The cannabidiol (CBD) industry attracts dozens of entrepreneurs and investors every day. Industrial hemp derived health products sell like hot cakes, making the world a healthier place and, what was once a tiny niche market, a booming global industry. Rightfully so, it is a business with a good cause. In this article we will discuss and explain several tips, which will help you have a better grasp on the CBD business and the pulse of the market as a whole. We have compiled some pieces of advice that we wish we had, when we started out in the CBD industry. Now that we’ve come quite far, we’re confident that this information will help you, even if only little bit.
A closer look into the CBD business & business ethics
If you’re just starting out, navigating in the CBD industry can be a bit tricky. Sometimes it’s difficult even for experienced companies and CBD experts, due to different regulations across the globe, constantly changing rules and unclear definitions. Almost everyone who is taking part in the CBD market and holds themselves to a higher standard, is in favor of stricter regulations and better control in order to filter out companies who are out just to make a quick dollar off of questionable quality goods.
The reason why these companies are so dangerous is because they sell sub-par products, sometimes not even containing actual CBD. After their clients try such products and experiences no improvement in their conditions, they feel cheated and scammed. Which is nothing else but true, causing them to lose trust in CBD and the CBD industry in general. That simply means, that they will never be looking to purchase another CBD product from anyone else, regardless of how good your marketing campaign has been, or how well your product works for your other clients.
For reasons like the aforementioned, and others, it’s important to hold yourself to a higher ethical standard when doing business in the CBD industry. That will not only allow you to build a very loyal and long-lasting customer base, but it will also build your brand's credibility and trust amongst your peers. With so many CBD companies popping up on the market, and so many companies disappearing on a daily basis, it will help you stay competitive and relevant in the ever changing and expanding CBD landscape.
A broader product range doesn’t guarantee more sales
We often see CBD companies offering ten or even fifteen products to their customers, and when asked for specifics on each product, they can’t come up with good enough reasons to buy them. The simple reason is that the differences between all these products are very slight, and this is a bad thing, because it makes it seem like they are not ready to advise their customers about their own products. It comes off as unprofessional, and will cost you the trust you worked hard to gain in the first place.
If you are starting out, don’t go for a large portfolio of products. CBD manufacturers who want to squeeze the most cash out of you will try to sell you their whole product range from the get go, but if you are new, that will cost quite a large portion of your budget. Instead, what we suggest is focusing on a few key products, and learning everything you can about them, that way you will be able to properly advise and consult your customers, leading to them bring more business in the long run, and that brings us to our second point.
Know your product
What do we mean by that? Of course, you know your product. You sell it to your customers every day, you are the one who sources it, labels it, sells it, and handles it throughout the entire process. But that’s not exactly what we have in mind. You need to know all the possible applications for your products, and several selling points to appeal to your customers. For example, when you take your everyday CBD oil, of course you take it sublingually - hold it under the tongue and then swallow it, because the absorption begins in your mouth, and finalizes in your stomach and this is the most popular way to do it. However, children, especially the younger kids don’t really enjoy the taste of all-natural CBD oils. For them you can either offer CBD products with natural flavors, or you can suggest to mix the oil with jam, honey, or you can mix it into other types of food as well, lots of possibilities are available. Capsules can also be offered to your customers, who don’t appreciate the taste of hemp-derived CBD oil. Or perhaps they are sensitive to other natural compounds in the oil, making them feel unpleasant. Maybe your customers are people who like to travel a lot, and are constantly on the road. Going around with a bottle of CBD oil can be a hassle, and what’s even worse, sometimes the oil might spill out and ruin a perfectly good bag, and whatever is inside. Every product in your arsenal needs to serve a specific purpose, so think about all the possible needs and applications for it, before bringing it in to your range.
Where to begin when choosing your CBD product range?
As mentioned previously - focus on a few products in the beginning. The most effective and time-tested combination is that of oil tinctures and capsules. Remember, all-natural hemp oil tinctures can be used for topical application, as well as sublingual. We offer grabbing two strengths of each product, equal to each other, and starting from there. What do we mean by that? If you have a 5% and 10% oil tinctures, make sure the capsules are equivalent in CBD content, that way you will have consistency, enabling your customers to interchange the products to adapt to their lifestyle. Especially if you don’t know much about CBD, and I know I am repeating myself, but I can’t stress this enough. you need to study about CBD as much as you can, and master your products so you can effectively sell them. For information in regards to CBD, consider visiting this page. If you are trying to cater to a specific market, you can add a product more with a more specific use. For example, if you want to have your own cosmetic products, or want to be skin care oriented, you should consider taking on balms or creams, but not all of them in all the different possible concentrations at once, one at a time is fine. Gather the feedback of your customers to effectively introduce new products.
Points to remember
Remember, first build your customer base, then increase your product range. If you are starting with a small budget, or don’t have the means yet to resell the products of an established brand, look for companies offering affiliate services. This will not only allow you to build your customer base without any investments at all, but also enable you to safely learn a lot about CBD sales. The CBD market is expanding, and will continue to do so by professional estimates and common sense, so if you play your cards right, your business will expand organically, with the growth of the market, in addition to all the work you put in. Natural health care and healthy lifestyles are on the rise, and we’re happy to see this trend go upwards. If you don’t know where to begin, or perhaps if you’ve already begun your CBD business, and have questions but no one to consult, consider getting in touch with us. Our team of experienced CBD business professions will be happy to offer their expertise and consultancy.