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Cannabidiol, i.e., CBD, is a chemical compound found in the cannabis plant, primarily derived from hemp. CBS is the second most active ingredient of the cannabis plant. It has gained fame in the market because of its varied health benefits. It lacks the high psychoactive element, which is prominent in its big Brother THC, the psychoactive ingredient of the Cannabis plant.
The cannabidiol market has a global presence because it was valued at USD 2.8 billion in 2020 and grows at an astonishing rate of 21.2% annually from 2021- 2028.
Some studies have projected that the CBD market size would value around 1916.1 million USD by 2026. Economists suggest that CBD Marketing will play a crucial role in the Sector’s growth in the upcoming years.
Increase in Sales
The industry has experienced exponential growth, and CBD has become a familiar name in households. Various studies have highlighted a tremendous increase in the market size in the upcoming era, i.e., from around $390 million in 2018 to $1.3 billion in 2022. This increase in sales is because of the legal acceptance of such CBD products globally and their rising use in the pharmaceutical Sector.
However, the Big Question is, “How Can Companies fulfill this huge demand and earn a significant market share?”. Economists worldwide have shown their confidence in the potential growth of the CBD Market and the wonders it can create. However, it suffered from shortage due to the COVID-19 Pandemic since the industry had to close down stores as part of the national lockdown. Nevertheless, since the train is now back on track, CBD market is all set to rise and flourish due to the colossal demand.
Economists further suggest that we need to learn from the Pandemic, which affected the supply chain and raw materials. And use them to develop marketing strategies for the CBD market, check out https://cbdfx.com.
1. Attract your New User Base
Sometimes, it is essential to go back to the Old-school techniques to gain an edge over our competitors. Digital branding and marketing are ubiquitous these days, and their presence is worth noticing. But what gives a new ocean of potential consumers is the old-school techniques like Billboards, podcasts, fancy prints, etc. It helps you gain access to people from all targeted groups.
Studies highlighted that around 40% of the U.S. Consumers aged about 21 would consider using CBD or maybe, give it a shot. It clarifies that many potential consumers get attracted and catch this piece. The marketing technique will be a key player.
2. The Digital Marketing War
Attracting new CBD users will give you an edge, but the pool of existing customers is crucial for the industry to maintain its growth. Digital Media has played an essential role in the Sector’s exponential growth. Economists suggest that Industries will have to use Digital Media to its fullest to achieve its true potential. It will include varied techniques given below-
- Be creative and different- The whole point of marketing is to impact the consumer’s mind, which is only possible by adding creativity to your advertisements, packaging of the products, etc. Simply following mundane or existing techniques will not fetch the brownie points. By using fancy taglines, customized ads are all part of the creative elements that help the brand increase its footholds.
- Use Influence of Influencers- There might be various restrictions limiting your advertisement on social media websites, making it difficult to reach your target audience. The way out here is, involve influencer’s to market your products and intrigue their audience. It can significantly help you expand your products’ reach, considering the impact these influencers have on their followers in today’s era.
- Search Engine Optimization- Technology is always the game-changer. There may exist various websites or online material about the variety of CBD products of different brands. But you can use technology like Search Engine Optimization to increase the accessibility and reach of a product by making it readily available on search on the net.
3. Differentiate the Brand
The market is vast and enormous, and the industry currently has various brands offering a wide range of CBD products. Branding is one of the essential aspects of marketing; the idea is simple. The more unique and distinctive the product is, the more value it holds. It would be best if you separate your brand from others. Your company can outshine others by using specialized packaging, creating blogs/videos on the products, and placing contrast in front of consumers. Further, technical services, targeting a specialized niche in which the product enjoys supremacy, etc., are all ways to create your brand unique from the others, which would increase its demand.
4. Gain Trust
One of the significant reasons for the success of any brand is the trust which its customers have in it. Brands must feel responsible and honor their consumer’s trust by educating them about the benefits of the product and not getting into controversies of unsolicited claims against any regulations. Moreover, potential consumers might not have opted for CBD because they lack trust in using such products and may have prejudice regarding them. Thus a brand must create trust amongst its consumers, ultimately increasing the brand value and the consumer base.
5. Retain Customers
Offer something fruitful to your old customers by promising rewards in the form of discounts, product vouchers, rewards on inviting new customers, regular surveys to adapt to changing needs; you can do that. By following such methods, a Brand can retain its customers and increase its brand value with a significant and dependable consumer base over time.
The global market for CBD is enormous, and the potential growth it entails is astonishing. But definitely, there exists severe competition, and marketing will play a crucial role in deciding how well a brand is in this tight competition. With the increasing evidence regarding the fitness benefits of CBD, the industry will grow exponentially, and the brands can use marketing as a tool to benefit from this flourishing market.