The image that many have of CBD sales is a picture of a man hiding a dark alley with a container of CBD edibles. However, this is absolutely wrong. The CBD market is a sophisticated market that is estimated of exceeding $20 billion in the United States alone. This being said, if you are a producer or distributor of CBD products, that you take heed to the 4 marketing practices mentioned in this article.
What is CBD?
CBD does not operate like THC. CBD is merely one of the 85 different cannabinoids that can be found in the hemp plant. CBD does not contain any amount of THC. It also does not have psychoactive effects. This means that you will not get high from using CBD. CBD has been proven to be very useful and beneficial to our health. It is great in the fight against pain. CBD can induce relaxation. This hemp derivative can help to relieve anxiety. it is useful in reducing inflammation in the body. CBD can also enhance the length and quality of your sleep.
These are just a few of the benefits of CBD. CBD can be consumed in many different forms such as topically, patches, oils, tinctures, drinks, vape pens or edibles. The great thing about it is that it will have no harmful side effects. The world is catching on to the power of CBD consumption. As a result of this, the product can be seen almost everywhere for sale. It is available in dispensaries, health food stores, pharmacies, e-commerce stores and even gas stations. Consumers of CBD do not have to search too far and wide to find CBD products.
Is there a market for CBD?
The CBD market is currently huge. It is growing rapidly as a result of it becoming more accepted by consumers. The continued formal study into the benefits of CBDS, whether they are consumed as edibles or some other means, contribute to this acceptance. Along with these two reasons is the fact that there is currently favorable legislation such as the federal farm bill of 2018. A conservative look at the market of CBD reveals that CBD sales will amount to more than $1.8 billion annually by 2022.
This estimation is impressive and indicative of the momentum of the market because sales of $500 million were recorded in 2018. As a matter of fact, experts have predicted that the CBD consumer market will grow beyond the entire legal cannabis industry. A closer investigation into the performance trends of CBD shows that the market in the United States of America is mimicking the legal marijuana market. The legal marijuana market is estimated to be worth more than $23 billion in the next 5 years or so. This simply means that the potential for becoming successful with your CBD edibles, oils, tinctures, etc. is a major possibility.
Best Practices for Marketing
Establish the Positioning of Your Brand
In doing this you must know the audience you desire to target. A marketing consultant would inform you that you should begin your CBD branding by learning your target market and their “pain-points”. It would pay to diligently study your market. You must know the people you will be serving, the value that your products will bring to their life, and exactly how you will position your products. if you are doing edibles, you should know the ins and outs of how people like their edibles.
This will guide you in establishing the right branding. Pain management is the most prominent condition that people use CBD to address. From this, you can easily tell that a lot of your customers would be the elderly as they tend to experience a lot of pain at their stage of aging. Forbes has also come to this conclusion. You should leverage this fact and position your brand in such a way that it appeals to older customers. This could set you up for massive success.
Study Other Players in the CBD Market.
For example, if you are considering producing CBD edibles, it would be prudent for you to spend some time looking into what other players in the market are doing. From this, you can learn what to do and also what not to do. Focus on the competitors in your niche and, if possible, those in your market area. Do a SWOT analysis of their operation. This means that in your research of your competitors, you need to identify their strengths, weaknesses, opportunities and threats.
You also need to know what their unique selling proposition is. You could go the route of employing a marketing consultant to study the market for you. If you are able to invest in this, they could help you clearly understand the marketplace. The information you will get from this research will help you to plan a strategic approach to the marketplace. It will give you an opportunity to develop a strategy of standing out in the midst of the cloud of competitors.
Develop a Unique Identity
Studies show that almost 60 percent of consumers would buy a new product from a brand that they are familiar with. This means that you must label to develop a unique identity for your brand that people can relate to. This relatability and uniqueness will draw customers to you.
You will need to communicate your brand message in clear terms to all your stakeholders. This includes your customers and workers.
Simply creating the identity is not the end of your work, you will need to instill your brand’s beliefs, value proposition and mission in all your stakeholders. In markets where ignorance proves to be a barrier in acquiring customers, it is always wise to invest time and financial resources in educating the target audience. While CBD is becoming popular and acceptable, there is still a large number of people who are ignorant of its benefits and use. Spend time to educate your audience on the incredible benefits that your product can bring to their lives. This will make them more accepting of the product and the knowledge you share will build trust and a desire to patronize your business.
Build and Maintain a Strong Presence Online
We are living in an age where influencer and affiliate marketing have tremendous power in convincing consumers to purchase. Take advantage of this opportunity to leverage the influence of these individuals. The people have great influence over a large number of followers, sometimes even millions. Having these individuals endorse your brand can add a great amount of momentum.
Constantly seek opportunities and methods to give your brand an online presence. Do it in such a way that your brand becomes recognized as a leader in the industry. A well-managed online presence can communicate your brand message 24/7, bringing you customers while you rest. See your online presence as a marketing tool that sells on your behalf right around the clock. One of the most beautiful things about building an online presence is that it does not cost much to do this. This is something that marketing consultants rejoice over, and you should too.