The CBD industry is one of the hottest new markets. For many companies and investors, the CBD market offers a significant opportunity. The U.S. CBD market grew over 700% in 2019 and is on track to grow to $23.7 billion through 2023. The bulk of this growth is coming from large retailers like CVS, Walgreens, and Kroger entering the market and providing that availability to consumers. Around 30% comes from online sales, consumers buying CBD products online through e-commerce stores. This offers a tremendous opportunity for any size retail brand. Selling CBD products online can be very lucrative. CBD business success requires marketing and sales success first.
CBD businesses are a lucrative investment! The compound annual growth rate will be about 30%. This is significantly higher than other types of products sold. As with many consumer products, CBD products must be successfully marketed to sell. Sales incentives and promotions are necessary. Lots of content since the product type is in the educational phase of the industry. There is much to consider to be successful with a CBD business. There are advertising challenges as well to consider. Many organizations such as Google, Facebook, and Twitter limit or prohibit CBD product ads or benefit claims. CBD brands must work around these challenges to be successful. Successful sales tactics and marketing campaigns are necessary to invest into to create the much-needed momentum.
CBD Marketing Strategies
Organic marketing strategies are the best way to gain market share, sales, and profits, Advertising methods work for specifics, but not across the board. There are major restrictions that prevent from straight forward advertising, regarding CBD products. Such platforms are Facebook, Instagram, and Twitter for example. Organic marketing is referred to strategies such as Social Media marketing, SEO, Video marketing, blogging, etc. CBD marketing campaigns grow CBD companies naturally with long-term benefits, unlike paid ads. A CBD brand must invest into such marketing strategies to grow. Unlike paid ads, it takes time. The CBD industry is competitive, organic marketing methods are a long game. No immediate results are going to be produced. Speaking to marketing experts can shed more light on options, timelines, and expectations. Talk to an expert today about your CBD business.
CBD Sales Tactics
With marketing and advertising campaigns, a CBD retailer, and their website gain site traffic. They gain visibility and opportunity. Some sales will be generated just this way, but to really benefit from marketing and advertising, sales tactics must be deployed. These sales tactics utilize the exposure, visibility, and site traffic that is gained. Sales tactics trigger the marketing and advertising success into shopping. Incentives for sales cover a vast landscape of offers. Brick and mortar have been doing this for decades. Online retailers and e-commerce operators have seen the benefits over the years. Now, CBD brands deploy sales tactics to generate sales. These tactics are discounts, specials, monthly promotions, seasonal promotions such as Christmas, Black Friday, Thanksgiving, etc., freebies, contests, loyalty programs, and so on. Brands get very creative with incentives for sales.
CBD companies that wish to increase their sales can talk to experts about their business. CBD business success with assistance. Retail marketing services are available for CBD brands and manufacturers. Find out what options exist, details, cost, and more. Talking to professionals can clear up confusion, assumptions, and more. Gain clarity on what can be done to increase online sales for CBD products and companies.