Over the last couple of years, the CBD industry has experienced exponential growth. The craze for Cannabidiol (CBD) has certainly risen in leaps and bounds, as more consumers are craving for it. The business-minded individuals among us are also not left out, as many have strived to partake in this billion-dollar CBD industry. In 2018, hemp-derived CBD products had a financial valuation of $591 million. By 2022, its estimated financial growth is expected to exceed $22 billion!
As you can see, the CBD business is quite lucrative. These numbers should make an any entrepreneur want to foray into the CBD Business. But then again, starting and promoting your CBD brand is not as easy as it was a few years ago when the industry was in its infancy. With the 2018 Farm Bill legalizing the sale and distribution of CBD products in the US, the market has become so saturated as many big conglomerates have joined in the game.
Starting Your CBD Brand
The first thing to do when starting an online CBD business is to draft out a sound business plan. Drafting a business plan helps you to monitor your progress, determining whether you are still on or off track. Your business plan should also outline sound financial forecasts for your brand over time.
Marketing your CBD Brand
To effectively market your CBD brand in today’s competitive CBD market, you can make use of the following marketing strategies.
- Search Engine Optimization (SEO)
Any experienced hand in the CBD market knows the challenges of trying to establish and market a CBD brand. One of the best investments to make at the early stages of your marketing plan is to invest in a strong Search Engine Optimization (SEO) strategy. Hiring the services of a digital marketing agency with vast experience delivering successful SEO strategies for the businesses in the CBD industry is more difficult than in other industries. However, practicing proper SEO ensures that your CBD brand is portrayed as one that can be trusted. It also drives more web traffic to your website, which gives you a high chance of building a successful customer base.
Having good content is just as important as having a good SEO strategy, and often can work in conjunction with one another. Letting people know what CBD is all about is the key to making more consumers invest their money in it. Write interesting web content that centers around your target audience while making use of keywords will help make your SEO plan a sound one. These keywords will help you to make the right choices on the topics you should write on. To create a successful CBD brand, you should plan to publish 2 to 4 blogs of no less than 750 words weekly.
- Email marketing
This is another great marketing tool to use in promoting your CBD brand. Even though it is one of the oldest tools for marketing brands online, it still guarantees you that wide reach to attract all types of consumers. You can increase and improve your customer relationships and retention by sending out coupons, giveaways, and newsletters to existing customers, who can help you market your brand through word of mouth.
While there are certainty more ways to market your CBD products online, this should be a great in what strategies you should use to generate leads for your CBD business. Once you show up well in search, are consistently creating great content, and have crafted a sound email marketing strategy, you can then begin to explore other options such as paid advertising and social media to make sure that your CBD business thrives online.