Are you stressing about ever-increasing CBD competition? Without any doubt, CBD growth will further intensify this competition.
However, the question remains, how to prepare against it? Let me tell you, that you need to look for ways to grab attention and increase sales to build your brand reputation and win.
Let's say that you have launched your CBD business, build your potential reputation, and now have clients who love to shop for your products. But what if you need more of them?
This article will be your comprehensive guide to resolving this issue. The growth of the CBD market is an excellent opportunity to generate revenue, but unlike common perception, it isn't a quick way to make money.
CBD comes with its own share of work. Thus, this article will help you understand CBD sales, common ways to increase them, and creative tips to help you move differently than others!
Is it legal to sell CBD in the US?
As per the regulations given by FDA, product claims suggesting providing treatment, dietary supplements, and food additives are considered illegal in the USA.
However, due to the public demand and state-level legalization of CBD, FDA has granted permission for continued sales.
But wait! It still remains important to study the state regulation which varies accordingly, so you don't run into any trouble.
What is Affiliate marketing?
If you are an influencer or running a business, this term might not be new to you. Affiliate marketing is one of the common ways to enhance the business.
Having that said, the term is quite simple to understand. Affiliate marketing is a way to advertise and market your business by coming into partnership with influencers/affiliates.
The business pays a specific commission to affiliates in return for advertising and recommending their products or services. The potential benefits of affiliate marketing are as follows:
Affiliate marketing is relatively low cost than other ways of marketing.
It requires no prior capital for investment, rather requires you to pay only when you get a customer
It helps you get recognition among a wider circle of the target audience which follows the affiliates
Affiliate marketing also helps in generating passive revenues, such as via social media posts, instead of being in direct contact with consumers.
Undoubtedly, affiliate marketing can be a potential way to enhance your business, but let me tell you that it isn’t the only one!
Affiliate marketing has paved the way for many businesses, but the competitive CBD market today requires you to explore other ways to boost sales! Read ahead to know more about them.
What are other ways to increase sales?
While there are a lot of available options to boost your sales, you might not have the resources to imply all.
So I recommend you to start with the one or two that seem to relate well with your target audience.
Your next step must contain efforts to build on those tactics until your business reaches sustainable success. Here are some of the tactics which have worked quite well for CBD products
Building a website with consumer-friendly navigation
Employing SEO techniques to generate traffic on your website
Blog posts to communicate, build trust and educate your target market about products and their usage
Email marketing and a regular newsletter to keep the audience hooked with updates and information
Recruit affiliates to reach out to a wide range of target audience
Offer free samples on each purchase to revert them for a new purchase
Promote your products on social media and marketplaces for a greater audience to reach out to you.
Top 8 ways to help you formulate the best CBD sale strategy
While many people link the growth of a business with sales alone, however, there is much more to it.
Growing your CBD business must not only be about sales, rather it must include a strategy to communicate and build the trust of the audience.
Listen! The key point here is to make them lifelong customers, which requires some extra work and effort for retention.
Here are 9 creative tips to help you devise the best CBD sale strategy. Keep reading ahead to know more about them.
While many CBD businesses prioritize customers for sales, hardly any of them focus on customer retention. Based on consumer analysis, they place the highest value on loyalty.
Having that said, your CBD sale strategy must focus on retention marketing. In general, you can expect almost up to three sales from each customer.
Thereby taking advantage of this consumer attitude, your retention strategy must include the following key points:
Having your marketing based on products unique to your brand
Regular communication with both present and new consumers
Build trust and loyalty by generating educational content and product comparisons.
A number of surveys and researches indicate that many consumers use CBD oil to treat medical conditions including depression, anxiety, muscle pain, etc.
However, some consumers find other sources of CBD such as tinctures, vape pens, gummies, and lotion as more satisfactory sources of CBD.
I know what you might be thinking! What's the point to know all of this? Let me tell you, both these examples tell us that customer diversity and unique needs within the CBD industry.
Now, how to take advantage of it? Adjusting the buying experience for users on the website and recommending them relevant welcome offers, personalize the experience of shopping for customers.
This helps in communicating the message that you care about their needs and doing an effort to understand them, thus your brand deserves their support and money.
Consumers always prefer to stop and get information from creative mediums. Now, the question arises, what are preferable mediums? The most propelling sources within the CBD industry are as follows:
The above-mentioned sources are not creative but highly engaging as well. All of these sources don't demand a lot of investment yet provide a clear explanation to the target audience, and ultimately facilitate sales.
No matter how much I emphasize building a relationship with a consumer, it never feels sufficient.
Yet once again, replenishment emails are the way to build that loyalty and trustworthy relationship with present and potential customers.
There is no doubt about the fact that CBD products become part of the lifestyle thus consumers require regular stock up.
This opens up a great opportunity for CBD businesses to send replenishment emails in time. By being aware of the upcoming offers and trends, consumers are likely to come back for repurchase.
Just like social presence, social proof is vital for the successful growth of your CBD brand. In an industry where quality and trust are everything, the social proof goes a long way to increase your sales.
Among a variety of ways to display social proof, the most reliable are as follows:
Displaying 5-star ratings of your products on the website.
Displaying testimonials on the website.
Promotional content on social media via influencer marketing.
Engage with your social media following in a positive manner
All of these ways help generate traffic on the website and social media. Apart from that these creative ways adds to your brand credibility and facilitate a friendly relationship with consumers.
Product option pop-up
Websites and AI is the combination people enjoy the most. Whilst they explore product options, product option pop-ups can help them find the combination of exciting products.
A large amount of audience visits the website, but do not be sure of what to purchase. Timely and relevant product pop-ups not only increase your points for correct depiction but adds to customer loyalty towards you as well.
Unique value proposition
In any online business, the most vital aspect of success is clearly stating your brand’s value proposition.
A value proposition is your brand's unique message and value you aim to provide to the customer. Thus, clearly advocating the value effectively helps in marketing your business and increasing sales in the longer run.
Instagram influencer market
In an industry, where people are too doubtful of using CBD, making use of social media and the influencer market can help erase these grey areas and facilitate your social standing.
Instagram influencer market not only helps in increasing brand visibility but also provides followers and builds customer satisfaction as well.
The presence of people like customers who talk about their personal experience of using your CBD products, not only helps in elevating the doubts but also increases education and people's trust in your brand.
Looking for unique packaging to stand out?
Apart from all these tactics, the packaging is what attracts consumers differently! Thus, putting great attention and detail into curating relatable packaging for your niche can be an effective way to generate sales.
This is where CBD boxes proudly serve the best! Having worked with many big names in the industry, our team knows the right way to success! Get in touch to know more.
CBD's sale strategy differs from many other businesses. Due to the high-risk tendency of the industry, it's often risky to adapt a marketing method.
To sum up, employ any of the discussed strategies so that you know how to tailor these methods to generate more and more sales.