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This article accurately highlights many of the market challenges that agencies and advertisers face today. This quote is very telling: “Though the industry outlook is trending toward stability, marketers need to be careful not to simply rely on short-term answers to solve enduring budget issues.” It’s imperative that marketers focus on how they can extend their capabilities in an effort to accomplish more in the future, rather than hastily cutting budgets without fully understanding the long-term consequences.
The first step is to really focus on internal processes. It’s encouraging to hear that both marketers and agencies are taking a closer look internally to find ways to reduce costs; however, the key is to find the best possible ways to invest in smarter processes, so that key talent can be secured and leveraged to drive growth and profitability. Too often, key talent is not primarily focused on strategy and development due to stretched resources. Wouldn’t it be more beneficial if this valuable talent was empowered to focus on long-term media strategies?