Coronavirus and Cannabis: Assessing the Current Challenges and Long-Term Impacts for the Industry
This is an interview with a mergers and acquisitions attorney. CBT asks about how to protect businesses during this uncertain time, the potential long-lasting impacts of this outbreak on the cannabis industry, and how should businesses be preparing for these long-term effects.
Here’s what we at HXM think, from a marketing communications perspective.
What you do now will impact your business in the future.
This is a health crisis. Your customers and your community need to know that you care. Communicate with them via your website and mailing list, social media, and advertising. Provide them with useful information. Your message should be relevant, informative, and caring. Remind them that you are there. Do not stop marketing or advertising now. Extend special services/products or discounts. Offer your expertise to the news media.
This is an economic crisis. Your business may have less competition – in the marketplace, in the media (news and advertising), and, ultimately, in the minds of consumers. It will be faster and easier to get results from your marketing communications strategy.
We do not know what will happen in the near or distant future, but we do know these two things:
Social distancing slows the spread of COVID-19.
How you communicate with your stakeholders now will impact the future success of your business.