How To Grow Your CBD Business Online?
Cannabis industry is a booming industry and now is a better than ever moment to start a CBD business. The global cannabis market value is estimated to be 19.5 billion dollars by 2025 according to Forbes.
CBD industry is growing and therefore starting a CBD online store seems like a sure shot for those who want to have a successful online business.
However, starting a CBD company cannot take place without a proper business plan and marketing strategy for growing your company.
Cannabis plant based products have become increasingly popular on the consumer market all around the world. But how can you grow your CBD business once you’re established and is the cake worth the candle?
How to grow your CBD business
Contents:
- Is there money in the CBD business?
- How big is the CBD market today?
- How to make money in CBD niche market
- What is the target group for the CBD products?
- Expand your CBD product range
- Best CBD oils for your CBD business
- Who is the target market for CBD?
- CBD online store – sell CBD products online
- Don’t forget about CTA (Call To Action)
- Focus on proper marketing strategy
- CBD advertising – how to do it right?
- Focus on SEO strategy and organic marketing tactics
- Quality and informative content is a must
- Social media platforms for your CBD business
- Don’t try to kill two birds with one stone
- Social media advertising for CBD business
- Email marketing for your CBD business
- Follow CBD marketing trends
- Focus on the health benefits of CBD
- Pay attention to CBD advertising restrictions
- Don’t lie to the CBD consumers
- Don’t forget about CBD influencer marketing
- Ensure high standards and product quality
- Think about your own brand of CBD products
- Pay attention to customer service
- Stress management in CBD business
Is there money in the CBD business?
Products made from industrial hemp have been gaining popularity in the recent years. Starting a CBD business is one thing. But how do you grow your CBD business once you’re established? And how much money can you make as a successful CBD business owner?
As it was mentioned, CBD industry is a booming industry and the popularity of industrial hemp plants based products will only go higher in the years to come. How big are we talking?
You can read more about it here: WHY YOU SHOULD START A CBD BUSINESS
How big is the CBD market today?
The CBD market is worth almost 60 billion USD. There are more and more CBD companies in the market and thus the competition is growing rapidly.
Running an online CBD business no longer guarantees you a sure position on the market, as it was when there were only few companies selling CBD online.
If you want to start a CBD business and not just simply “survive” o the CBD market, but actually see your business grow and bring increasing profits, you need to implement online marketing strategy for your CBD business.
How to make money in CBD niche market
Business plan is necessary to start a CBD business and proper marketing strategy is crucial to stay on the market and see your business grow.
If you already own CBD business, first thing you should take into consideration is whom is your offer even aimed at? Who is buying your products? What is the target group and how to adjust your marketing strategy, making it responsive to the needs of that group?
What is the target group for the CBD products?
Niche marketing tactics focus on the specific group of customers who might be interested in your offer. CBD business should implement proper CBD marketing strategy which is based on the type of communication aimed at the potential customer.
As for today CBD products are most frequently bought by men and women between the age of 25 and 35, and thus your CBD marketing should be aimed mostly at this group, but not only. Elderly people and children can also use CBD products.
Expand your CBD product range
CBD business can be characterized by a variety of CBD products you can include in your offer. However, if you have just started it might be a good ideal to focus on some essentials and then expand your CBD product range with time.
Dietary supplements such as CBD flowers and oils are probably the best choice for your CBD business. They are extracted from the hemp plant called cannabis sativa (industrial hemp plants).
CBD oil is the most popular CBD product alongside CBD flowers.
Best CBD oils for your CBD business
The first hemp derived CBD product any CBD company should think of when supplying their store are definitely CBD oils.
CBD oil one of the most popular CBD products on the market, appreciated by consumers for its health promoting properties.
There are 3 major types of CBD oil:
- Full Spectrum CBD oil – containing all the ingredients found in the cannabis plants, such as cannabinoids, terpenes and flavonoids.
- Broad Spectrum CBD oil – broad spectrum CBD oil contains all the valuable ingredients except for the cannabinoid THC.
- CBD isolate – it’s a clear CBD oil devoid of almost all the nutrients.
You can read more about CBD oils in this article: HOW TO CHOOSE CBD OILS FOR YOUR STORE?
Who is the target market for CBD?
Your marketing strategy and CBD advertising should be adjusted to your potential customers.
CBD marketing efforts should be focused on solving peoples problems and providing answers for their most frequently asked questions. Your target customers are those people, who are willing to pay you for solving their problems.
When creating your CBD marketing strategy, you should first take into consideration who is most likely to search for the CBD products online. What types of issues do those people have? What types of questions can they ask you?
CBD online store – sell CBD products online
If you want to establish your brand in the CBD industry, online store is a must. Nowadays any brand, not just a CBD brand, should be present online if they want to reach more customers.
Having an online brand gives you so much more opportunity than just selling your products in the brick and mortar shop.
Don’t forget about CTA (Call To Action)
Now, practically all CBD companies run online CBD websites. Thanks to this, your company is also more visible to customers from other cities and even countries. Besides, when you sell online, you have the opportunity to shorten the customer’s path to purchase.
For instance, when advertising CBD oil through valuable content marketing which focuses on the benefits of this product, make sure to include Call To Action at the end of your marketing content. This way you’ll encourage your customer to take action when they are still “hot”.
Focus on proper marketing strategy
Even though the CBD market is growing, the competition is considerable. If you want to be successful in the CBD industry, you need to adopt a marketing strategy that’ll be the best for promoting your CBD business and your CBD products.
Some of the things you should take into consideration are definitely different forms of online advertising, SEO strategy, paid and owned media channels, Social Media Marketing and Content Marketing.
CBD advertising – how to do it right?
Your CBD advertising should focus on your target audience. Most people who use CBD do it for its valuable health benefits.
Think about the health or other benefits of your products, their quality and how they are different from the products offered by other companies. Build your CBD advertising on that.
Keep in mind that your target audience cares mostly about the effects, not just product characteristics.
For instance, people who want to use CBD for chronic pain are interested in the information if CBD will help them alleviate the symptoms.
Build your content on valuable information about hemp and its health promoting properties.
Focus on SEO strategy and organic marketing tactics
Using Content Marketing is a must for effective CBD marketing. One of its major elements is SEO (Search Engine Optimization), which helps your website reach high positions in the search engine rankings.
This in turn helps generate traffic on your website and thus attract potential customers.
SEO focuses mostly on using the proper amount of keywords, but not only.
Quality and informative content is a must
The key to keeping the visitors on your website is quality content, which answers the questions of internet users, puts you in the role of a trusted authority in the hemp CBD and helps you sell CBD products.
Most CBD websites and online stores use company blogs to share their knowledge and attract the readers who will likely become their clients. it is a good idea to hire a copywriter who is familiar with cannabis and knows how to run your company blog.
Social media platforms for your CBD business
Social Media platforms are undeniably a powerful marketing tool. It shouldn’t be a surprise then that CBD marketers tend to use social media platforms to advertise their CBD products.
Among the most popular SM and video platforms there’s of course Instagram, Facebook, YouTube, Pinterest and LinkedIn.
Don’t try to kill two birds with one stone
Your target audience can use any of those platforms. However, at the beginning of developing your company you might want to focus on one or two.
Remember that it’s better to focus on developing one platform at a time, with the use of proper marketing strategy, which of course is going to be different for each one of those platforms.
For instance, the marketing strategy for Instagram is going to be completely different than for Facebook. If you don’t have much experience in developing advertising campaigns on social media, it’s better to focus on one social media platform at a time.
Social media advertising for CBD business
Most, if not all, SM platforms provide options of paid advertising. However, it is not sufficient for effective social media marketing campaign to just click on the “promote” button.
If you want to see the results of your paid social media ads, you need to do a bit of marketing analysis, and what’s more important, the visual and informative content quality of your social media posts.
There is no point in promoting posts that are uninteresting and do not encourage any interaction.
Email marketing for your CBD business
Your CBD marketing strategy should also involve email marketing. It is definitely a growth channel for CBD brands.
Selling CBD products can be demanding due to some restrictions, but now with email marketing. It’s one of the most effective communication channels, as it enables you to directly talk to your customers, without any restrictions.
Follow CBD marketing trends
CBD businesses can also increase their sells by taking advantage of current marketing and business trends, with regards to CBD industry.
Yoga, meditation and wellness are currently the dominant trends among consumers all over the world. People are undeniably trying to live healthier and to take advantage of natural remedies.
Focus on the health benefits of CBD
CBD is currently the most searched topic when it comes to the natural health and wellness industry. No wonder it is so, if we take into consideration all the amazing health promoting characteristics of hemp.
Following peoples’ interests in natural remedies and wellness is a must when it comes to planning your marketing strategy. This is a perfect base for creating your Value Proposition. Respond to current trends and peoples’ needs and you definitely won’t have to worry about your sales running low.
Pay attention to CBD advertising restrictions
CBD marketing is a sure shot, but it can also be quite demanding in some aspects. One of them is the legal aspect, as some of the online platforms still refuse to allow the promotion of CBD products, even those which have nothing to do with marijuana.
Recently Google relaxed some of the restrictions concerning CBD products. Even though we are moving towards the liberalization of CBD and marijuana products, you should still check any regulations on a regular basis. Otherwise you might risk being banned from various online platforms or getting into trouble with the law.
Don’t lie to the CBD consumers
Also, when you talk about health benefits of your products, make sure you are not trying to prompt consumers by using fake data and information.
Giving your consumers fake promises and ensuring them that they will 100% cure all their illnesses, including cancer, by simply using CBD products is unethical and can put you in legal trouble.
Don’t forget about CBD influencer marketing
Influencer marketing for CBD products is relatively young, but definitely worth a shot. CBD influencers are Social media users who have knowledge in CBD and can help you promote your products online.
They use platforms to educate followers on the topic of CBD and are usually open for collaboration. However, this form of marketing can be quite expensive.
Ensure high standards and product quality
Nowadays many businesses on the market offer CBD products. If you want to compete with other CBD businesses, you have to make sure you provide the best quality products.
Hemp industry is growing and so is the number of companies that want to be in this business only for money. The profits of CBD businesses might be tempting, but remember that money is not everything.
If CBD is your real passion and you really believe in the beneficial effect of hemp on peoples’ health and well-being, then you should ensure high standards of your products, content and customer service.
The future belongs to ethical businesses. Remember to follow CBD laws, be honest with your customers and make sure your CBD products are of good quality, and you will establish your position as a trusted CBD business owner.
Think about your own brand of CBD products
There are multiple CBD brands on the market, which you can resell. However, if you want to establish your position as an authority in the field, it’s worth having your own brand.
You can also use white label CBD products. It means you put your own brand name on the preexisting product. This is a good solution at the beginning. However, make sure you work with a trusted supplier.
Pay attention to customer service
Good customer service has always been an obvious thing for any company, but especially in the age of internet it is important to take care of it. Why? Because now if your client is not satisfied, finding another service or product provider is just a matter of couple mouse clicks.
Make sure you respond to peoples complaints, messages and emails. Watch comments on your website and in Google. Do not neglect your customers. If you do, the Internet will find out about it quickly and you might risk the good name and the future of your company.
Stress management in CBD business
The last thing you should take into consideration if you want your CBD company to grow is how you manage stress. Small business owners can face multiple types of stressors, such as legal problems, issues with suppliers, delays in payments and deliveries, inspections and much more.
When running a CBD business, you have to be patient, take care of your physical and mental health and be ready for various problems that, after all, are still manageable.