Paid media is important in driving sales in the cannabis industry because it allows businesses to reach their target audience effectively across devices and content types with the ability to track that engagement back to real sales.
With legal restrictions on the Google and Meta advertising platforms; cannabis-friendly paid media provides an opportunity to get in front of potential customers through targeted digital campaigns.
Not all paid media providers and campaigns are created equally – regardless of who you choose to spend your money with, we figured we would give away four tips on how to simplify and enhance the thought process for your paid media efforts.
1. Know Your Audience
Before you start running any paid media campaign, you need to understand your target audience. This is especially important in the cannabis industry, where there are many different types of consumers. Are you targeting medical patients or recreational users? Are you focusing on a particular age group or demographic? Once you understand who you’re targeting, you can tailor your messaging and ad placements accordingly.
2. Focus on Return on Ad Spend (ROAS):
One of the most important metrics to track when running a paid media campaign is your ROAS. This is the amount of revenue you generate for every dollar you spend on advertising. In the cannabis industry, where advertising options can be limited, making every dollar count is important. Focus on ad placements and messaging that have the highest potential to drive conversions and generate revenue.
3. Use reporting tools that allow associating conversion events with customers
Are these conversions new customers? Lost customers? Frequency customers? What are they buying? What should we be promoting to them? A great media partner will help provide clarity from the onset of your work together.
4. Stay Up-to-Date with Regulations
Finally, it’s crucial to stay up-to-date with the latest regulations and advertising guidelines in the cannabis industry. These can vary by state and even by platform, so it’s essential to do your research before launching any paid media campaign. Failure to comply with advertising regulations can result in fines and other penalties, so it’s essential to take this seriously.
Running a successful paid media campaign in the cannabis industry requires a plethora of considerations. By following these tips, you can optimize your campaigns for better performance and drive revenue for your dispensary, brand, or delivery service.
Want to learn more? Contact us today about streamlining your digital marketing campaign: firstname.lastname@example.org