When talking about industries with high demands, the cannabis sector is arguably one of the most successful in that area. In light of many states legalizing it as a recreational drug and more than half the states allowing medical marijuana for qualified conditions, a lot of individuals are looking for ways to access this plant.
Along with the high demand, states are making way for companies looking to address the supply of cannabis items and infused products. Governments are granting licenses for cultivation, processing, and manufacturing facilities, in order to meet the ever-increasing demands. And this is only talking about the marijuana industry, which remains to be illegal on the federal level.
What is more or less allowed in almost all the US states and territories is cannabidiol (CBD), particularly in oil form. According to Weed Maps, only Nebraska and Idaho do not have any marijuana law reformations in their state, which means that all forms of cannabis are illegal within their jurisdictions. For the rest of the states, however, hemp-derived cannabidiol oil is allowed as long as the tetrahydrocannabinol (THC) content falls under the permissible level which is 0.3%.
This makes CBD a more available, in-demand, and highly profitable sector. If you run a cannabidiol business, you likely did your research about where you can conduct your operations and where it is not allowed. Aside from the supply chain, from sourcing to distribution, you also need to look at CBD marketing strategies that can help boost your sales and revenues, as well as the overall success of your business.
The Landscape of the CBD Market
CBD products are widely accepted in the country, thanks to the 2018 Farm Bill which removed hemp the Controlled Substances Act’s (CSA) definition of marijuana. According to the amendment on the CSA, any part of the marijuana plant with under 0.3% of THC by dry weight concentration is not considered marijuana. Moreover, any hemp-derived product with less than 0.3% THC was also no longer in the CSA schedule.
According to law experts, this makes hemp-derived products technically not in violation of federal laws, which many businesses take as a way to sell hemp CBD. True enough, the availability of such products in the market significantly increased thanks to the boom of suppliers entering the arena. Combined with high demands for these products, CBD has become a large market.
Over the years, CBD sales have been tremendously increasing with million-dollar jumps from 2014 to 2020. In 2014, sales in the US was $108 million which is expected to increase to a whopping $1.198 billion by the end of this year. By 2022, the projected value of CBD sales is $1.918 billion.
These numbers may be high because of the increasing need for medical cannabis and CBD products, especially in light of the pandemic. Studies show that there is an increase in sales of dispensaries in many states. Plus, the industry is considered essential services, so they remain operational even with stay-at-home orders, albeit at a limited capacity due to the imposition of health and safety protocols.
Marketing Strategies for Your CBD Business
With such a big market share, you may be optimistic about your own cannabidiol business. However, your company’s success can depend on your marketing strategy. You may be able to get high-quality supplies from a reputable source, but without proper marketing, your business will not be able to take off the way that you think it would.
To start with the liftoff, you want to elevate your company’s CBD marketing through these proven and tested strategies.
Focus on Content
Nowadays, the digital realm is a major platform for marketers, advertisers, brands, and business personalities. It offers a cheap and accessible way for businesses to establish their brand and promote their offerings. What you need to know is that in the digital world, the content remains supreme.
Think of all the brands that launch successful advertisement campaigns. Take a look at Nike and Coca-Cola’s inspirational and heartwarming ads, as well as Japanese brands’ surrealistic and unique ads. What do they have in common? They use original and eye-catching content. From a marketing perspective, it is only wise to focus on your content.
When using digital platforms to market your offerings, your content should be compatible with your platforms. On the internet, your primary platform is your website. So, it is also imperative that you take the time to improve your site as it will be the main venue of your marketing content.
“What type of content should I post on my website?” you ask. This depends on your priorities. In digital marketing, content is an umbrella term for various elements in your website such as texts, images, audio, and videos. If you are only starting with your business, your starting point can be written text.
When posting content, you should take care to implement search engine optimization (SEO) on your website. Cannabis SEO is the process of using various techniques to make your cannabidiol website and webpages rank on search engines such as Google. You can do this by using keywords and strategically placing them in your webpage including the text itself, page name, URL, file names, and metadata.
Enter Social Media
Aside from your website, your content can also appear on social media. In fact, social media is a powerful tool that can help make your marketing materials go viral. Think of examples such as Nike Women’s Better for It campaign or Blendtec’s smashing Will It Blend campaign. These are considered viral as they have been shared over thousands, if not millions of times.
If you are looking to make viral content, then social media is your best bet. However, you can also use social media to drive traffic to your website. Take the content you produced for your website and share it on your business’ social media page. Moreover, you can also use such platforms to improve engagements with your current and potential customers.
What is great with social networking sites is that you can a site or a page for almost anything. For your CBD business, you can go to a cannabis business social network of your choosing. There is a whole lot of platforms out there dedicated to cannabis and derived products. These can help you get in touch with a more targeted market, especially as users are there to look for cannabis or CBD-related content.
The best thing about these platforms is that you can use them for B2B transactions. There are sites for startups that can help connect you to potential investors. If you are looking for a business partner or a company to collaborate with, then cannabis-focused networking sites can be your best bet.
Take Care of Your Reputation
No matter how straight you run your business, you are bound to encounter negative feedback from dissatisfied customers. This can be disheartening as it could be damaging to your company. Once these bad reviews are posted on the internet, they will remain there for potential customers to find. As they say, everything you post on the internet will be there forever.
However, you should be able to tackle reviews, whether good or bad. Reputation management can help your address such issues, from effectively responding positive comments with appropriate replies to tackling negative ones with grace. You can also take this opportunity to boost your sales by offering promotions, discounts, and other perks.
Best Practices for CBD Marketing
Now that you are aware of the best strategies for promoting your CBD products, you should take the time to plan your digital marketing campaign. Here are the best practices for cannabidiol businesses.
Differentiate Cannabidiol and Marijuana
As mentioned above, CBD may technically not be in violation of federal laws. You may not have a problem with selling your items in states where weed is legal fully, but you may have trouble operating in other areas. Plus, many potential customers are wary of purchasing cannabis as they think it is the same as marijuana.
So, for your marketing campaign, you should come up with a way to inform your prospective buyers that cannabidiol is different from marijuana, especially if it is hemp-derived. This will help them understand that the two are distinct products. You can start by explaining that cannabidiol is a chemical compound found in the cannabis plant that has a lot of medicinal properties, then clarify how the terms hemp, cannabis, and marijuana are different.
Make Yourself Distinct
Digital marketing is not only a way to sell products and increase your revenues. It is also a method for your business’ branding. Use your available resources to establish your brand, from your website to your social media pages. These sites offer maximum control on how you present your company, as well as how you convey the idea and message you want to get across.
The Bottom Line
CBD marketing has gone a long way from traditional means. With digital marketing and online platforms, you can elevate your campaign to help your business reach the success it deserves.