Over the last few years, people have ditched their typical 9 to 5 for entrepreneurship. Numerous reports attribute this spike to cultural, economic, and social changes. The invention of crowdfunding websites also contributes to Americans taking a chance on self-employment.
With the legalization of medicinal and recreational CBD use, this industry is rapidly creating entrepreneurs who are hungry to make money from CBD. CBD oils, lotions, tinctures, and edibles have been helping people with chronic issues from anxiety to inflammation. Whatever CBD product you decide to sell, it’s important to properly market your CBD business. Whether you are brand new to retail or looking to expand your CBD business, implementing these marketing strategies will help you succeed.
Creative Ways to Successfully Market Your CBD Business
1. Hire an influencer.
Before social media, it was difficult to sell products without building a reputation. Nowadays, you can hire an influencer to promote your business for you. Influencers are people who have built a consistent following. This can be based on their ability to entertain, create tutorials, or sell their own products. You can hire someone that can use and promote your CBD products to their audience and build your clientele.
Rather than finding someone with a large following, target an influencer with a similar niche. This way, their followers are more likely to purchase your products because they already have an interest as opposed to a general audience that won’t spend money. Once you’ve chosen an influencer, try bartering your product in exchange for an honest review. If you have a quality product, they’ll take a genuine interest in promoting it. The supporters who purchase your product will also tell their loved ones, allowing you to turn an even bigger profit.
2. Have your product advertised on a podcast.
Podcasts are a popular source of information. People even pay subscription costs to hear professionals discuss a variety of topics. Since CBD transcends many categories, including fitness, wellness, and mental health, it should be easy finding a podcast that will endorse your product. Statistics show that over 50% of podcast listeners buy advertised products. You may, however, need to pay a fee depending on the size of their platform and the host. Make sure the podcast you choose understands the regulations involved with CBD-related advertisements prior to agreeing to promote your product.
3. Get involved in affiliate marketing.
A popular marketing strategy is affiliate marketing. Affiliate marketing involves hiring someone to sell your product for a percentage of your profit. Typically, the affiliate marketer will provide a link to your product as well as discount codes in order to receive credit for that sale. Because this strategy is equally beneficial, affiliates have a greater incentive to generate more sales for your business.
While sales are always great, it is important to oversee your affiliate marketer’s selling process. Make sure that they’re selling your products with integrity. False claims and unproven information, though it may initially generate sales, can backfire and hurt your business’s reputation.
4. Participate in guest-speaking opportunities.
Once you’ve created a quality CBD business, one of the best marketing strategies is to take advantage of guest-speaking opportunities. Oftentimes, people find it hard to connect with a product, despite the quality, if they cannot identify with the creator. Guest speaking allows people to not only put a face to your business, but it is also great for your business to make those personal connections.
Because CBD is a component of both recreational and medical niche markets, promoting your products to different industries can increase your revenue stream. CBD allows you to promote your product to hospitals, independent athletic training centers, mental health facilities, and beauty brands. Public speaking opportunities also help you network with in person. If someone enjoys you and your product, they are more likely to sell units for you via word of mouth. Networking at these events can also potentially lead to future speaking engagements elsewhere or a recurring guest spot for the same corporation.
5. Signage
Because of the rise in social media marketing and advertisements, people underestimate the effectiveness of traditional signage. On average, every commuting American spends over 200 hours every year in transit. If where you live has enough traffic, physical advertising can benefit your business.
Signage like train ads and billboards can be expensive, however, they’re a great investment for businesses selling in local grocery stores or other physical locations. These advertisements also help build your product reputation for people who may not use social media.
The Takeaway
Even if you have a great business model, failing to properly market your business will lead to fewer sales. With the rise in CBD entrepreneurship, you have to execute your marketing plan before the industry becomes further saturated. Even if you lack marketing capital, you can barter or get involved with crowdfunding.
If marketing your business still seems overwhelming, considering hiring a marketing agency. They can help with developing your business strategy and are more likely to guarantee results. If possible, use a CBD-specific agency. There are companies that specialize in CBD-relating marketing and brand building. They are familiar with legal regulations as well as which strategy is best for your brand. Whichever path you take, utilizing a proper marketing strategy is the key to bringing in more clients and growing your business.