Last week, the New York Times ran the first ever ad for marijuana (in a traditional publication). And while this first ad was surrounded by controversy, it is not likely to be the last. All indications are that marijuana is undergoing a transformation from illegal substance to legitimate business. By some estimates a $100 Billion plus business. And this is likely to result in the transformation of mom and pop sellers into big brands.
What might that look like? How can brands selling a product that might otherwise be regarded as a commodity distinguish themselves and build added value? By applying some of the basic tenets of brand building and borrowing approaches from other categories, one need not partake in the product to imagine how future marijuana brands might be created.
A universal rule of branding is to look inside and examine your brands true DNA. What is special about your brand that can differentiate it in the marketplace? So, it's likely that we'll hear brand stories of the unique characteristics of 'the rich Humboldt county soil', or that the brand was born from a 25 year old tradition of being 'lovingly hand crafted, hand rolled, and personally tested to ensure the utmost quality'
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| Terroir? |
Taking a page out of the packaged goods playbook, some brands might try to differentiate themselves through special blends, formulas, or proprietary ingredients with unique benefits. Munchie free marijuana, anyone?
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| Secret Ingredient? |
A time honored branding strategy for brands with little true product differentiation is to associate with a lifestyle. An easy way to accomplish this is to borrow interest from celebrity endorsements. And there are so many ways this could go. From Willie Nelson to Lady Ga Ga, pot brands will be able to claim distinct positions in the market by drafting off of celebrity images.
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| Spark your creativity? |
Categories as diverse as beer and jewelry build brands by creating and granting permission for special occasions. Surely, there is an opportunity for a marijuana brand that enables indulgence. What better way to do that than by throwing a funny brownie party?
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| Time for a celebration? |
Finally premium brands typically add value through experiences that extend from the product out. So, it is likely that some brands will choose to lead their audiences into deeper experiences by creating fully immersive destinations where patrons can go for a respite from their everyday lives. Wouldn't you pay more for a personal 'Ganjista'?
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A 'Ganjista' to guide you?
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While these are just a few examples of the types of approaches that marijuana brand owners might take, those who understand their brands and their audiences will likely be able to transform a $100 billion dollar commodity into a $200 billion dollar category of brands.
