6 P’s of a Successful Product or Location

Value Proposition/Brand Promise

Perhaps the most important – what are you promising with this CBD product or retail outlet? What will it bring that does not already exist? What will the connection with the public be? How will it make them feel? A value proposition is a belief from the customer about how that will be delivered, experienced, and acquired. And if you can’t create a tagline that promises something that you can deliver, you need to rethink your premise.

Perception

What do you want people’s perception to be? Think of it in human terms. What are your personality traits? Are you friendly? Super professional? Witty? Welcoming? Describe your product or location as a person to yourself and see if the words you use make sense together. Then everything you do to support this needs to work together to reinforce these attributes. And remember, if you try to be all of them, you’ll end up with “confusing”. Your brand attributes need to be authentic and ones that you’re comfortable with. This is what will give your product or store its personality.

Price

After you’ve determined your brand personality, how does your pricing reflect that? If you are promising an upscale experience, then higher prices might naturally go with that. If your product is made from the most expensive version of items, then pricing should reflect that. But a friendly, casual approach and high prices are a disconnect. And don’t forget – you can always start a little higher and discount for promotions or for quantity, but it’s hard to go the other way.

Packaging

It should go without saying that the packaging or your CBD/hemp product or cannabis store needs to align with the perception you want to create and the personality you want to project. A “professional” dispensary wouldn’t feature lime green walls, but a friendly, casual one could. Make sure everything lines up to create a single message.

Promotion

What kind of promotions will you do to get and keep buyers interested? Do they align with your brand’s personality? Use them sparingly and make sure they are for the purpose of achieving a goal. Increase sales? Create a positive perception? Drive interactivity on social media? Raise money for a non profit and reach new potential customers? All of these are legitimate reasons to create promotions.

Prose

What words and phrases do you use to describe your business and product? Are they generic ones that could work for any of the existing companies in your space or are they unique to you? Do they reinforce the other aspects of perception and personality? And are the tone, style, and even specific words consistent on everything, including your website and packaging or store signage? It might seem like a picky detail, but everything needs to all work together to communicate your intentions to your audience.