MJBizMag February 2021 - 63

Drop It
Like it's
By Bart Schaneman
I
t's every cannabis executive's dream:
a line that stretches out the door and
down the block, full of customers
eager to spend money on a new product.
Social-media hype. Word-of-mouth
buzz. And a cash register that's about to
start smoking from all the transactions.
In order to generate that amount of interest,
marijuana brands increasingly are
employing the strategy of product drops.
Cannabis companies can use drops to
advertise new products, build excitement
for the company's brand, conduct market
research and grow a following.
The marketing technique is common
in other industries, where it is used to
sell sneakers, video games and music.
An established brand often will collaborate
with a well-known name from
another sector-say, a clothing company
with a famous street artist-and release
a limited quantity of products for a short
period of time.
" Get it before it sells out " can be an
effective motivator to entice consumers,
marketing experts told Marijuana
Business Magazine.
" We work pretty diligently to keep the
brands hyped up so that when we get a
new product, it's pretty well received, "
said Alison Miller, director of sales and
Cannabis company Space Coyote partnered
with the band Poolside to create an exclusive
product. Courtesy Photo
marketing for Hana Meds, a vertically
integrated cannabis company based in
Tempe, Arizona.
PARTNER UP
Brand collaboration drives the productdrop
ethos of Space Coyote, an infused
pre-roll brand based in California's
Bay Area.
CEO Libby Cooper said Space Coyote
has successfully collaborated with
concentrate companies and boutique
flower growers. The collaboration
element is important, she said, because
it allows a brand to tap into a different
demographic.
Cooper pointed to a collaboration
with Los Angeles-based " daytime disco "
Cannabis companies looking to drive
interest in new merchandise are
increasingly turning to product drops
as a way to build buzz. Marijuana
executives thinking about delving into
this strategy should consider:
* Partnering with brands in other
industries such as music to leverage
cross-promotional opportunities.
* Ensuring that product delivery is
consistent.
* Using text messaging to get the
word out since social media can be
fraught with challenges for cannabis
companies.
* Dispensary marketing platforms
can help track consumer buying
preferences and identify customers
to contact about drops.
band Poolside as a partnership that went
particularly well.
Space Coyote produced a five-pack
of hash-infused joints, sourced custom
artwork on the packaging, then " leaked "
the pre-rolls to a few of the company's
favorite dispensaries. The joints came
with suggestions about which Poolside
songs to listen to while smoking.
February 2021 | mjbizdaily.com 63
Hot
Cannabis companies use product drops to build hype around new items
http://www.mjbizdaily.com

MJBizMag February 2021

Table of Contents for the Digital Edition of MJBizMag February 2021

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