Industry experts estimated in 2018 that the worldwide CBD market had a value of $4.6 billion.
Given the booming popularity of the compound as a medicinal supplement, it is likely that this number will continue to climb in the coming years. If you’re a CBD entrepreneur in 2020, you’re in the middle of an exciting period.
However, in order to maximize the potential of your business, you’ll have to consider your CBD marketing strategy carefully.
Read on as we share our top five tips for marketing CBD products in 2020.
1Know Your Audience
The best marketing campaigns are carefully targeted. If you’re speaking to the wrong demographic, you’re getting nowhere.
CBD used to be nothing more than a constituent of cannabis, which meant that only the “stoner” community would have known anything about it. However, now that it’s becoming more mainstream, CBD marketers have had to consider other types of consumers who might be interested in it (such as older people with joint problems).
You should also be aware of where your target market is situated in the world. Check out this list of brands that ship internationally.
2Focus on the Health Benefits of CBD
CBD is a health supplement. Therefore, the best way to sell it is to remind your target market how it will help them to feel healthier.
Every time you publish a piece of marketing content, make sure to remind your audience of CBD’s effectiveness in addressing insomnia, killing pain, and soothing anxiety.
3Use Cost-Effective Methods
The best thing about online marketing is its affordability. If you’re just starting out as a CBD entrepreneur, use free or very low-cost advertising methods like blogging and social media posting.
4Keep an Eye on Your ROI
Return on investment (ROI) is a key business expense metric. The bottom line when it comes to marketing (and every other business expense) is the impact it has on your balance sheet. Unless it’s making you money, you need a change in direction.
Even if your marketing content is snappy, informative, and visually beautiful, it’s pointless if it isn’t leading to profits.
Influencer marketing is one of the newest careers around. However, that doesn’t mean it’s not an effective way of exposing your product to a larger market.
Developing a relationship with a suitable influencer is one of the best ways to expand your reach as a CBD startup.
A CBD Marketing Strategy That Will Find Success in 2020 & Beyond
If you’re still trying to perfect your CBD marketing strategy, don’t worry; you’re not alone. This is still quite a new industry, and many participants in it have managed to be successful without a perfect approach.
However, the more care you take when setting out your approach to marketing, the easier it will be for you to make real money in the industry.
Did you enjoy this article? Subscribe to our newsletter and follow our social media sites to stay up to date on the rest of our content.