The CBD market has seen enormous growth in recent years. CBD has garnered all the buzz in recent years owing to the exceptional medicinal and therapeutic qualities it tends to offer. It is like an ocean with many companies like Green Roads CBD as sharks all ready to attack and lead the charts by selling high-quality products. All these are at competitive rates. They make an effort to make their products stand at a different yet high footing from the other brands in the market.
The article will help you understand certain dos and Don’ts of CBD Marketing in 2022. You can focus on various factors while preparing and executing a marketing strategy. And ultimately guide you in a way to increase your sales and consumer base in the market.
Understanding CBD
Cannabidiol is one of the most active ingredients of the cannabis plant. It is a reservoir of varied medicinal and therapeutic benefits. Tetrahydrocannabinol is the most active ingredient of the cannabis plant. It is responsible for the whole ‘high’ sensation associated with the cannabis plant as it contains all the psychoactive elements. However, even after being an active member of the cannabis plant, CBD lacks the psychoactive character and thus won’t make you feel all high on its consumption.
CBD Marketing
CBD has garnered all the buzz in recent years, and the market is growing at an astonishing rate. The CBD Market surpassed USD 7.1 Billion in 2020. It will grow at a CAGR of 35% between 2021 and 2027. Thus, it will hit a valuation of around 108.8 Billion by 2027.
With the presence of reputed brands like Plain Jane, fierce competition exists. Brands have to survive and grow in this cutthroat competitive market. In 2022, CBD came into contact with the dark clouds of COVID-19. It is experiencing lockdown in various parts of the globe, and things have become more challenging.
How to market CBD? It is a billion-dollar question that every company faces right now. The answer is pretty simple and old-school. “Focus on Marketing.” Marketing is how you place your product in the market and increase awareness. It covers the message the brand promotes and passes on to its customer.
The Do’s and Don’ts of CBD Marketing
In this cutthroat competitive market, brands would not like to risk their investment, user base, reputation, etc., a mistake can be expensive. While there is no definite formula to achieve success in the market, there are ways where you can minimize your risk and thus attain the desired growth, and these are some do’s and don’t which you can fall while formulating or executing your marketing strategy-
Do Proper Research
The CBD market is not where you can shoot arrows and expect them to hit the bull’s eye. The competitive nature of the market makes it a riskier place. Thus, there are preliminary questions which the company has to enquire and research. It involves-
Identifying the target audience-
The brand must decide what age group they want to target, the type of audience, the problem they want their product to provide for a solution, the geographic location where you want to offer the products are all vital questions.
Which Product to Offer-
The brand should finalize and select the nature of products it wants to sell and specialize in, for instance, tincture, gummies, oil, CBD for sleep, increasing appetite, etc.
Need of Consumer-
If the company offers what the consumers need, its sales will increase.
Thus, the company should do proper research on all the above points. It can significantly help them understand consumer needs and their capability. Therefore, there is a high chance of hitting the bull’s eye by following a well-formulated plan.
Do Focus on Differentiating Your Brand
The CBD market is full of brands offering a wide range of products. In such a scenario, it becomes crucial to differentiate your product. The more unique your product is, the more it stands out. The more it will get valued. You can do this by using specialized packaging, educating consumers about the brand, etc.
Do Gain Trust
It becomes vital for a brand to gain the trust of its customers. The brand should focus on the trust of its consumers by offering high-quality products. They should not engage in any unsolicited claims or any illegal activity.
Do Know and Abide by The Laws
It is the most vital factor brands must have thorough knowledge about the laws to which they are subjected and must abide by them while formulating and executing their marketing strategies. If a brand advertises an illegal product, it will attract penalties. It will also cost it the trust of its consumers and its reputation.
Do Invest in Digital Marketing
With the digital revolution era stepping in, the brands need to promote their brands on social media. The best method is to collaborate with influencers and focus on techniques like Search Engine Optimization. It will ultimately help increase market awareness about their product and increase their consumer base. Work with a cannabis SEO agency who has experience driving results for clients in this industry.
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Do Focus on Attracting New Consumers
While primary brands might be focusing on the existing pool of consumers, you should focus on attracting and catering to the new users in the market. For instance, a study highlighted that around 40% of U.S. Consumers aged 21 could consider using CBD. Thus, brands should focus on attracting new users and retaining them.
Don’t Offer Low-Quality Products.
You can attract a consumer for the first time by using exceptional marketing strategies. However, if the quality of the product is not up to the mark, brands will be digging their own grave as there are low chances that the consumer will again purchase the product. Thus, companies should not engage in offering low-quality products. Dissatisfied consumers may hamper your reputation in the market. They can write negative reviews that affect your sales and consumer base.
Don’t make any medical claims which You can’t support.
You should avoid making medical claims you cannot support thoroughly and don’t have proof to help them. If you make such claims, you will have to abide by them. And by doing this, you give the regulator open access to step in and regulate such claims. If the claims prove to be untrue, the regulators may ban your brand and thus avoid this unwanted trouble by not making any expressive medical claim with your product you cannot support.
Don’t Advertise CBD derived from Marijuana.
You should avoid advertising products containing CBD derived from Marijuana. It is illegal in many states, and you would not want yourself on the radar for selling illegal products.
Don’t Neglect Your Loyal Customers.
Loyal customers are also sometimes the backbone of your entire sales structure. To attract new consumers, you should not neglect your loyal consumers and can engage in activities like offering them an extra discount, specialized services, and schemes for their loyal consumers.
Conclusion
The market for CBD is vast. The interesting fact is that it is increasing every day. While surviving in this CBD Market is a tedious task. But with the simple do’s and don’ts, several CBD news sources suggest that you can conquer the market and make your brand achieve sky-high growth.