Tag Archive for: cannabis industry pr
On the surface, it might seem that purpose-driven companies are vastly different from hyper-growth companies or emerging industries, but nothing could be further from the truth. Purpose-driven perspectives for hyper-growth and emerging industries is actually imperative to future success. Hyper-growth and purpose overlap in critical phases in a company’s or industry’s growth. Because fast-growing companies and emerging industries are closer to their customers and in the earlier phases of culture-building, purpose is more clear, and it’s actually the perfect time to codify purpose so as scale occurs, the purpose isn’t lost.
Isn’t Social Impact too Expensive for Growth?
While fast-growing companies have certain cultural requirements: creativity, flexibility, and drive, none of these things limit purpose. This very question assumes that growth only happens when hustle culture dominates. We have many clients thriving in purpose without the debilitating effects of hustle culture. But even if your company is incubating a hustle culture mentality, when the stakes are higher than ever, people need a higher purpose that inspires them. So it’s important for companies in the growth stage to double down on brand and product purpose. In fact, purpose may be a matter of survival, and not just PR for hypergrowth companies. At least according to Larry Fink at Blackrock who has for years been advocating for brands to implement purpose in order to grow.
Further, purpose is an expectation of GenZ and Millenials, that companies embrace their social, cultural, and environmental responsibilities. Further, employees are increasingly choosing employers based on the company’s beliefs and values. So, recruiting the best talent will if not now, eventually, require companies and industries to double down on purpose.
One example of this is the emerging vertical of the cannabis industry. The cannabis industry is founded in activism, but when the industry codified as states legalized THC, the industry doubled down on purpose, taking on the social injustice of cannabis prisoners in the Last Prisoners Project. And the cannabis industry is exploding, so there’s a clear precedent for growth and purpose. Brands who take on purpose and a higher power super charge their hyper-growth.
When Do Hyper-Growth Companies Need to Define Purpose?
Growth stage companies have an advantage: history doesnt’ hinder them. Existing companies often have to go through an intense reorganization to discover and fulfill purpose. For hyper-growth companies or emerging industries, the time to determine purpose is now. Elevating your company’s biggest aspirations in alignment with today’s social, cultural, and environmental challenges is a key growth strategy. Both private and institutional investors are analyzing a company’s social impact before they ever commit to investing, and this trend shows no sign of slowing down.
Larry Fink, CEO and chairperson of the multinational investment firm BlackRock, created a tectonic shift in 2018 when he said, “To prosper over time, every company must not only deliver financial performance but also show how it contributes positively to society.” In his 2021 letter to CEOs, he said, “It is clear that being connected to stakeholders — establishing trust with them and acting with purpose — enables a company to understand and respond to the changes happening in the world. Companies ignore stakeholders at their peril — companies that do not earn this trust will find it harder and harder to attract customers and talent, especially as young people increasingly expect companies to reflect their values.”
Defining, developing and implementing purpose is step one to ensuring a company’s strategic growth.
How Does Purpose Driven PR Help Companies in Hyper-Growth?
A challenge many fast-growing businesses, especially those in emerging industries, face is brand building. Purpose is a considerable portion of a brand and while it gives internal and external stakeholders corporate structure, it also lends itself to authentic storytelling, which greatly aids in securing media coverage. For many companies in competitive emerging industries, PR is an important differentiator for those with industry-leading aspirations.
With all the advantages of purpose-driven initiatives for fast-growing companies. The question is reall- can fast-growing companies afford NOT to define a greater purpose? We’ve been working shoulder to shoulder with our clients on purpose-driven communications and PR since 2008. From movements to politics to social impact, our success stories speak for themselves. Contact us today to get started.
Creating appropriate crisis communications strategies is necessary for any business, but this is especially true for a cannabis crisis. Whether it’s a recall, or a significant event hits the industry, cannabis companies must change how they handle potential problems that could challenge their success. This is especially true for CPG companies like cannabis brands who also have the additional risk of a cannabis recall.
The unexpected can happen at any moment. For example, the COVID-19 outbreak limited business operations and disrupted consumer spending habits. Airlines canceled flights, and hotels stopped accepting reservations. Everyone went into lockdown, and it affected companies in every job industry.
You need to have a solid plan in place before you face a cannabis crisis that can significantly affect the cannabis industry. Adequate preparation could prevent a decline in profitability while you’re dealing with a new normal. You must develop necessary communications to address scenarios you could encounter. Circumstances constantly change, and it’s crucial to be ready for anything.
You might need to establish multiple communications channels. You should create a hub and assign specific people to lead each group. Allow your chosen leaders to review and approve statements and consistently provide updates to executives.
Each staff member within the groups should have scripts they use to answer external and internal inquiries. They should also have a list of updated contacts, so they have access to people they need to communicate with.
In a Crisis: Prioritize Safety
Consumers want to know they’re safe whenever a crisis hits. During the coronavirus pandemic, companies put safety measures in place to protect their employees and customers from unnecessary exposure. When you run a cannabis business, you should ensure everyone’s safety at all times. Anyone walking into your store or buying your product needs to know they’re in an environment that won’t make them sick.
Your communications should address safety concerns. Anyone overseeing an internal employee should work with HR and legal teams to develop policies regarding sick leave, working shifts, office health, and telecommuting options during a crisis. You should also create a plan to approach conversations between managers and employees, so information flows seamlessly throughout the company.
Instruct groups handling communication with consumers to advise the protocols you follow regarding cleaning and health. Your customers should be aware of the maximum capacity in your stores and how your workers handle cannabis deliveries without putting others at risk.
Your website is essential for communicating with the public during a crisis. Update your page frequently to inform others of your company’s policies. Advise them of the steps you’re taking to address current issues and prevent further problems from arising.
Your customers should know you take their health and safety seriously during this challenging time. You’re not willing to place them in harm’s way when there’s a crisis. All the safety precautions you take are meant to protect you, your employees, and the public.
The team you designate to handle regulatory affairs will play a valuable role in your company. They can liaise with federal and state health officials to keep your business up to date on evolving safety protocols. The team should communicate regularly with officials and share accurate and detailed information with management and staff. They should also notify officials of what your company is doing to comply with the required regulations.
Impact of Cannabis as an Essential Business
Many states see the cannabis industry as essential. Instead of shutting down with other businesses when there’s a crisis, these companies can remain open. However, acquiring and maintaining the status of an essential business isn’t a guarantee for success. You must have a plan to respond to the local government’s regulatory agendas and address their concerns if you want to continue operating.
You can plan how you’ll communicate the essential nature of your product by discussing the medical needs of cannabis. Lobby for an essential status designation from the leaders in your area. Taking action now could prevent a crisis from negatively affecting your company in the future.
Employees in your PR and marketing groups can explain the medical and social benefits of cannabis to a large audience. They can show the public the importance of the cannabis industry and how it can help people navigate a crippling crisis, such as the Covid-19 pandemic.
Your media team can also inform reporters of your company’s philanthropic efforts. Some businesses donated hand sanitizer to healthcare workers to keep them safe and prevent the further spread of the virus. Journalists and news outlets can get the word out about your industry’s dedication to the well-being of residents within the community.
Don’t Forget About Your Investors
You must maintain frequent and ongoing crisis communications with anyone with financial interests in your company, such as investors and suppliers. Instruct your team to communicate with your suppliers regarding retail challenges and inventory shortages they might face. Try to come up with solutions to the problem before they happen, so you protect your retailer’s and supplier’s bottom lines.
Any investors you formed a relationship with should be aware of the steps you’re taking to resume normal business operations. Your team must identify essential business functions, such as supply chain services and critical jobs, that are necessary to continued operations with limited disruptions.
Your spokespeople must warn investors of potential disruptions to operating procedures. Your investors should also know about your plans for an emergency and how you’re going to recover once the crisis is over.
Streamlining your crisis communications strategy means you can successfully navigate any crisis you face. Review statements you make before releasing them to determine whether they reflect your company culture and the impact you have on your customers. The cannabis industry can overcome complex obstacles and thrive with strategic and effective communication plans.
Avaans Media is a top cannabis PR agency you can depend on to effectively manage your company’s brand and implement the appropriate strategies to gain new customers and grow your business.
Since 2008, our PR team has provided comprehensive services to clients in various industries. The cannabis business is unique but expanding rapidly. You need to keep up with your competitors, so they don’t leave you behind. Our team can spearhead your campaigns to improve your credibility and reputation within the market.
Contact us right now if you’re interested in discussing your needs with a trusted and knowledgeable PR firm with years of experience.