The cannabis industry has experienced an economic revolution of unprecedented scale. Retail sales in the US alone are expected to generate an estimated $172 billion over the next six years. and soon to be on par with the alcohol market. Great news for the cannabis industry! However, with all this demand, how do we make our brand and products stand out from the rest of the competition?
Cannabis Marketing in the Digital Age
An online report states that 88% of consumers research their buys online before making a purchase. This information tied with the fact that there are over 312 million internet users in the US, its imperative for any company who is selling products of any kind to have an online presence coupled with an online marketing strategy to increase exposure.
The beauty industry is a great example of consumers going online and comparing products from different brands, then having ads being served to them from a brand they had no idea about, then doing their research and ten minutes later they are purchasing the new brand.
This scenario also works with the cannabis industry. However, there is one huge difference between us and them when it comes to marketing--we are tasked with following a highly regulated rule list that is done on a state by state basis. At Vana, our rule list is as follows:
Enter Dynamic Compliance
The solution is dynamic compliance. But what exactly is that?
Here at Vana, dynamic compliance means that your license(s) are protected from regulatory risk exposure due to marketing activities that violate state law. Our platform automatically adjusts compliance content per the requirement of the state in which the consumer is located, meaning:
Dynamic compliance comes from the term dynamic ads, which are banners that automatically change based on specific data points. In order to be 100% compliant, we have the ability to add your business license and warning messages based on the state in which the advertisement is served. Additionally, we can also use this automated technology to serve specific creative to users based on demographic, geographic, and behavioral data, giving the opportunity to optimize your ad campaign based on performance by audience segment.
How Does Technology Aid in Dynamic Compliance and Brand Exposure?
The dynamic compliance process relies upon sophisticated modern targeting and ad-serving technology. That means that only users of purchasing age in legal states will see your cannabis brand’s digital advertising. Additionally, your materials will follow state-specific legal requirements for advertising (and will look great in the process).
One example of dynamic compliance in action would be a THC edible banner ad placed with one of our many mainstream online publishers and only want to be in Colorado and California. First, only viewers over the age 21 in an area where the product can be purchased would see the ad. Second, our platform would only serve creatives that dynamically populate a business license and cannabis warning based on location.
Additionally, Vana promises demographic and behavioral targeting that aligns with cannabis marketing age laws. Such laws can be surprisingly specific. Case in point: According to Bloomberg Law, California’s cannabis advertising laws require ads to be served on websites where at least 71.6% of the audience is documented as being over 21. Contextual targeting can help pinpoint the online locations most suitable for cannabis product marketing and ensure the ads don’t reach kids and teens. To learn more about geographic and demographic targeting, check out our blog: Compliant Advertising 101.
To learn more, about Dynamic Compliance, contact us at https://biz.govana.com/.