Every business that is booming is built on sound marketing strategies. The CBD (Cannabidiol) oil industry is no different. CBD marketing strategies are not vastly different from the marketing strategies of any other health product, but they come with their specific hurdles and traps to navigate. You may encounter a few problems while trying to start your CBD oil business.
* CBD oil is one blurry line away from cannabis, which is still federally outlawed in the United States. However, most states allow CBD. Even in the states where restrictions are tighter, such as Idaho or South Dakota, you can still sell CBD if it contains 0% THC.
* CBD oil is a hot business venture right now. Just like dispensaries in legal states, CBD oil shops are popping up everywhere. In a business like this, a good marketing strategy is key.
* CBD oil has many different uses. It is tough to stand out and not be lumped into the stereotypical essential oil group. Many people write off CBD oil like they do essential oils. You have to make sure you stand out.
These are just a few of the things to keep in mind as you start your journey into the CBD oil business. The question you surely have after you decide to start your business is how you are going to market it? Well, this guide will provide you with an understanding of CBD oil marketing strategies and how to build your own.
You have to have a good product if you want your marketing strategy to work. Reviews, word of mouth and social media posts by customers are huge aspects of online business growth. To ensure good reception of your product, make sure to vet your supplier before agreeing to do business.
You need a supplier that sells CBD products with a THC content less than 0.3% (for legal reasons) and with oil processed from the hemp plant and not seeds. Also, stay away from a supplier that seems to have unreasonably cheap prices. Wholesale prices vary greatly, but you want a company who is middle of the road at the very least. The going CBD oil price for sellers hovers around 8-9 cents per milligram. This is what you will probably be selling it for. Use this as a baseline. After you have a supplier for your product, it is time to start building your business, and more importantly, your marketing strategy.
Marketing Strategies for CBD Oil
A lot of the basics of marketing strategies will transfer over to your new CBD oil business. The two biggest aspects of your strategy you need to figure out are your audience (potential customers) and your call to action (why they should purchase). CBD oil is great because you have a lot of potential groups you can target. You can sell CBD oil aimed at helping people get more sleep and aim for college students, overworked parents, or people who suffer from sleep troubles. You can market your CBD as a pain reducer and build a strategy at converting those who suffer from arthritis or contact sport athletes into customers. Another option would be marketing CBD oil to people with anxiety. CBD oil has many different uses, so your marketing strategy can be diverse. You just have to make sure it is focused.
The next step is clarifying your call to action. You don’t want to market your product itself, but rather what your customers have to gain by purchasing your product. Always have your customer in mind when developing your marketing strategy. Focus on selling the experience and returns rather than the product. This will draw in the demographic you are targeting and convert more of them to customers.
When you think of successful startups and new businesses in the last couple of years, the companies that often come to mind are incredibly reliable and build upon that reliability. Dollar Shave Club produces high quality products every time and you know what to expect. Robinhood promised a trading experience that was easy and user-friendly and delivered on that promise. DoorDash succeeds in getting you food quickly and reliably. With CBD oil, you have the chance for science to back up your product. When searching for a supplier, find a company that can provide you with documentation of batch quality and safety. The more reliable and transparent a supplier is, the more transparent you can be as a seller.
As CBD, and by extension cannabis, becomes legal, people are excited that they can get reliable products when they used to have to source their products illegally and less officially. Selling a product as safe and comprised of exactly what it is supposed to be made of is a huge selling point for customers. You can’t do wrong by marketing the exact percentages of ingredients in your CBD oil. People won’t scoff at higher CBD oil prices if those prices are backed by proven quality.
Build a Persona
Do you want to appeal to a younger, more active audience? Build a presence on social media like TikTok or Twitter. Want customers from activist groups? Don’t be afraid to speak out for what you believe in. Want a professional customer base? Build a website, store, product and image that matches that aesthetic. The best brands have a persona behind them. Successful brands have a character they adhere to. If I say Old Spice, you think of the deep voice, outrageously masculine commercials. If I say Wendys, you might think of the sassy Twitter account.
You need to narrow down your CBD oil company’s persona. This persona needs to be consistent across all forms of marketing. Your social media presence should give off the same vibes as your website, and the voice you use in advertisements should be the same voice you use in confirmation emails. Persona should permeate your entire business.
Advertisements are obviously a huge part of any digital or physical marketing strategy. This is where everything from audience to persona comes into play. Do some research and learning before you create your ads. While Google, Facebook and Instagram make it incredibly easy to start advertisements, you don’t want to be wasting your money.
Advertisements that aren’t well done are roughly the same as tossing your cash into the trash. It is pointless, and the money doesn’t come back. You want advertisements that look professional, are simple, and clearly communicate the goal of your business and product. You need to make sure your pictures are professional quality (most smart phones can achieve this quality) and that any graphics you use are well done. Canva is a good service for creating graphics, while learning basic Photoshop and Illustrator skills are always a good choice. Creating something that is visually enticing is just as important as an enticing message or product.
You will also want to couple your advertisements with a website that is just as polished and alluring. Potential customers don’t purchase a product based off of one ad. They need to be drawn to your website through ads, then be convinced about your product through your website. That is why good reviews on your website are so effective. They achieve the twofold effect of proving your product’s quality and making your website look official.
While marketing for your business can be done completely on your own, you might be considering hiring a digital marketing consultant. This can be a good idea if you have the budget and are relatively new to digital marketing. Because of the saturated CBD oil market, an experienced marketing consultant could be all the difference between your business being in the red and raking in the dough. Do your research though, you want an agency or consultant that is highly regarded and will help you become successful.
Forge Digital Marketing is one of the many companies that offers services for CBD marketing. Their website gives you a good example of what a digital marketing consultant can do for you and your business. They can help you create a brand identity, reach out to influencers, design a website, and even make sure your website is search engine optimized (SEO) so you will pop up on google searches. These are the types of things you can expect from marketing agencies and will really help you solidify your brand. It may be pricey to start off with, but if you aren’t confident in your own abilities, this route will definitely pay off. You can sell if people don’t know about you. Professional marketers know how to get your name out there.
Advertisements are obviously a huge part of a marketing strategy.