Though CBD was only legalized for sale in the United States a few short years ago, the industry has already started to bring in billions in profits annually. Given that success, it’s no surprise that many people are interested in investing or opening their own cannabis business. As the industry grows more competitive, it’s important that you know how to make your brand stand out and attract customers. Fortunately, there are a number of innovative strategies cannabis business owners can try to grow their visibility and their profit margins. If you own a cannabis business or are thinking about starting one, read on for three great ways you can set your company apart from the rest.
1. Offer a diverse and unique product line
The best thing you can do is spend time researching the industry. Learn about what products are on the market, what innovations are coming down the pike, and which items are the most profitable and popular with consumers. Bloom&Oil.com is one of the best resources on the web for everything from news to growing guides to product reviews. If you want to get a sense of the industry landscape, Bloom & Oil is a must-visit.
2. Use quality, eco-friendly packaging
Sustainability has become a major consideration for buyers when choosing which companies to purchase products from. Cannabis businesses have a number of ways they can go green, including using eco-friendly packaging. Since you’re likely to be selling some type of CBD oil, you’ll also need a cartridge filler to prepare your products for packaging. Some companies can handle all your packaging needs, from fillers to rolling tubes and other containers, which can help save you money and simplify the process.
3. Improve your visibility with creative marketing
Blogs and social media are often two of the best tools any CBD business has to promote itself. Put together a simple package with some samples of your products and information about your brand, then offer them to cannabis influencers and well-known CBD blogs in exchange for promotion or a review. There are some websites that still don’t allow paid advertisements from cannabis companies, so you may need to be creative when it comes to developing your advertising strategy. If you don’t own your own storefront, make sure you look into partnerships with popular local businesses so you can get your product on their shelves. Once you have loyal customers and an audience, you can look for ways to expand.
You should also use your website and social media accounts to educate customers about CBD. Though CBD has become incredibly popular, many people still don’t know what it is. You can also share exciting new developments in the industry. For example, the FDA approved its first prescription drug containing cannabidiol in 2018. The drug, Epidiolex, was designed to treat seizures caused by two rare forms of epilepsy.
There’s still a lot we have to learn about CBD, and the industry seems likely to continue its growth for the foreseeable future. Those in the cannabis business have an opportunity to capitalize on the interest in CBD, and should take advantage of it to the fullest. You should also keep in mind that it’s important to tell your customers that it’s always a good idea to check with their doctors before they start using cannabis products. Their health care providers can tell them more about how CBD may impact any medical conditions they have or interact with the medications they are prescribed. A doctor may also be able to tell you more about CBD’s uses and proper dosing. Manufacturing high-quality products and communicating honestly with your customers will help you earn customer loyalty.