As cannabis marketing moves through inevitable growing pains, brands and dispensaries continue to search for what works.
Old Pal positions itself as a value brand as cannabis market segmentation starts to take hold. I recently asked Old Pal Cannabis CMO Allison Pankow for her thoughts on what matters most to cannabis marketers right now.
Paul Talbot: When we compare the process of building a cannabis dispensary brand to building a cannabis product brand, what’s similar and what’s different?
Allison Pankow: With the cannabis industry still in its infancy, there is a lot of exploration happening in all aspects of the space from brands to retailers to consumers.
There is a constant influx of new brands on the product front, and an even larger influx of new consumers entering the space, which makes for a relatively unpredictable industry. And with that, I believe the number one place to start, and often overlooked when building a brand or dispensary, is to have an understanding of “why” the retail shop or brand exists.
With the ability to answer “why” comes clarity and directional assistance for building brand ethos, target audience, and marketing approaches. Without an understanding of purpose, influencing a consumer to buy will be an incredibly difficult endeavor, especially as time passes. But knowing “why” will help forge a path towards a position that resonates with an audience.
Talbot: Cannabis consumers typically buy products in dispensaries. Do we know to what extent consumers are looking for a specific brand when they’re in a dispensary?
With limited and incomplete qualitative data in the space, this is a bit difficult to answer with certainty outside of what we know about Old Pal.
Our consumer following has become quite devoted to the brand, the products and of course our price point. We have data from dispensaries and Eaze showing that a lot of Old Pal consumers ask for our products specifically.
On the Eaze platform, we are the number one brand in repeat purchase per month. And there are a handful of other large brands in the industry that anecdotally I’d have to believe have consumers seeking them out.