CBD is a market ripe with potential for exponential growth in the years to come. It is no wonder that it has attracted many new businesses.
Being a part of the CBD business community is prone to expose you to the usual challenges of growing your company.
But here are five quick ways in which you can successfully expand and grow your business in this segment.
1. Leverage SEO and Content
SEO or search engine optimization and content marketing play a crucial role in delivering your product to the right segment.
Although it is not possible to advertise your CBD products directly using google ads, SEO, and content marketing through useful blogs and informative articles can expose your product line to your target audience.
The evolving laws, new product lines, and the changing sphere of cannabis across the globe is a challenging area to stream through in the absence of information-rich content.
Regular CBD consumers, as well as novice users, tend to have a lot of questions about the compound in general.
Address them through your content to navigate them to your platform. It is a rather discreet way of introducing yourCBD edibles online or other CBD products to a new user and expanding your business.
Brand building is practically impossible in today’s world without SEO. Good SEO practices will bring you in your customer’s peripheral and create an impression of being a trusted brand in the segment.
SEO experts can take your products close to the customer without actual advertising; hence it’s worth investing in such experts.
In a segment like CBD, where there is sensitivity towards directly advertising in several traditional channels, SEO and content marketing add a fresh approach to reaching out to the right markets.
2. Rope in Influencers
Influencer marketing helps to diversify into a larger customer base and bring interest in CBD products while you are not necessarily advertising it.
Instagram influencers have ardent followers in their influencer’s network. Advertising your product through them helps to reach out to a broad target segment.
You can shift your focus on video-centric platforms such as Instagram with the help of influencers to get your product to the audience.
The advantage of influencer marketing is that it is one of the fastest means of approaching your clients, and it is possible to market various uses of your product and appeal to a wider variety of audiences as compared to traditional marketing ideas and channels.
Social media influencers have a powerful effect in capturing the interest of large market segments while building an innate sense of trust.
Both of these aspects are crucial to growing your cannabis business, as skepticism is still the largest barrier to move closer to clients, and influencer marketing can help you skip through the step of having to earn their trust before you convert them.
It is an excellent way to increase awareness about your product among a broad audience and grow your digital presence.
3. Emphasize on Differentiation
Creating a unique selling proposition helps you highlight your product among other CBD products in the market.
CBD is an upcoming market opportunity for several brands across a spectrum of sectors, and it is quite a competitive space to launch your business.
With age-old brands waiting to compete in the cannabis space, the best way to grow your business is to focus on what differentiates your product or service that is more appealing to your customer.
The differentiating factor could be the form factor, packaging, the quality or practices used during the process to assure it, complementary ingredients that have proven to work best with CBD.
Emphasizing on your differentiation for the rest of the products in the market increases interest among users.
Your marketing strategies need to embrace these differences while approaching customers to attract their interest.
Apart from performing a competitor search to understand market positioning of several brands, accessing their value proposition to the customers and how it influences their sale or brand loyalty helps to create a niche in the CBD segment.
Sometimes the angle might just be about targeting a niche customer segment such as sports or fitness enthusiasts.
Understanding this helps you to approach your customers with clarity on the true value of the product.
4. Value Collaborations and Affiliates
Collaborating with other businesses can help you create a buzz about your business. Launching a CBD business can be tough in the arena of evolving laws around cannabis.
But with the right collaborations, it is possible to give a fresh perspective to your products or services and tag along with their customer base easily.
You can collaborate with pet stores for selling your CBD products for pets, or cosmetics and beauty product blogs to bring out your CBD beauty line to the market.
The advantage of such collaborations is that you easily introduce a new product to the existing customers and the chances of them reflecting their loyalty towards the brand on your product is higher.
It will help you grow your business. Also, it helps you understand the expectations of a customer in the segment and work on products or services that may be more appealing to the customers in the future.
Similarly, affiliate marketers are a strategic investment to grow your CBD business. They get the word out about your product without much effort from your end.
Roping in trusted affiliates ensures that your product reaches out to the customer base of your interest in exchange for a specific part of your sale or a standardized fee in some cases.
5. Say Yes to Trade Shows
Although digital marketing is an excellent means of approaching your customers, working on your face to face sales is also critical for your business to grow.
Strategies such as giving out samples are effective in attracting interest from customers. It is possible to implement them in your business by participating in events that open up opportunities for you to interact directly with your customer.
Your presence in trade shows or other events enables you to communicate the core values of your business and how your products reflect on them directly to your customers.
You can help them understand the value of utilizing a compound like CBD and how it can influence better health and wellness in them.
Trade shows and expo are also a unique opportunity to place your brand in the eyes of potential investors.
CBD businesses are mostly relying on investors rather than banks, and such exposure can be beneficial to get the right financial support to expand your business further in the segment.
It is also possible to weigh your competition and understand the potential for growth in your market, which can help you strategize your business growth better.
CBD holds the potential for a significant market boom in the years to come, and you will witness the benefit of entering this segment soon.
Understand and embrace the changing atmosphere of cannabis across the globe and be flexible in exploring anything that shows opportunity in this segment to expand faster.