CBD Marketing Guide: From Strategy To Action Plan For 2020
Considered as a potential medicinal alternative, CBD is a fast-growing industry. With continuous research and legalization, the CBD market is estimated to grow at a compound annual growth rate (CAGR) of 22 percent from 2019 to 2025. The most striking fact is during the COVID-19 pandemic, CBD sales have skyrocketed. The increasing popularity undoubtedly lies in its potential to exhibit therapeutic effects on various health problems.
Getting into the CBD industry business can be quite a lucrative option. More entrepreneurs are cashing in on the opportunity by either selling CBD products online or through retail outlets. But with extreme competition and marketing restrictions, not all players are successfully positioning their brands to their target customers. As a new player, if you want to make your business sustainable, here are some strategies and action plans that can help you over the long term.
Creating an image of your brand for customers will maximize brand value. Customers can distinguish your brand from that of your competitors and will increase its relevance. The necessary steps include:
Acquisition of Your Target Audience
Gaining a deeper understanding of the customers you want to target can help you plan the next level of strategy. Who your customers are, the particular region they reside in, the CBD laws imposed in the area, and which products sell more are just a few of the fundamental questions that can help you better position your brand.
Perceiving the Competitors
A thorough competitive analysis related to the products, sales, and after-sales services can help you identify your competitors’ strengths and weaknesses. You can create robust marketing strategies to have more of a stronghold on the market.
When you have a clear picture of the target market, plan for a compelling proposition to distinguish your brand. Be it the benefits of your products, low pricing, services offered, or other innovative features that can help customers choose your products.
Differentiating your Brand
Coping with tremendous competition in the CBD market is only possible when you distinguish your brand. Creating and communicating a clear message to your customers comes first. A strong message with a personal and emotional touch can always resonate well and cause them to try your product rather than go with another brand. Be sure to engage your customers with a clear message that brings forward the mission and benefits of your products.
Remember, people have their apprehensions towards CBD products. Imparting knowledge of CBD can make them feel more confident about the safety and effectiveness of your products. Regular education can, therefore, turn CBD users loyal to your brand.
Strong Online Presence
Brand positioning and differentiation depends on a robust online presence. Adopting the right online strategies not only attracts the target audience but generates hefty profits. Influencer and affiliate marketing are two such strategies. Collaboration with personalities who have substantial online followers can help market your product. Marketers also promote products of their choice through blogs, social media platforms, or websites in exchange for commissions and brand recognition. The best part about these strategies is that they are economical, produce positive brand awareness, and generate massive sales.
Content Marketing Strategy
Quality content always focuses on creating and sharing relevant information to develop and retain your products’ interest. Curating keywords that revolve around Cannabis SEO will enable the audience to find what they are searching for on your website. An effective means of displaying customer’s experiences and stories, content can often educate and create awareness among users. Through your blog posts, articles, and web content, you can ensure sure your brand is found easily by search engines. It will boost the credibility and position your brand as a market leader.
Focus on Email Marketing
Customer retention is as necessary as acquiring new ones. One of the oldest yet effective means is e-mail. Start with an initial welcome email where you connect with the subscriber. Make lucrative offers to retain and push them for further purchases. Some other tools involve a personalized recovery cart email for the customers who already added the products cart but left without buying. These emails are a reminder for the customers to complete a purchase. In case loyal customers stop being active, send a reactivation mail. Benefits like a discount or free shipping can entice lost interest and cause them to use their favorite brand again.
Attending Trade Shows
Another powerful marketing technique includes attending CBD trade shows. Events like the World CBD Expo and USA CBD Expo exhibit products of many brands and offer advice and education about CBD. These platforms will help you to demonstrate your products and have a face-to-face interaction with the new prospects. Trade shows are the cost-efficient solutions to sell your products and generate sales leads. Further, you can meet industry players and assess your competition.
The budding CBD industry presents some challenges to marketers. But by focusing on a few key points can be incredibly rewarding. Apart from the above essential tips, keeping an eye on changes in regulations and laws related to CBD is imperative.
The rules that regulate the advertising policies across various platforms are continually changing. By implementing the right strategy and mastering the correct marketing channels, you can reap soaring sales. Lastly, make sure the claims for your products are authentic and backed by scientific evidence. Ultimately, this can create a unique and memorable brand identity in 2020 and for the coming years.