Maine Allowing Dispensaries to Claim Advertising Expenses as Businesses Expenses for Tax Purposes

Great news for any dispensaries in Maine, you can deduct your marketing expenses starting this year! Other states don’t allow this kind of deduction for any kind of controlled substance, including cannabis. The cannabis industry is one of the few with these restrictions on marketing, and it’s great to see Maine extend a hand to cannabis businesses. If any dispensaries in Maine would like to increase their budgets with this news in mind, you know who to call đź‘€

5 Ways to Turbocharge Your Cannabis Advertising Strategy

Medical and recreational cannabis is one of the fastest growing sectors of the US economy. Every year, a few more states legalize either recreationally or medically, but there are still federal legislations that make it harder to advertise and promote your cannabis business. Despite these regulations, the market is saturated with a ton of dispensaries and ecommerce businesses fighting for your share of the market. Advertising your business and products is imperative to keep yourself in front of consumers. Here’s how you can market your cannabis or CBD company better:

Use Analytics

Whether you’re a brick and mortar dispensary or an ecommerce CBD brand, you have access to free analytics tools. Google Analytics is a free and powerful tool that you can use to monitor website traffic and Google Search Console can tell you how people are finding your website. You can use this information to put together an SEO strategy to help your business reach first page rankings on google. Brick and mortar stores also have access to data from POS systems and rewards programs.

Know Your Audience

Having a clear customer persona in mind is the first step to developing a successful marketing campaign. Customer personas define who your audience is, including their age, gender, habits, interests, income, and geographic location. You can use analytics to find out the kind of customers you’re attracting naturally and hone in on appealing to them or define new segments you can sell to.

Choose Platforms Wisely

Maximizing your ROI on advertising involves choosing the correct platforms. Cannabis marketing can cost you valuable money and time, so you want to make sure you’re spending both wisely. Knowing whether your cannabis dispensary or CBD business should focus its efforts on an SEO campaign, an email marketing campaign, a PPC campaign, a display campaign, or a social media campaign can be difficult, especially if you don’t have data to analyze. We recommend having 7 different touchpoints your consumers can interact with, and at least two major funnels for driving traffic to your brick and mortar store or to your website. We recommend trying do all kinds of marketing for your business if you have the time and resources to do so, but if we had to pick two for sustainable growth and consistent revenue, the combination of SEO and email marketing will give you the best results.

Look to Successful Campaigns

Studying successful campaigns is the first step to creating a successful cannabis advertising strategy. We recommend looking at a mix of cannabis advertising specific campaigns as well as general trends in the advertising space. We have weekly blogs and emails going over marketing trends in cannabis advertising if you would like to learn more!

Hire Professionals

If you don’t have the time to manage your own marketing campaign, hiring a cannabis marketing company and outsourcing your advertising efforts to professionals might be the solution for you. Hiring a cannabis advertising agency isn’t as expensive as you think it is, and you can use the time you would have spent managing the campaign on other aspects of your business. Cannabis advertising experts do the market and legal research to ensure they are marketing your cannabis or CBD products safely and effectively, leading to better ROI and less risk to your business.