Turning Competitive Insights Into Cash
The cannabis industry was seeing a significant number of new businesses entering the marketplace offering cultivation management services. First mover advantage was important to Medicine Man Technologies (MMT.) They were ready to scale operations with the intent of listing on NASDAQ to raise capital. Recognizing how their brand was positioned and communicates influences it’s long-term value, they approached Karen for help.
Understanding the competitive environment is the first step to identify marketplace gaps – areas of opportunity that MMT could leverage and own. While management felt they knew what the competition was doing, it had been a year since their last review.
A comprehensive analysis was initiated looking at relevant sectors of the competitive set. A separate brand audit evaluated the health of marketing efforts in alignment with positioning and messaging. Key insights derived from both discovered several areas to capitalize on. It was critical MMT clearly communicate their value proposition along the customer journey to optimize market penetration — the driver to sustainable revenue.
Immediate adoption of the recommendations to align their brand positioning, personality, and key messaging was implemented by their agency partners, bringing cohesion and synergy across customer facing marketing touch points.
An additional insight Karen uncovered revealed MMT was leaving money on the table. Several competitors had begun segmenting cultivation management fees by plant part including trim while MMT only billed management fees for flower.
– Over $250K in revenue was added to the bottom line for services not being charged.
– MMT was better prepared to scale up operations and attract investors.
– Brand and business were in optimal position for their NASDAQ listing.
Brand Audit, Competitive Analysis, Positioning Alignment, Increased Revenue, #Consulting