Do you want to market your CBD business but don’t know where to start? No problem! We will go over some marketing strategies to use to better market your CBD business.
The Rise in Popularity of CBD
CBD has been around for years, but with the recent legalization of hemp, there has been a great rise in CBD’s popularity. Popularity has increased nationwide since the 2018 United States Farm Bill legalized all hemp products.
A survey conducted by Gallup found that 14% of Americans say they regularly use CBD products. The legal cannabis market in the US alone is estimated to be a $20 billion business by 2020. Conservative figures say CBD sales will rise to $1.8 billion annually by 2022, a remarkable jump from sales of around $500 million in 2018.
We have put together some CBD marketing strategies to help you rock the CBD market. Before we talk about those strategies, read about the top challenges facing the CBD industry and how those challenges can help you form your marketing plan.
Marketing Strategies to Grow Your CBD Business
Building your brand is not as easy as you think, especially a CBD brand. The market is constantly growing and changing. You need to bring a competitive edge to the market for business success. Following are several marketing strategies to help grow your CBD business.
Determine Your Brand Fit
Before you even think about launching your CBD business, determine your target audience. Your branding journey begins by understanding your buyer persona(s).
Next, focus on your competition. Research the competitors in your niche and target areas. Find out what they are doing, how they are doing, their brand strengths and weaknesses. Your competitors are also a great resource to ask questions and share ideas. There is room for everyone in this industry and you’ll be surprised how helpful other businesses are!
Define your business value proposition. Think about how you can differentiate your CBD business from others? A business value proposition states what your brand offers and what makes your brand unique.
Create A Different Identity
Most CBD products serve a similar purpose. So, to make your brand stand out, you need to create a unique identity. It should be something that is memorable and aligns with your objectives and clients’ needs.
Create a powerful message for your brand that can resonate with your target audience. You should clearly communicate that message with your customers. Creating a unique identity is not enough!
For example, Caprock Farms offers Farm-to-Bottle Freshness! We’re transparent with our customers and wholesale providers on what is inside our bottle of CBD Oil from where it’s grown to quality checks and why we have a simple pricing structure!
Build A Strong Online Presence
Having a strong online presence is necessary to get more brand recognition. Invest time into advertisements and social media accounts. These platforms will help you reach a wider audience to introduce your brand and increase brand awareness!
One way that is becoming exceptionally popular is collaborating with micro-influencers. Since they have built their own following off of promoting relevant content, their followers are more likely to purchase a product from them because they’ve built trust and credibility.
Build Your Own Email List
One of the more effective ways to promote your CBD brand online is through personalized emails. It’s a very effective marketing strategy, as a personalized email has one of the highest return on investment (ROI) among most marketing avenues. Create an email list that will help you reach out to your target audience and keep in contact with them regularly.
Create A Winning PR Strategy
PR is one of the best ways to increase your brand awareness. Your PR strategy should be able to inform and resonate with your audience. You can create high-quality, relevant content to keep your audience engaged.
You should consider using complementary content for your CBD brand. Don’t limit your marketing strategy to only written content like blogs, articles, and emails to educate your audience. Incorporate short-form and long-form videos and podcasts to bring a unique element to your target audience. This will help prevent your content from getting too stale.
We hope these CBD marketing strategies can help you build a strong, unique brand. Try implementing one or several of these into your current marketing plan and see what a difference they can make!