By far, cannabidiol or CBD isn’t only the most profitable market right now, but also the fastest-growing industry, making a huge dent in consumerism. Expert projections reach millions to billions of dollar-worth sales rooted in the effectiveness of the product in many areas, including health and wellness.
Today, the market is already saturated, and lots of manufacturers, brands, and retailers, are hooking customers with all sorts of CBD products; skincare, cosmetics, supplements, and edibles. As more and more people are engaged, these sellers get to innovate and develop the hottest products that are on-trend.
With all of these things happening, cannabis businesses who want to move on top of the ladder need better visibility and influence. Marketing and advertising are two important elements that influence the growth of the business and how people respond. By investing in digital services like search engine optimization and content marketing, entrepreneurs can get it on the action and get desirable results, which is increased sales.
This guide isn’t only applicable to existing business owners but also for individuals who want to start a cannabis business. Read on to find out how to promote the CBD business and increase the customer base.
Determining the Market Opportunity
While the demand for cannabidiol products is growing at a rapid rate, consumers will only buy from familiar brands—those who have better visibility and claims from other people. Market analysts observed how successful the industry is, and stated the possibilities of the marijuana industry to reach $23.7 billion come 2023.
Now, this is something to fonder on, if you’re an entrepreneur. The market opportunity is there and will be stable for years, so the next thing to consider is how to be good in business. CBD’s surrounding issues include legalization, but more states are already giving the green light to allow hemp-based products to circulate in the market.
Different states provide distinct policies and laws to manage the marijuana industry, and entrepreneurs engaged in the sector. Entering the market, business owners have the ability to develop really good products to attract the attention of consumers. The word of mouth easily works these days, and promoting a good product isn’t hard.
On the other hand, working closely with the digital side, entrepreneurs can see more potential in marketing and advertising products online. Through social media, retail platforms, and having a website, cannabidiol brands easily reach more people across the globe.
Because a lot of players are entering the market, business owners need to step up and build an e-commerce platform that works for the consumers. By adapting to the trends, CBD retailers easily engage people, leading to brand recognition, trust, and leading sales.
Marketing a CBD Brand: Going Back to Basics
As mentioned, the barrier to entering the CBD market is almost nonexistent, that’s why it’s quite attractive for a lot of business enthusiasts. Safety for use and consumption, plus license to operate are the only things to consider, so stores triple in sizes almost overnight.
Both brick-and-mortar and online segments are popping out everywhere, so the only means to flourish is by attracting more people to buy CBD products. On the side of marketing, having a retail store is a good thing for visibility, but this isn’t enough. Now that digital platforms are available, business owners can take advantage of utilizing the tools available.
From social media to other platforms, entrepreneurs can jump onto the digital world to engage people and turn them into customers. To get started, consider learning the components of digital marketing to be familiar with the process.
Search Engine Optimization (SEO)
Simply the art of ranking in search engines, SEO gets you right in front of your potential customers, who are looking for your business or products. These days, people use search engines like Google or Yahoo, to get the information they need. For instance, when a web user looks for CBD oil online, Google or Yahoo provides results that are helpful.
The thing is, search engines show the best results using algorithms that determine the usefulness of a website’s content. For CBD oil, search engines are looking for content with these keywords, then publish the result with the highest domain authority (DA).
Before your website pops up, you need to satisfy the conditions of search engines and provide good content that will help the web user. There’s a thing called White Hat SEO, where online businesses can build a sustainable presence for the human audience. This is the best way to rank and to get the attention of web users.
Search Engine Marketing (SEM)
SEM is quite different from SEO because it’s buying traffic through paid search listings. It’s all about paid search ads, PPC, CPC or cost-per-click, and cost-per-thousand impressions. In short, it’s all about buying a spot to be visible online easily.
Major search marketing platforms to consider are Google Ads, Facebook Ads, Yahoo Search Ads, and Microsoft Advertising. If someone types CBD Oil on search engines, your website can appear as a recommended page, under Ads. Even though it’s like a shortcut to rank, people are likely to click to the website and access your cannabidiol products.
The only downside of SEM is, entrepreneurs will need to fund the placing of ads. Unlike SEO, wherein business owners are doing things organically, SEM includes placing ads that people will see and access.
Content is everything when it comes to digital media. Designs, without substance and sense, fail to generate leads as people are naturally drawn to information. Content marketing is a tactic used to promote awareness of the benefits of cannabidiol and marijuana plant as a whole.
Publishing a good and quality blog with all the target keywords help with the organic search capabilities, and this also helps you to collect emails. An informative, well-written article provides more value because it educates potential customers and keeps them around for longer.
The reason why CBD brands are publishing regular blogs is to entice people to absorb the information and encourage buying. As more content about cannabidiol is published, people will learn about the benefits, helping them to make a buying decision. This is already an old tactic that continues to be helpful in the 21st century.
Social Media Markering (SMM)
Almost all brands are utilizing social media platforms to reach, engage, and retain customers. It’s a multi-billion industry that gives business owners control over paid ads, and even manage pages or accounts.
Billions of people are on social media, be it Facebook, Twitter, Instagram, Pinterest, YouTube, LinkedIn, etc. Having a massive base, brands easily reach out to people, publish new content, and introduce products to people. Because creating business accounts is free, social media marketing is absolutely reliable and efficient.
In addition to providing information, this strategy also helps to drive user engagement and sharing. It’s a modern move to promote ‘word of mouth’, but in this case, people can share the link on their timelines, so their friends and family can see. This is effective and people can easily be swayed if their loved ones vouch for the product or service.
The pay-per-click (PPC) model is a type of marketing when advertisers pay an amount for each time an ad is clicked. It’s a way of buying visits to a website, rather than earning the visits organically. Google and Yahoo search engines are two of the most popular forms of PPC, allowing advertisers to place an ad in sponsored results.
When a web user clicks the ad, advertisers need to pay search engines a small amount. If the model works properly, the results are worth more than the fee for PPC. Just like SEO, pay-per-click must be carried out properly, researching for the right keywords, organizing campaigns, and setting up the PPC landing pages.
For now, Google is still testing the waters when it comes to CBD ads. Brands can pay to advertise, but there are some restrictions.
By far, the most effective form of marketing these days is affiliate marketing. This strategy drives awareness and drives people to buy CBD products. According to data, this tactic has the highest customer value potential, as people trust specific individuals or groups.
Before the rise of social media, affiliate marketing comes in the form of buying space in blogs, or paying bloggers to advertise or post the product on their personal websites. For a time, this strategy works, and still works until today. The addition of new platforms, like social media, allow more influential individuals to gather more following and accept collaboration with cannabis brands.
The only downside of affiliate marketing is actually spending money to place an advertisement and generate engagement with the help of the influencer.
Learning the ropes of the CBD marketing helps business owners to promote awareness of the products, engage potential customers, and encourage buying decisions. Marketing is powerful in any business, and if used properly, can lead to the growth of a CBD brand.
Consult a digital expert today to plan the campaign and get the desired results. Digital services providers know exactly how to market your cannabis brand, helping to maximize the capital and multiple sales.