The Super Bowl is the time of year where brands throw marketing “Hail Mary’s." Companies spend millions of dollars for just one ad slot. This year, a 30 second commercial is going to cost a staggering $5 million dollars.
Although tens of millions of people will see the advertisements, it is widely known to advertising executives that Super Bowl commercials are terrible deals.
If you break down the cost of these commercials by the cost per 1000 impressions, also known as the CPM, you will find that companies pay a CPM rate of $35 during the Super Bowl.
The majority of executives would never pay this rate for any of their other marketing efforts. During the Super Bowl, companies like Budweiser and Heinz are happy to spend the money on this one occasion, because it is only a fraction of their overall marketing budget.
So what does this have to do with your cannabis business?
Your cannabis advertisement likely costs at least 2x more per impression than a Super Bowl commercial.
Industry magazines are a great place to reach your target audience, but is the cost really worth it? Running a CPM analysis for some of the most prominent cannabis magazines often looks like:
Weekly distribution: 55,000
2017 Cost for a full page: $4,000.00
To put per impression costs into perspective, here are some other CPMs for different advertising mediums:
For many dispensaries, it feels like the only place that one can effectively advertise is with a cannabis magazine. Cheaper digital optoins like Facebook or Google are unfairly not available to cannabis businesses. As a result, dispensaries and brands spend the majority of their marketing budgets on print ads.
By running a print ad in your local newspaper, you are effectively running a campaign that is more than 2x as expensive as a Super Bowl commerical. By focusing on print ads, you end up paying more per impression than the most expensive ads in the world - every day.
There is a way to avoid paying such high costs. It is by marketing directly to your followers. Why pay someone to help you reach cannabis lovers when you can do it yourself?
Every month, thousands of potential lifelong customers walk in and out of your doors, they visit your website, or engage with your brand at an event. Most cannabis companies don't collect information. Most don't realize how big this opportunity is and they miss out on their one shot to begin building a relationship.
Remove the middleman and begin building your brand following today. Collect information, use that information to build your brand and stand out from the crowd. Stop paying 2x more than a Super Bowl commercial every time you want to get your message out. Create happy customers and run a more succesful business today.