For many years, there has been a lot of controversy surrounding CBD consumption. But it was until recently when many people embraced this natural herb due to its exciting herbal benefits. The acceptance of CBD consumption into society opened the way for CBD-related businesses in the US market.
Since 2016, many investors have ventured into this sector, generating over 261 million dollars. The future projections suggest that the sales will surpass 1.9 billion dollars by 2022. Several factors, such as the 2018 Farm Bill and increasing consumer awareness, influenced CBD’s popularity. However, starting a CBD business is one thing; running a successful CBD business is another thing.
How can you improve your sales and establish your brand to the level of industry leaders like Lazarus Naturals in such a competitive market? That’s what this guide is about. Read on to discover.
1. Right Marketing Strategy
You market your business to find new customers, make your brand stand out from the rest, and retain customers. The marketing plan should ensure that potential customers get to know about your brand and how to access it either through a physical address or an online store. The marketing strategies you can use to boost your business include:
Affiliate marketing refers to involving an affiliate to boost sales from your business and earn through commission.
Although CBD is a legal substance in most states, some strict guidelines and laws control its use, sale, and marketing. To avoid license suspension or even conviction, ensure each affiliate market your brand according to set laws and guidelines.
Benefits of affiliate marketing
● Low cost of start-up
This marketing plan may be ideal for you as it does not require an advertising team or purchase ad space. Your affiliate is responsible for developing marketing content for your business.
The only cost you may incur is when you are looking for the right affiliate team for you, which will involve vetting and interviews. For this reason, affiliate marketing has become a popular marketing strategy, with most people opting to use it to boost their business.
● Low Risk
In this marketing tool, individuals will earn after making an actual sale. The only cost you may incur is when you are looking for the right affiliate team for you.
When using affiliate marketing, it’s possible to make your strategy either smaller or bigger at little or no cost at all. As the market is changing now and then, it might be necessary to scale your CBD business without breaking the bank.
Search engine optimization(SEO) refers to improving website traffic quality and quantity through non-paid organic means. To get the value of your money and time, consider involving an SEO expert. An expert will make use of SEO keywords to differentiate your brand in this competitive industry.
You must know that the FDA may use the keywords to investigate your brand in case of a medical claim. Refrain from making false claims and follow the set guidelines to maintain the reputation of your brand.
Benefits of SEO marketing
- It’s an Inbound marketing strategy.
Unlike outbound marketing plans, SEO makes it easier for potential customers to access your brand when they want it.
- Long term marketing
In SEO, Google rankings are used when directing customers to your site. With good rankings, the search engine will attract your sites for months or even years after publishing it. Writing high-quality content for your site will require an investment in the form of time if you write it yourself or money if you involve an agency to create it for you.
Once you create your content, there is no running cost involved as your rankings are used to attract traffic to your site.
2. Providing Personalized Experiences
Nowadays, many of the sales are usually automated. With the development of AI and highly advanced websites, human contact is a rare occurrence. The technology also allows you to create a platform that will enable customers to interact with your staff.
Some of the ways you can provide these personalized experiences may include:
- Hosting social events
- Trying to thank customers personally for their purchase
- Sharing customer content (reviews, stories, etc.).
These little gestures are meaningful as now the customers can ask questions regarding your products, learn about the benefits and probable side effects.
3. Creating a Unique Value Proposition (UVP)
What entices customers to buy from your brand? A UVP is an easy-to-understand statement that explains your products’ benefits, how they can solve your customer’s needs, and how they are unique from others.
Developing a captivating UVP is vital for your marketing plan. The potential audience may use this to gauge you from others. While developing your UVP, bear the following in mind:
- It should be unique
- It should be brief and detailed
- Make it easy to understand
- Make it meaningful and back up your claims with a scientific study.
Through intensive research, people have realized some of the exciting benefits of CBD consumption, such as pain reduction and anxiety management. For this reason, more individuals are turning to CBD to improve their daily life. Due to its popularity, investors are establishing many CBD enterprises in the US. While the CBD market is among the fast-growing industries in the US, there are some challenges you might encounter when you decide to invest in this field. To succeed in building our brand, your customer’s needs and preferences should be your priorities.