Even in the best of economic times, running a successful cannabis company can be challenging. With strict regulations, high taxes, and intense competition, cannabis brands must work hard to keep their businesses afloat. But the task becomes even more difficult when the economy takes a turn for the worse, as it has in recent months. As people tighten their budgets, they are less likely to splurge on non-essential items like cannabis. In order to weather the current economic storm, cannabis brands need to be creative and proactive. This includes offering discounts and promotions and finding new ways to appeal to cost-conscious consumers. Keep reading for the top cannabis packaging best practices for selling in a recession.
Do People Buy Cannabis Products During Economic Downturns?
It’s no secret that the economy has been struggling in recent months. Families are tightening their belts and cutting back on spending–and many people have been losing their jobs. However, it’s important to remember that people still need to buy essential items like food and medicine. But what about cannabis products? Do people continue to purchase them during a recession?
If you’re wondering, “What do people buy in a recession?” because you’re nervous about your sales tanking if the economy does, the answer may surprise you. The sales of cannabis products actually increase during economic downturns. This is likely because people are looking for ways to relax and cope with stress during difficult times.
Cannabis Packaging Best Practices for Selling in a Recession
Commerce has always been an integral part of human societies, even in times of economic hardship. Recessions can be especially challenging for businesses, but there are still ways to sell products and services successfully. Follow these four tips for selling in a recession to keep your customers satisfied and coming back for more.
1. Adjust Your Messaging to Needs Rather than Wants
When money is tight, people start to cut out “wants” from their budget to ensure their “needs” are met. For many, cannabis products are a “need,” especially if they’re used for pain or anxiety relief. By adjusting your product messaging to speak to the needs of your target market, you can stay on the essentials list and keep selling in a recession. Think about your customers’ pain points relevant to the recession and start marketing your products as the solution to their challenges.
2. Offer Value-Based Pricing
While prices for nearly everything are going up right now due to inflation, it’s not the time to price-gouge your consumers. You can build trust and customer loyalty by offering value-based pricing. Customers are looking for ways to save money, so it’s important to offer fair prices that reflect the quality of your product. Everyone should feel like they’re getting a good deal.
3. Get Creative
Creativity and innovation are key to selling in a recession. Now is the time to focus your branding, adjust your messaging, and revamp your cannabis packaging. Look for new ways to reach your target market and promote your business. With a little effort, you can weather the storm of a recession and come out ahead.
4. Choose the Best Cannabis Packaging
It’s no secret that cannabis packaging plays a big role in product sales. In fact, studies have shown that product packaging design influences purchasing decisions for 72% of American consumers. But with the economy in a downturn, how can you ensure your cannabis packaging stands out from the competition?
The first step is to understand what your customers are looking for. During a recession, people are more likely to be value-conscious, so it’s important to highlight the value of your product on the packaging. Use clear and concise language to convey what makes your product unique, and be sure to include any discounts or promotions on the packaging. You should also make sure your design is eye-catching and engaging and use the best colors to promote urgency and excitement to buy. During tough economic times, people are looking for value-packed products that they can trust. It’s essential to make sure your packaging reflects that!
Create Recession-Proof Cannabis Packaging with Green 420 Pack
During these uncertain economic times, it’s more important than ever to be mindful of your spending. That’s why Green 420 Pack is committed to providing high-quality, sustainable, and affordable cannabis packaging solutions. We understand the cannabis industry is constantly evolving, and we’re dedicated to keeping up with the latest trends. Whether you’re looking for child-resistant packaging, tamper-evident containers, or eco-friendly options, we have you covered. Our team of experts is always on hand to answer any questions you may have and help you find the perfect packaging for your needs. So don’t hesitate to reach out today and learn how Green 420 Pack can help you create recession-proof cannabis packaging.