As the cannabis industry grows, weed startups seek ways to give back and help those in need.
Brand philanthropy is the practice of using company resources to support charitable causes. There are many benefits of incorporating brand philanthropy into a cannabis business model.
Read on to learn five ways to give back and build a cannabis brand with a purpose.
Why Should Cannabis Businesses Care About Brand Philanthropy?
Cannabis businesses should care about brand philanthropy because it allows them to:
- Stand out. Brand philanthropy can help you distinguish your business in a crowded marketplace. With so many companies competing for customers, those that engage in philanthropic activities can differentiate themselves and make a lasting impression.
- Build goodwill. Brand philanthropy can help build positive associations with the company. When customers see that a company is giving back to the community, they’re more likely to have positive feelings toward it.
- Engage employees. Brand philanthropy can be a great way to get employees invested and involved. Employees can feel like they’re part of something bigger and more impactful by giving back.
- Increase sales. Studies have shown that consumers are more likely to purchase from companies that engage in philanthropic activities. So not only can brand philanthropy help you stand out and build goodwill, but it can also lead to increased sales.
5 Ways To Give Back and Build a Cannabis Brand With a Purpose
1. Sponsor a local event or charity
One way to give back and build a cannabis brand with a purpose is to sponsor a local event or charity. This can help you raise awareness for a cause that’s important to you while also getting your name out there.
2. Make donations
Another way to give back is to make donations to charities or other nonprofit organizations. This is a great way to support a cause you care about while getting your name and brand in front of potential customers.
3. Volunteer your time
In addition to making donations, you can also volunteer your time to support a cause you care about. This is a great way to get involved and make a difference.
4. Create a social media campaign
You can also use social media to raise awareness for a cause or issue you care about. This is an effective way to get your message out and engage with potential customers.
5. Educate your employees and customers
Finally, you can educate your employees and customers about the importance of giving back. You can make a real impact when you get everyone on board with your brand philanthropy efforts.
How To Succeed in Brand Philanthropy
Cannabis businesses have great potential to give back and make a difference. By incorporating brand philanthropy into your business model, you can not only achieve your charitable goals but also improve your bottom line.
There are many ways to give back, but finding the right fit for your company is crucial. You’ll also want to make sure you have a plan to ensure success.
If you’re interested in giving back but don’t know where to start, Bespoke Financial can help. We specialize in financing solutions for cannabis businesses. Contact us today to learn more about how we can help you grow your brand and make your philanthropic goals a reality.