Cannabis entrepreneurs are a crazy bunch.
As if being an entrepreneur wasn't hard enough, we also work in the Weed industry :)
I swear that my parents still think that I'm a drug dealer.
While the whole world is still debating if marijuana should be legal, we're already ten steps ahead, analyzing the market, looking for opportunity, trying to build the next big thing.
As you find yourself fully immersed in the green rush fever, it's important to remember that most business ideas are often created as assumptions based on one's point of view and understanding of certain variables. Sometimes those assumptions are right and they grow to be billion dollar companies, but more often than not, assumptions, when not developed diligently will lead you to failure, burn you out, and bury you in debt.
Cool Story Heh?
From IDEA to CANNABIS POWERHOUSE
50% product development / 50% Traction = Successful Growth Framework
To validate your business idea and determine the organic value of your concept, product development, and customer acquisition should be done simultaneously.
This process is all about selling people on the potential of your idea, get their feedback, and meet them halfway with a product/service that has been precisely optimized based on their wishes and experience.
Once customers are "acquired" you'll transition them to a "Customer Development" stage.
Take no shortcuts. Adopt a customer-centric growth mindset.
Product Development Like A Pro
Develop a customer feedback/development framework based on rewards.
Use incentivized surveys.
Provide proactive live chat support on your website.
Optimize all your distribution channels (social media, etc) for incentivized feedback.
Getting Traction like a MOFO
First and foremost you need to fully understand the concept of "Omnipresence" when applied to marketing and distribution.
You should be present in social media, digital communities and forums in a consistent manner. ALWAYS providing value!
Don’t underestimate the power of maximizing digital distribution! It will pay you dividends in the future.
Traction Method #
Incentivize inbound traffic by giving something of perceived value (Guides, discounts, Offers).
Run incentivized email capture promotions.
Send all your leads to a FB group (you can actually add people directly to the group using their email address)
Use the FB group to nourish your relationship with your first few prospects and build a community based on value.
Create a referral program based on incentives and turn your core customers/fans into ambassadors. (Emphasis on FB Messenger and Email referrals).
Depending on your budget you can use referral tools like Viral Loops, Referral Candy, etc.
Sit back, light up a joint, watch your business grow.
The 50/50 rule framework, if executed properly, will carry you to the marketplace with a fully validated concept, a strong customer base and a product that kicks ass.
In collaboration with Woahstork this rule allowed us to validate the concept, acquire over 35k user signups during the MVP stage, and proceed to build one of the most tech advanced platforms in the cannabis industry.