CBD (cannabidoil) has become the new hottest industry, and it can already be difficult to get yourself ahead of the competition. Not only is there so much variety in the products, but there’s a lot of choice in brands as well. It’s anybody’s game when it comes to this industry, which is why we’ve come up with a few helpful tips on how to market your CBD startup. Check them out below:
Establish Your Brand Narrative
With how competitive the CBD market is, it’s important to establish your brand narrative early. Not only will it help separate you from the competition, but it’ll also give people a sense that you’re serious about offering the best CBD on the market. This is a popular time to be involved with CBD, so it makes sense that a lot of people are trying to cash in; however, not all of them are producing quality goods. You can bet that those who are investing in their branding are also investing in their product, which is why you should make that a top focus if you’re looking to stick out from the crowd.
The first place you should start with your brand narrative is why you want to sell CBD and what people will get from your product over the competition. A big part of this is transparency; 94 percent of consumers will show loyalty to brands who commit to showcasing their full process. That doesn’t mean to give away trade secrets, but it does mean give as much as you can to your fans. For example, Verma Farms does a great job showcasing their process and key product features, like that their CBD is organic and vegan. Try to mimic a model like this to gain trust with your base.
Know Your Benefits
As important as it is to showcase why you’re better than the competition, it’s also imperative you know exactly what benefits you offer. As noted by Green Entrepreneur, the CBD industry is anticipated to hit $22 billion by 2022, which means that there are going to be people trying to cash in on an opportunity. While you might be thinking it’s easy to surpass your competition, they are sometimes able to offer CBD benefits you might not have.
An excellent example is how brands will try to showcase their product for specific uses of CBD. Some companies advertise that theirs is the best CBD for pain relief, but that can be dependent on the method of taking the CBD and what type of CBD it is. A topical solution for pain relief is going to make more sense than smoking CBD.
Find Your Niche
With a line of products and brand established, it’s time to look at who is going to be buying your products and why. One great benefit of the CBD market is that it’s wider than traditional marijuana ever was, with people both old and young, smokers and nonsmokers all taking part. According to the AARP, people over 50 make up over 36 percent of patients on the medical marijuana registry, showcasing just how open Baby Boomers and older generations are to other forms of medicine beyond pharmaceuticals.
When finding your niche, ask yourself who would buy your product before anyone else and why. Just because you have the best CBD oil for insomnia doesn’t mean it’s the best CBD for pain relief, which suits a different demographic. Your niche is going to contribute a big part of your brand narrative, so highlight the specific message your brand is saying to these groups.
Make Strategic Partnerships Early
With a niche market established, the last step you should take is establishing strategic partnerships to further yourself in the CBD industry. This can not only help you to align yourself with the right audience but can also bring big profits. For example, after Adidas changed their partnership approach, they saw a rise in brand value of 50 percent. Even if you’re not a global powerhouse, the partnerships you form might serve you in the long-run as you learn and grow together.
As a CBD supplier, the first partnership you need to establish is one that will help with brand awareness and efficiency. For example, a delivery service like Emjay can get your product to someone in 30 minutes or less. You stand to gain from the strength of their process and what they can add to your brand.
What are some key areas you’ve focused on as you market your CBD startup? Comment with your insights below!