Custom packaging is a great way, in fact the only way, for your brand to stand out in the ever-growing cannabis industry retail environment.
Packaging is the first impression of your brand and an essential part of a customer’s unboxing experience. It is the first thing a customer sees and feels when they purchase your product.
You might be thinking, is custom packaging worth it, and can I afford it?
Custom packaging requires an investment into your business. Return on investment (ROI) is the financial ratio used to calculate the benefit in relation to the investment cost. It is most commonly measured as net income divided by the original cost of the investment.
Custom packaging offers a significant ROI for multiple reasons. First and foremost, custom packaging can be almost anything. It can be as simple as a well-designed label on a stock product, or it can be as intricate as a custom shaped jar inside a custom box. However, in either case, higher quality packaging will lead to a greater perceived value by your customer. In terms of ROI, if your packaging cost $1.00, but you are able to sell your product for $2.00 more than you could prior, that’s a 100% return on investment! Typically, packaging ROI is much greater than 100%. In the examples below, how much more would you be willing to pay for identical bud in high end packaging if you could only judge it by the package?
Even more important is customer acquisition cost. Would you be willing to invest anywhere from 12 cents for a custom printed eighth bag up to as much as 1 dollar for a really nice custom jar and box to acquire a customer that will statistically spend over $1,200 a year on cannabis? It’s really a no brainer!
It’s a fact that packaging sells product…especially in emerging markets. Although it’s equally important in mature markets where consumers already have a brand preference, and your packaging may be the only reason they are willing to give your brand a try. While it’s impossible to determine the quality of a cannabis product by looks alone, especially in states that require opaque packaging, high-quality packaging will create a sense of quality and value while elevating your customer’s experience.
How can you miss such an important space to promote your brand? One benefit of customized packaging is that it can act as a marketing tool for your brand and create brand loyalty and business value. Packaging is the easiest and most efficient way to show off and advertise your brand. Having attractive designs for your packaging helps your brand stand out from the competition. We humans do judge a book by its cover, and packaging is a major factor that impacts perceived value and purchasing decision-making.
A great way to present your products as a premium brand is through custom packaging. Unbranded packaging simply does not have the same impact that custom product packaging does. So instead of spending money on packaging that doesn’t do anything for your brand, save time and money by investing in custom packaging. You get to control the look and feel while also ensuring that it promotes your brand in the best way possible. You can create a truly unique and personalized experience that enhances the value of your products, increases sales, and builds your credibility along with the value of your business.
If you can strengthen your brand value with better packaging, plus a great product, the emotional connection you will establish with a customer will be much stronger. That connection will create long term, repeat customers while also creating long term success for your company. Providing a positive user experience through packaging is an effective way to differentiate your brand and products from your competitors.
Visit any retail store and it obvious…custom packaging increases sales, brand awareness, and perceived value, while elevating the customer experience and providing your company with an excellent return on investment.
These are just a few of the things to consider about your packaging. In a world with endless options, standing out in the crowd is important than ever. Having a print and packaging expert help will make choosing what is best for your product and brand easier. At Cannaline Custom Packaging Solutions, we are not only experts in the cannabis/CBD industry, but we are also a one-source solution. Our product specialists will help you decide what your needs are and our in-house design team can help create unique and eye-catching designs.