per day on average. This means that they are easy to connect with and unless you can keep up the pace in term of message responses, they’ll likely seek out a cannabis company elsewhere.
- Establish Adaptable Campaigns – Learn how to make your campaigns adaptable. Tapping into the millennial space demands flexibility and an ability to keep up in an ever-changing market. Hire a team of professionals to ensure your brand adapts to ongoing changes in the world of online business.
- Build Loyalty and Trust with Your Audience – A survey carried out by HubSpot revealed how 84% of millennials do not trust traditional forms of advertising. Appeal to customer values with online cannabis marketing tactics and interactive experiences if you want to increase the chances of earning customer trust.
- Sense of Urgency (FOMO) – What does FOMO stand for, you ask? Fear Of Missing Out. Encourage your audience to do business with you by creating a sense of urgency. This is a surefire way to capture the attention of millennials.
- Create Partnerships with Influencers – Have you noticed those Instagram users with colossal followings? Pay attention to what they are doing. They are actively promoting brands to their followers through photo and visual uploads. Instil the help of a cannabis influencer and you can easily earn a positive reputation in the industry.
- Focus on Company Goals and Visions – Although you will want to sell a product and/or service when you invest in cannabis, it’s important that you don’t overlook the importance of identifying your company goals and visions.