Why influence marketing might be the best cannabis marketing strategy

The cannabis industry is replete with failed marketing strategies and programs not to mention jaded marketers.  

Fortunately, some ROI-driven best practices have emerged.  Influence marketing (IM) is one of them.  Basically, IM is a collaboration between influential or popular social-media personalities and companies to promote their brands.  It’s a simple task.  An influencer posts about a product or service, with a link to a purchase or information gateway. Every time a viewer buys the product by clicking through the link or using a promo code, the influencer earns an affiliate commission.

IM is very popular. According to Statista (a research firm), 2022 global IM spend exceeded US$16B. A variety of studies and corporate case studies have validated the ROI of IM programs - when executed well. Influencers are not celebrity endorsers, nor should they be used to ‘pump’ investments.

A good case can be made for IM to be a weed firm’s primary marketing strategy, especially if they are a premium, craft or niche brand.  Here’s why:

1) You can connect with key consumer targets (e.g., connoisseurs, heavy users) that pay close attention to what influencers say and do;

2) IM is often more cost effective than other marketing tactics including advertising and celebrity endorsements;

3) There are not many promotional options due to regulations.

IM for premium and niche brands

Simply put, they often have more ‘cred’ than mainstream weed.  Cannabis influencers are often impressed with their artisanship, scarcity and authenticity - all difficult to create and communicate as a large producer.  In fact, some influencers will have nothing to do with products from large producers.  To be effective, IM should be about more than scoring posts endorsing your products; it should be about building and nurturing real relationships with influencers.

Influencers are ubiquitous in the image-driven consumer products space. There are all types of influencers (including animals and AI generated personas), with a varied number of followers.  Cannabis influencers can be found on Reddit, Twitter and Instagram, and to a lesser extent LinkedIn and Facebook.

There are challenges and risks to implementing an IM strategy.  It could be difficult finding and engaging ‘true’ influencers versus the wannabes.  As other brands jump on the bandwagon. it may be hard for small brands to stand out amid the noise. There is also a risk that your influencer goes ‘rogue’ and taints your reputation in some way. 

Finally, brands need to heed the lesson from the Dylan Mulvaney/Bud Light brouhaha.  That is, your desired influencer should be aligned with your brand heritage as well as target consumer sensibilities.

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