Issue link: https://nebusinessmedia.uberflip.com/i/1383836
S P O N S O R E D C O N T E N T B Y B E T H WAT E R FA L L C R E AT I V E Different is Dope: Competitive Differentiation in an Increasingly Competitive Marketplace By Beth Waterfall W hile it took more than two years to develop and refine regulations for adult-use cannabis sales to commence in the Commonwealth, Massachusetts is now home to more than 130 retail shops where adults aged 21+ may legally purchase lab-tested marijuana products from more than 45 cul- tivators and more than 40 product manufacturers. Despite a slow start for licensing, competition is growing more than ever as more than 800 additional applicants work their way through the licensing process. Gone are the days of robust media attention and crowds of customers driving hours to stand in line on a dispen- sary's opening day. As cannabis commoditizes and becomes increasingly available within a reasonable distance for most Bay Staters, licensees have the opportunity to stand out from the competition by investing in, and thoughtfully communicating to, their people and communities. For startups and smaller organizations, differentiation starts with understanding and planning how, where, and when the company represents itself to its target customer. e marketing budget may be small (or nonexistent), but in-person networking and establishing an online presence are necessary investments for any emerging brand. It's perfectly okay to start small with a simple website, community involvement, and social media such as Instagram and Reddit. Larger entities can start from within via inclusive hiring practices and continuous nurturing of staff from the grow room to the board room. Oen, a bit of self-reflection can help an executive team re-evaluate strategy, budget, staff- ing, and arrangements with outside vendors and consultants. e industry and competitive landscape are changing quickly: Is everyone contributing to the company's evolution, or remaining stagnant and missing opportunities with a "it's what we've always done" mentality? Additional methods of competitive differentiation in cannabis include sustainable packaging, meaningful commu- nity outreach and philanthropy, intentionally diverse and inclusive hiring and promotion, informative product testing labels (bring on the terpenes!), and memorable customer experiences. Weed may indeed still "sell itself " in some circumstances, but for those feeling the pressure of increasing competition, a few smart investments in people, prod- ucts, marketing, and community can help differentiate your business's reputation in the eyes of your staff, community, media, and customers.