In branding, as in life, things evolve. Perceptions change. Without adaptation or change, what rises will fall. At some point, most companies will face a choice: change perceptions and evolve the brand or become irrelevant. It’s a natural process—one experienced by established companies and startups alike.
Despite incredible industry growth, cannabis brands are not immune. As an industry undergoing such rapid evolution, it should be expected that companies regularly take stock of their brand and chart new courses. Some moves will be drastic, others incremental. Many will rebrand or refresh, while other brands will undertake a complete overhaul.
Whatever process you settle on, the ultimate goal is to invest in and re-energize your brand. You will learn how your brand is perceived by audiences and competitors alike, and the factors that are unique to it.
Despite the unique variables facing each brand, there are a few general considerations to think about when deciding to rebrand. The key is to understand how you can go about evolving its identity and perception.
In a rebrand, simply swapping out the logo won’t do. The problems, as the previous infographic hints at, run deeper.
The rebranding process begins with research into the cannabis marketplace and some personal reflection by the company. You will need to analyze what is and isn’t working for your brand. Looking at existing and new market spaces and your company’s success and potential within them, respectively, will help chart a path for a fruitful rebrand.
During the research phase, figure out what differentiates your business from other cannabis companies. If differentiation is marginal, think about where the company can go to achieve it.
After research and discovery, the more radical changes in rebranding start.
Imagine your cannabis retail brand has a bad reputation. For several years it has suffered under weak social and environmental responsibility. The company has poor workplace diversity and isn’t sourcing cannabis from sustainable farms and operations. By repositioning in branding, a cannabis brand can overcome this bad reputation.
For one, your brand can take steps to focus on diversity and inclusion in the workplace. But beyond simply altering hiring practices, the company could join or launch local efforts to support and enhance gender and racial diversity.
As for environmental responsibility, a brand could explore various ways of implanting sustainability into their business model. A lot of this will come down to sourcing of cannabis products from sustainable farms, as well as food and beverage companies. But it doesn’t end there. A brand can also work on projects related to energy usage at retail outlets. A campaign that communicates these business practices, from the brand website to its social media channels, will help in creating a successful repositioning of the brand.
These are all tips and tricks to resituate your brand in the good eye of the public.