Cannabidiol (CBD) has been having a magnificent run for the past couple of years. The cannabis extract is, without a doubt, one of the most versatile and potent naturally-occurring medicines we’ve encountered in decades, if not centuries. Said to be effective against a variety of medical conditions ranging from high blood pressure to chronic pain and childhood epilepsy, CBD has been subject to intense interest over the years.
Naturally, a plant with such diverse medical benefits couldn’t be slept on for too long. The 2018 Farm Bill termed cannabis with less than 0.3 THC as industrial hemp, making its cultivation, marketing, and sale legal. This was followed by the USDA’s interim rule on hemp in October 2019, further rounding out the sector’s regulations. The result was an influx of supply, with everyone from hemp farmers to CBD processors looking to cash in on the lucrative market. So, how do you stand out from the rest of the pack? How do you get consumers to pick your product and stick with it?
For starters, monitor the web for CBD developments. Technology has made keeping tabs on anything as simple as the touch of a button. You can use Google Alerts to keep yourself abreast of any and all worldwide developments on CBD. Changes in regulations or additional rules can be announced at any time, and it’s essential to stay on top of avoid getting caught unawares.
Don’t forget about your online presence. Dr. Diane Mulligan, APR president of M&C Communication says, “When you position your CBD company as a trusted resource, we find that basing messaging and customer outreach on honesty, accuracy, and truth as outlined in the Public Relations Society of America Code of Ethics, provided a great framework, especially when talking about an emerging markets such as CBD. ”
Educate your audience. The CBD industry is in a state of constant flux, and interested consumers want to stay updated on all developments as soon as possible. If your communication streams contain dated or incorrect information, chances are you’ll be passed over for a more current and in touch brand. Mulligan says that you have to educate and build trust in your target audience, which will lead to loyalty in both the B2B and B2C segments of the market.
Stick to the 80/20 rule. One mistake many businesses make on their communication channels is overselling. However, the best way to keep prospective consumers interested and engaged is to make your content 80% educational, and 20% promotional. Nobody likes an overaggressive seller, but if you can teach them about the product and help them understand it, chances are they’ll buy from you.
The CBD market is a big one, and it is projected to grow even further. Implementing a few of these tips will help you stand out from the pack and build a strong brand.
One wouldn’t be surprised if successful CBD brands like VIVO Cannabis Inc. (TSX.V: VIVO) (OTCQX: VVCIF) and Youngevity International Inc. (NASDAQ: YGYI) have mastered and even added onto the strategies above in reaching and retaining their target markets.
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