How Terrible Brands can Still Prosper in Cannabis Tech
Hey, how's it going? My name is Mike and I talk about branding.
Every video on this channel is how to use branding to make your business better, to make more money. To get better customers to get higher ticket sales on your product or your service. It's how to utilize branding. To build your business.
But sometimes. Terrible brands can still do extremely well in the market. They can still maintain their profits and they can still maintain their customers. Even when the customers hate them.
So here's a little real world story about how green bits.
A terrible brand, a terrible company. Still maintains their product and their customers, even though their customers completely hate them.
If you're not from the legal cannabis industry, you probably don't know who green bits is, but green bits is essentially a point of sale system that runs on an iPad. That dispensary's use to do their sales. It's their sales platform. It's their point of sale.
Now back when I was in cannabis tech,
I visited probably hundreds of dispensaries in Oregon. And I spoke with hundreds of managers, bud tenders, owners, investors. And I never came across a single person.
That was above neutral for green bits. Every single one of them was either, they were like, whatever green bits is, whatever. Or they were like, I hate it. They cursed it. They loathed it, it kept them up at night. It made them worry that they were going to lose their businesses. It was just a terrible trash product. A horrible company. And they wouldn't answer the phone customer service.
Won't answer the phone. They didn't care. It was so strange.
So originally when I heard that, when I saw that. I was excited because I saw a problem to solve. We can make, and we can build something better. And we can take that market from them. It seems so simple and so easy. But it was not. And we failed, and this is why.
It's actually really simple. Green bits was first. Green bits made the system first and they got into the dispensary first. And now that they were there. The roots of their system grew so deep into how the business was ran. That no owner, no manager was willing. To take the time and the effort to pull those roots up. And to plant something new.
They were first to market and that first to market was so critical for them. Because after they got in there, they basically just kind of left these people to dry. If anything broke, they never fixed it. There were things still to this day in the reporting structure that is illegal.
And if, and when they get inspected, they will be fined and some of them will be shut down.
And it was always incredible to me that even know this brand that had a pretty terrible product. Horrible customer service and angry customers still. They still stayed there. They still pay every month. They still use their system every month. They weren't willing to change out. So we went out of business. And they still to this day are using them with the same issues. It's crazy.
And that business failure is just proof that branding cannot solve everything.
Sometimes you have to be first to the market. Sometimes you have to just get your product into people's hands first before anyone else.
Sometimes that's all it takes, especially in a new industry, like cannabis.
And the cannabis industry is still the wild west. There's still states in the USA. That are coming online and allowing it.
Coming up with their own government rules and regulations. So there are still are chances out there for tech companies to go take that, get their foot in the door first.
And take that market share.
It's a shame that we weren't able to do it.
And I always secretly kind of hoped that green bits would buy our system and implement all of the quality of life changes that we made to the system. So at least their customers would have a good product.
And that they would be happy. Because.
Because that's what we cared about at the core was the customer, because we saw how angry the customers were. We thought, man, we could definitely solve that anger with some really good software. And, you know, we did convert. 25 people to our system, but it just wasn't enough to keep the business going. The 600 other ones that we talked to, that all said, no. That was the reason why we shut down.
There was only a small percentage of business owners. That would take the time to fix the problems within their company. Most of the other business owners that we spoke with were basically just too distracted with the day to day problems that the software created. And they wouldn't take the time to just look past those problems, get dirty and dig in.
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