The tech startup world is cut-throat on the best of days. It’s as though every day brings forth a new disrupting technology ready to blow the competition out of the water. The niche for cannabis tech startups is no better, and its growing ever the more merciless.
In 2021, the Cannabis Tech Market size was valued at USD 16.30 billion. By 2030, the market is forecasted to reach USD 132.35 billion at a CAGR of 26.2%. This is great news for the cannabis industry and community at large. However, this rapid growth presents quite the challenge for cannabis tech startups looking to stand above the noise.
So what can cannabis tech startups do to increase brand visibility, outpace competitors, and drive business growth? There are certain public relations (PR) strategies that will ensure your brand’s voice, and story, is heard. In this article, we’ll explore 3 PR strategies that can catapult your cannabis tech startup and help you:
- Intensify the visibility of your cannabis brand, amplify its reach, and establish credibility
- Position your company as an industry leading authority, attracting more of the right opportunities for the right reasons
- Reach and impress investors during your next round of fundraising
But first, let’s define public relations.
What is Public Relations?
Public relations is the practice of establishing a brand’s presence in the public eye through coverage in mainstream media publications. It’s about telling your brand’s story to target audiences to influence their perception of your brand, products, and services.
In connecting with media personnel such as reporters and journalists, brands can be featured in magazines, online publications, podcasts, and more. This is called earned media. Earning media coverage helps establish your brand’s credibility as a trustworthy and authoritative source in your field. Not to mention, it can help you outreach and outperform your top competitors.
Now, let’s get into those 3 PR strategies.
1. Find & Reach Out to Niche Media Outlets
If you want to get your brand in front of the people who will benefit most from your technology, it’s a no-brainer to reach out to niche media publications in the cannabis space.
For example, Cannabis & Tech Today is the perfect outlet to showcase innovative cannabis technology. That’s because its niche is in cannabis tech. Whereas, a publication such as Forbes, offers a broader media outlet for businesses of all backgrounds and industries.
Both are great options and would unlock a myriad of opportunities for your business. However, the cannabis-focused outlet will directly reach potential buyers right where they are.
Once you’ve identified industry-specific media platforms, it’s time to create tailored pitches to each publication.
Get to know the audience of each media outlet you’d like to share your story with and make sure your pitch adheres to their preferences. For instance, you may want to focus on the unique features of your technology when pitching Cannabis & Tech Today. Meanwhile, it might be best to focus on the business benefits your product brings cannabis operators in your pitch to Forbes.
2. Harness the Power of Industry Influencers
There are influencers in every industry. And it’s time cannabis tech startups start taking advantage of the influencers in their space.
The first step is to pinpoint which influencers relate most to your product. Ask yourself and your team: Have they reviewed or promoted a similar product before? Is our technology something their audience would like to learn more about?
Collaborating with influencers not only increases your brand awareness but it also can increase your sales. In fact, on average, businesses earn a return of $6.50 for every $1 spent on influencer outreach.
How does this relate to PR? Having the right influencer helps promote your brand’s narrative to the masses. It also works in your favor as an influencer’s opinion can boost your business’s visibility and add additional credibility to your brand.
3. Showcase Your Expertise Through Thought Leadership
One of the easiest ways to make your cannabis tech brand stand out in a crowded market is thought leadership development. Anyone can simply say they’re the best at something, but thought leadership sets up business leaders as authoritative figures in their respective fields.
Developing op-eds, bylines, and sharing your expertise on relevant topics will position you and/or another stakeholder in your company as an industry expert. The association this expert has with a business will therefore increase the company’s credibility. It’s truly a win-win.
Plus, having your brand featured in various articles online, podcast episodes, and the like, offers up great backlinks to your website. Thus, it’s a surefire way to boost your search engine optimization efforts. It’s a win-win-win.
Final Thoughts on PR Strategies for Cannabis Tech Startups
Your technology may very well be the best in your field. Yet, if you don’t have the ability to showcase your product’s use cases and benefits en masse, and establish credibility, then you don’t have much of a chance to beat your competitors.
These 3 PR strategies will help cannabis tech startups get their feet wet when it comes to building an effective PR program. If you’re looking to scale your business beyond Series A, B, or C, and haven’t considered public relations as a viable growth strategy, this is your sign to do so.
Main Photo by Brands&People on Unsplash
