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Session Spotlight: Acquisition Workshop: Evaluating a Cannabis Brand

by | Apr 28, 2021 | Cannabis Advertising, cannabis branding, Cannabis Marketing, Cannabis Marketing Summit

Cannabis Marketing Summit Session Spotlight
Acquisition Workshop: Evaluating a Cannabis Brand

featuring Claire Kaufmann and Alyssa Jank

From June 8 to June 10, 2021, Cannabis Marketing Association will host the second annual virtual Cannabis Marketing Summit. The Cannabis Marketing Summit is the premier online event for senior-level marketers responsible for the marketing budgets of licensed brands in the cannabis industry. The goal of the Summit is to evaluate the current state of cannabis marketing and learn about the practical tools, tactics, and data that produce effective strategies and campaigns for cannabis brands across the country. Register today!

Acquisition Workshop: Evaluating a Cannabis Brand hosted by Claire Kaufmann, Director of Client Services, and Alyssa Jank, Consulting Services Manager at Brightfield Group will be featured at the Summit on June 10 from 1:30 – 2:30 pm MT. Learn more about their session below:

This session is on the Members-Only track exclusive to Cannabis Marketing Association members. The below answers were written by Claire. 

Why is what you are discussing at the event interesting and important?

As the cannabis industry matures and more markets open, larger companies will continue to enter. This will significantly increase competition. In order to remain competitive, brands will need to continue to understand and target the right consumer segments with a compelling message and well-positioned product. For some cannabis brands, however, they will look to become an acquisition target as the big companies get in on the action. And it’s important for marketers and executive teams to understand both sides – how you can build a better brand for the right consumers or ensuring your company is well-positioned for an acquisition.
 

What does this group bring to the cannabis marketing space that sets you apart?

We’ve seen a ton of success with our clients and part of that is because of the team we try to create at Brightfield. It’s very important to us that we bring in experienced and inquisitive people from a variety of industries. This helps give us fuller scope to the industries we cover. For example, I have a ton of cannabis and consumer packaged goods experience while Alyssa has worked on a cannabis-focused team within the alcohol industry. Those different perspectives are so important when covering a topic like this.

Our mission is to bring a positive perception to cannabis and its consumers. What is your favorite consumption method and why? Tell us a little about your relationship with cannabis.

My relationship with cannabis has been lifelong. I grew up on Capitol Hill in DC the 1980s. I didn’t realize I was witnessing the war on drugs but I most definitely was given a front-row seat. At a young age, I saw the mass incarceration of people of color, so it’s not a surprise that my first work in cannabis was as an activist. I ran a successful Jewish drug policy non-profit for a number of years. We used to host these stellar cannabis passover seders with guest lists you would die for – activists from all over, community leaders, politicians, company CEOs. As a consumer, I actually didn’t become a regular consumer until my thirties. I’ve always been a flower consumer – a huge fan of Jack Herer – that cultivar has changed my life 😉. I remember when I first started using more cannabis, I kept waiting for the other shoe to drop, for the “brain on drugs”‘ thing to happen to me and it never did. The opposite happened. I gained more patience, more clarity, more perspective. There isn’t a day that goes by that I’m not grateful for this plant and what it does for so many.

The goal of the Summit is to evaluate the current state of cannabis marketing and learn about the practical tools, tactics, and data that produce effective strategies and campaigns for cannabis brands across the country. Why is this is important?

Whether we like to admit it or not, we’re in a CPG category. Consumers are getting smarter and their decision-making is becoming more complex. After years and years, the industry is finally legitimizing and brands should have the best tools and knowledge in order to succeed. By sharing this information, everyone can learn from each other and help progress the industry. A rising tide lifts all boats!
 

What is the future of cannabis marketing? What are your predictions for the next year?

I think for the last five years so many cannabis businesses have existed in an ecosystem that has necessitated that they focus on the present. Most have faced logistical challenges and are managing infrastructure growth, not to mention the legislative and banking hurdles they face every day. And even in the face of those challenges, consumers can’t seem to get enough. Once product gets to market, regardless of the brand, it often sells out every time. In this kind of environment its challenging for any company to want to invest in strategic brand research.

But it’s important to remember that this dynamic is only temporary and that whether we like to admit it or not, we are in fact in a CPG category. Typical marketing efforts in more established CPG categories, whether it be shoes or bourbon, orbit around consumers and their true need states. In most CPG categories, you would never dream of launching a product you hadn’t run through rigorous consumer testing. In time, cannabis brands too will have to focus more and more on consumers if they want to be successful long term.
 

Buy your ticket to hear marketing pros like the above speak at the Cannabis Marketing Summit, here! This session is a part of the Members-Only track of the Summit (3 sessions) and is exclusive to CMA Members. If you are interested in attending this session, you must be an active CMA Member. Learn more about CMA Membership here.

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