Believe it or not, I get this question a lot.
The cannabis industry is getting more and more crowded, therefore, naming your product is super critical.
Will people buy your product based on its name?
But can a bad product name turn your prospects off? Yep.
And can a good product name contribute to the branding and messaging you’re trying to get across? Absolutely.
For the purposes of this article, when I refer to how to name a product I’m referring to either a product or service. So even if you aren’t delivering something tangible this article will apply to you, too.
There are three steps that I want you to consider when naming your cannabis product:
Having a signature product isn’t so much about branding. It’s not so much about the ego boost of having your product become known.
Having your signature product is all about communicating to the marketplace the types of results that you are able to provide.
So before naming your product or service I encourage folks to be thinking in terms of HAVING a signature product.
This could look a number of different ways:
· If you’re an cannabis accountant your signature service could be saving small cannabis businesses an additional 10% off their taxes. That doesn’t mean the same firm couldn’t also offer bookkeeping and audits and other services.
· A leather maker could have a signature line that revolved around products designed to carry; purse, duffel, satchel, etc. That doesn’t mean they can’t also manufacture bookmarks and paper weights.
· A life coach could have a signature program designed to help someone quit smoking in 30 days. It doesn’t mean she also couldn’t help others lose weight.
· A copywriter could have a signature product teaching people how to make money with direct mail. That doesn’t mean he also can’t teach other types of copywriting.
What I’m getting at is your signature program is that one thing. The thing at which you’re the best. The thing that you do that is so specific that it sets you apart from every other competitor and basically makes it so that you don’t even have competitors.
Cannabis entrepreneurs worry that if they specialize, if they get deep in a niche, that they limit themselves too much.
On the contrary, getting specific about how amazing you are at your thing allows you to serve people on such a deeper level. And many entrepreneurs will still end up serving other people outside their niche.
But it’s their uniqueness within that niche that pulls in other clients who aren’t a perfect match but still desire that special quality.
Before naming your cannabis product, consider if it’s your signature product, or if you can make it part of your signature line, in order to better communicate the types of results you are known for getting.
When cannabis entrepreneurs talk about what’s unique about their offerings they often do so in the wrong way.
“I’m unique because I’ve been in business for 15 years!”
“I’m unique because I’m certified in my profession.”
“My product is unique because I source it from a different country.”
In other words, often times entrepreneurs are highlighting the uniqueness of their product…but no one cares.
When you’re determining what’s unique the ONLY thing that matters is seeing your product through the lens of your customer.
Your product solves a problem, right?
Then what about your product solves that problem BETTER than other products?
Being in business for a long period of time, having certifications, and other features aren’t going to improve your customer’s life.
What is it about your product that actually makes life better for those who have it?
Determine that because we need that for naming the darn thing.
When you’ve done your job and you’ve determined what is unique about your cannabis product and how it benefits your customers that’s what you need to name it.
Avoid hype. But use strong language.
Don’t paint a pie in the sky. But do make promises.
You want to convey in the name of that product the benefit it does. Something vague and cute doesn’t benefit you and doesn’t benefit your customers.
Naming your product is deeper than just finding a name for a box or a service.
It’s about defining your value to the marketplace and your unique ability to fix problems. Do that and your product name won’t just be something cutesy. It will be something that fits with your brand and message.