L’Eagle Services was recently awarded a marijuana-infused processor (MIP) license. Any business owner who has gone through the rigorous process of obtaining a MIP license knows it can take several months with many twists, turns, unexpected inspections and countless pages of paperwork. But once you have received approval for the license, what comes next? We have learned a lot throughout this course of action. Here are a few items retail store owners should consider when preparing to roll out their own line of infused products.
– Determine timeline and budget: Of course we want to get our products out onto the floor and start turning a profit as soon as soon as possible. But not at the risk of rushing it, and potentially making mistakes along the way. Determine a realistic timeline before making any decisions. Identify key components for launch, as well as the time and budget allotted to see each component through. This includes a research and development phase, cultivating a brand message, creating collateral, purchasing the right packaging, designing marketing materials, holding a beta launch for feedback and, of course, final production.
– Be strategic and find your niche: Early on in this process, you will have to decide how you want to brand your products and what your specialty will be. At the end of the day, it really comes down to your goals.
A strategic branding and marketing program should be developed to identify which products you will make, who they best suit and how you will market them.
At L’Eagle, we cater to consumers who are looking for quality, clean cannabis. Our clients recognize our brand as safe, responsible and transparent — so it is important for us to keep the L’Eagle brand through our line of infused products. In an effort to provide access to clean, long-cured cannabis, we only sell flower we cultivate ourselves. We work hard to maintain that quality and with the MIP license we’re able to see that devotion carry through our offerings of house-made infused products. We have already added small-batch rosin and signature “completely clean” caviar to our menu. In the coming months, L’Eagle will launch a line of infused topicals that include an essential oil roller bottle and a salve.
– Beta launch and build buzz: Once you have developed a timeline and strategy, it’s time to get feedback and test your messaging. Before opening the floodgates to the masses, consider holding a beta launch. Invite some of your regular customers to try the new products and let their feedback guide the formal launch. This will enable you to ensure products are being perceived accurately and receiving a positive response, before going wide.
Once the products and messaging have been perfected, an official roll-out is appropriate. Start a steady stream of messaging with teasers on social media, send a formal press release to the media, coordinate paid media opportunities and initiate a strong digital marketing strategy to entice influencers.