The market is all set to witness the launch of a wide range of CBD based products. CBD is the gold rush lined up to hit the stores soon. This non-psychoactive ingredient of Cannabis plants is taking over the market by storm with its presence in everyday products such as edibles, drinks, cosmetics, medications. An encouraging step towards CBD would be the countries who have shown the green flag for hemp cultivation. This way, CBD rich products will capture the majority of the markets soon.
Cannabis legalization has stirred controversial debate everywhere. But CBD can become an exception to fall prey to this war. This shows promising business for investors and entrepreneurs out there who are exploring fun ways to introduce CBD infused products into the market. With the world preparing to receive CBD with open hands, the time has come for marketers to align their strategies to hit jackpot sales. Here is a CBD marketing guide to utilizing while you get ready for the CBD revolution.
A marketer’s guide to hitting the CBD jackpot
CBD is not a new entry to the US market. The total consumer sales of CBD in the year 2016 was reported to be between 260 – 270 billion dollars. The prediction suggests that the market will expand rapidly within the next few years to accommodate the compound in various products we use every day. But CBD is still relatively new for most of the world. Getting ready to place your CBD products will require a few tips to plan and strategies your brands to become approachable and get better outreach.
- Know your target audience: While it is natural to want to cover every base possible, marketing CBD products need to be more target-specific. The primary reason behind this is the legal and social status of cannabis and derived products. The laws across the world are still confusing and rapidly evolving every day. The lack of uniformity in these areas across the world indicates that marketing campaigns should be more target-specific. Analyze the age group, geography, ethnicity, purpose of use, the intensity of the problem being solved. The answer to these questions will direct you to the one ultimate answer, what is the motivation behind a buyer to reach out for your product. Your strategies can grow from the grassroots of this answer. Your brand definition depends upon gathering the right data and conclusions from it. While the huge market could lure you into including too much into your target audience, try to stay within your boundaries to define a good strategy.
- Cover a wide range of competitors during your research: The multitude of profiles that CBD can be beneficial is both a boon and a bane for this cannabidiol. This means that the threat of competition is a much larger portion of the market than you would imagine. For example, if your brand aims to create CBD vape pens for medicinal benefits such as for chronic pain, then your competitors vary from prescriptions meds, physiotherapy, to natural remedies. Watch out for these players as well. Perform thorough research and understand your competitor profile to engage in intelligent marketing.
- Bring out a strong differentiation from the existing products: The CBD market is unregulated, and this has opened up opportunities for thousands of brands and products in all ranges. The rapid popularity of the sector only means that the market is prone to get saturated too soon. With a multitude of local products and brands popping up, only a few brands that hold strong differentiation from the rest get to stay. Strategic brands like CBDometry that focus on creating value and convincing customers to experience it are the only ones that will last. So start by answering the question of how different you are from the other market players? Talk to your target customers and evaluate your marketplace to know what are the expectations. CBD is not a cure-all, so understand what your customers need and let it reflect in your products and campaigns.
- Evaluate the brand fit of the product: The wide range of applications for CBD makes the task for placing it in your existing brand slightly difficult. Whether you want to create a face cream or oil for pain is a difficult debate to conclude? Whether you should target a small problem statement or a general age group? Finding the proper fit is important to position yourself in the market. Evaluate how your customers identify to you and try to place the product range on similar lines. The overwhelming diversity should not break what your brand stands for. So, try to keep it along the same lines and use your band moto to elevate the value of your CBD line.
5.Leverage digital media for everything: With smartphones, your brand gets the opportunity to stay closer and constantly in touch with your customer segment. A good marketer should leverage the value of social media and various means of facing your customers more often. Start by creating a fabulous website. This helps customers browse and understand your brand better. E-commerce captures the majority of the market today. So get your website ready to sell products online or link them to the right platform to purchase your products. This will help you get more customers and maybe make you the best online dispensary in Canada. Establish your presence in the market and stay in touch with your customer base. Go traditional and use Email marketing to your advantage. You have fewer problems concerning violating policies such as in the case of advertising when you use email. Keep your mailing list updated and but be sure not to spam your customers.
- Be flexible for changes: CBD market is too fragile at this point due to ambiguous regulations and laws. These are factors that will constantly change over the next few years. Hence do not forget to factor this while you prepare to market your product. These changes could also be from advertisers, customer segments, and could affect your campaign. So watch out for the up-downs in the market and try to create a campaign that can comfortably accommodate these variations.
The most important point to remember is to start right now. The rapid evolution of the CBD market attracts brands and businesses from across the world. Also, neglecting the chance to market your products based on regulations will impact your brand in the future. So, start laying the right foundations for your product today to build upon a successful brand in the CBD domain tomorrow.