Guess Contributor: Hybrid Marketing Co.
We haven’t yet found a cannabis business that wouldn’t benefit from implementing a CSR program. In fact, here at Hybrid Marketing Co we recommend it to all of our clients. There are many reasons why, but we boiled it down to six of the most important.
A Corporate Social Responsibility program can come in many forms, from charitable donations to employee volunteer days to co-promotion with non-profit organizations. Of course, while doing good is its own reward, being an active community partner also has a positive impact on our entire industry – and that’s the best outcome possible.
If you haven’t established your own CSR program, now is the perfect time. It’s a new year, new decade, and great initiative to kick off 2020 with what we believe is an essential business pillar.
Change hearts and minds.
As support for legal cannabis grows and the legalized markets continue to develop, many communities have come to understand the value of our favorite plant and appreciate the tax dollars that are funneled back into areas and programs that need a revenue boost. Nevertheless, the stigma persists! But the more often community members see cannabis companies and employees volunteering and improving our city, the quicker that stigma will melt away.
Give your business it’s why.
Entrepreneurs in the cannabis industry have a variety of reasons for starting cannabis companies. Of course, at some level we are all motivated by profit. After all, it IS a business!
But consider how a healthy CSR program can give your business a why that transcends profit. Other than making money, why does your business exist? What kind of benefit do you or can you provide the community? Sometimes these questions can be difficult to answer, but a CSR program can give clarity to both you AND your employees.
Appeal to a younger demographic.
Did you know that millennials control around $200 billion in buying power? If you don’t recognize the importance of that statistic, consider that millennials are 73% more likely to purchase a product that benefits the environment or society in general, (when given the opportunity). Regardless of the lazy millennial stereotype, young people care and they vote with their money. They want to support ethical businesses. They will be more likely to buy from you, but they’ll also feel better about doing it, even if that means they spent more than they would have with one of your competitors.
Make your employees happy!
Data backs it up: employees are happier and feel more fulfilled in the workplace when they know their company has a purpose beyond profit. And happy employees work harder, are proud of their work, and stick around longer. (Wouldn’t it be nice to have some more stability in your staff, especially in the traditionally high-turnover positions?) Fulfilled employees will also be evangelists for your business and encourage family, friends, and even strangers to patronize your dispensary or try your products.
Differentiate yourself from the competition.
How do you make your business stand out when you and your competitors sell similar (or the same) products at comparable pricing? A healthy CSR program will give consumers another reason to purchase products from you rather than your competition (like we mentioned, it’s your why!) It’s an excellent tool your cannabis business can use to stand out from the pack.
Doing good is the right thing to do!
Our industry is still young, and those of us currently involved are defining it as we go. It’s up to us to make sure the cannabis industry is a force for good! And ultimately, authenticity is the only way to make that work. We should all be doing it because it’s the right thing to do – it’s that simple!
Hybrid Marketing Co is a cannabis marketing agency based in Denver. Get in touch or learn more at hybridmarketingco.com.