With the explosion of legal marijuana sales, there’s a whole host of derived products, companies and opportunities. One of the most popular and promising products comes in the form of CBD, a cannabinoid derived from the cannabis plant, but if you’re thinking of the high, you’re on the wrong page…
CBD is a non-psychoactive substance, meaning that, if ingested, will not give the user the ‘high’ experience. Instead, CBD is used to treat a variety of ailments, mental and physical, with promising evidence, studies and testimonials surrounding the oils. But it’s not just a simple liquid and dropper that we’re seeing on our shelves.
There’s a whole new industry with everything from CBD coffee’s to vapes, creams and toiletries and they’re all in need of marketing. But with a lack of education surrounding the topic, an ever-increasing market saturation and a variety of laws covering the usage, it’s a bit of a minefield out there.
If you’re not quite sure where to start or just fancy a bit of a briefing before cracking on with the campaign, we’ve got you covered. So, without any further delay, here are 7 things that your boss expects you to know about CBD marketing.
1. How big the market really is
The CBD market is massive, but not everyone knows how big the pie that we’re all fighting over for a slice really is.
With the legal cannabis market in the US alone projected to be a $20 billion business by 2020 and the CBD oil segment expected to be worth the same by 2024, it’s no surprise there’s some serious popularity surrounding. With more and more players entering the game on a seemingly daily basis, it’s an increasingly difficult area to make a defined set of footsteps in.
However, with such size comes the higher availability of different niches and the more focused that businesses can become with their products. It’s something to consider when brainstorming, in a $20 billion market, there’s always room for some off the wall ideas.
2. Why it’s so popular
CBD’s popularity may have spiked, but the reasons why it’s speaking to the masses might not be the most well known of facts.
The popularity is no accident and with the non-psychoactive nature and plethora of health benefits, it’s not hard to see why. It’s the wide variety of health benefits that gives the salient reasoning for the increased popularity with countless ailments and conditions claimed to be covered by the new wonder-oil.
From epilepsy, anxiety and arthritis to lupus, multiple sclerosis and cancer, the sheer amount of people that CBD could help is by far the greatest asset.
3. There’s a lack of education
Despite its popularity, there’s still a lack of education surrounding the substance with many of us knowing the name, but not how it can help as individuals.
Bring it up in conversation with the majority of people and they’ll just know it as ‘that marijuana product’, but the reality is very different. Although the oil may be derived from the cannabis plant, with no/limited traces of THC it’s completely different to marijuana – but how many people on the street can tell you that?
Keeping the lack of education in the back of the mind when considering marketing techniques is always a great idea and depending on your chosen target market, can have a huge impact on the number of sales generated.
People respond much better once they know information surrounding the topic, so why not give it to them?
4. Your target market needs to be spot on
In a market of this size, if you’re getting specific, you’re not getting paid.
With the expected $20 billion market worth, there’s plenty of space for multiple target markets to exist, and boy do they. Everyone from college athletes to retired pensioners can find some benefit in CBD, but how you reach each is very different.
Profiling and narrowing down the target market and finding out information about those in each is imperative. Your target market needs to be spot on and the rest will follow.
5. The market’s getting crowded
With the market increasing in size at a rapid rate, more and more companies and forming to make their stamp on the CBD world.
But that doesn’t mean that you shouldn’t try and make a splash with your marketing campaign. It’s definitely not going to be as easy as it may have been in the years previous, but things that come easy aren’t often worth having.
So in the modern-day, it’s important to be resourceful and think outside the box of what can be done to market what products. Following the same algorithm and copying the strategy of countless CBD companies before just won’t do – a unique take is the only way.
Best get to it before it gets even harder!
6. Know the focus of the many benefits
To expand on the previous, it’s important to know which of the many benefits that you’re going to focus on when it comes to promoting your CBD brand.
CBD can be used to treat pets with epilepsy or to subside the effects of smoking too much marijuana, but using them in the same sentence (or marketing campaign) is a little ridiculous.
Get to know your target market and figure which of the many benefits will suit accordingly.
7. Keep crystal clear on the laws surrounding
Last but not least comes one of the main talking points around the CBD oils – the laws surrounding the sale and use.
You’ll be happy to know that CBD is legal across 50 states, but different regulations are in place for each. Depending on where you’re planning on setting up shop, it’s important to read the small print to avoid shady deals and hefty fines.
Be careful and keep crystal on the rules and regulations and you’ll be in good standing with the law so there are no nasty surprises when you’re making good sales.