As the legalization of marijuana occurs across the nation, the cannabis industry continues to grow at exponential rates—particularly the CBD oil segment. Expected to reach $20 billion in revenue by 2024, CBD oil is growing both in popularity and competition.
Finding ways to stand out in a saturated market can be difficult. At Insurance Canopy, we care about helping our customers grow their businesses. We’ve gathered seven ways for you to successfully promote your CBD oil business online.
1. Create Unique Branding And Messaging
HubSpot defines branding as, “the process of researching, developing, and applying a distinctive feature or set of features to your organization so that consumers can begin to associate your brand with your products or services.”
What makes your business unique? Is there a certain benefit from your product that your competitors don’t have? Do you use a particular ingredient? Are you targeting a certain audience type? Knowing what makes your product unique allows you to stand out from the crowd.
Study your competition and see what you could improve upon or do differently. Select colors, fonts, logos, and packaging that makes your product stand out. Create a marketing strategy with a voice that makes you memorable.
2. Add Insurance Canopy's Cannabis Insurance Badge
Increase the level of trust in your product with cannabis business insurance. When you invest in hemp insurance, you are also investing in your business. A single claim could cost you thousands in out-of-pocket expenses, as well as damage your reputation, halt production, or lead to recalls.
After getting your policy finalized, we will send you a unique cannabis insurance badge that you can embed on your website or add to business cards, and feature on your social media channels. Being insured shows customers and retailers you are serious about your business and stand out from competitors.
3. Build An Email List
Having direct communication with customers allows you to quickly inform your customers, streamline problem solving, and develop relationships with customers. Emails are also low-cost, making them a great strategy for your business model.
One way to gather emails is when customers are purchasing your product. Making it part of the checkout process allows you to gather a list of individuals who are already interested in your product and gives you the chance to turn them into lifelong customers. Another tactic is to use a pop-up on your website prompting a user to sign up for a newsletter or enter their email to receive a personalized discount code.
4. Start A Blog Or Newsletter
We live in a digital world, one where nearly half an American adults’ day is spent consuming content. Creating effective content allows people to see how your product is the solution to their problems, how your business answers their questions, and why you offer one of the best products on the market.
With so many different types of content all competing for a viewer’s attention, it can be tricky to get yours noticed. While many businesses rely on paid online advertising to get their content seen, there are restrictions against promoting cannabis-based products.
Unfortunately, you will not be able to run ads. Instead you can try using search engine optimization (SEO) to help boost your views and sales. With your blog posts, you can include certain relevant keywords in your writing to help you rank higher in search results. This could lead to an increase in web traffic and sales.
Newsletters are another great way to keep your customers up-to-date with your business, the benefits of your products, and new information in the CBD oil industry. This is a great piece of content to include in emails.
5. Find Relevant Influencers
“Word of mouth” marketing has long been a powerful tactic in advertising a product or service—92% of consumers believe recommendations from those they trust over all other forms of advertising. While you can’t guarantee someone who likes your product is going to recommend it to others, you can tap into the power of influencers.
Influencers have niche audiences that have taken an interest in the influencer's lifestyle. People willingly choose to follow an influence and are more likely to view their content than to view ads. Finding influencers in categories such as holistic health, cannabis awareness, health and fitness, beauty and wellness, and medical research can help you better reach your target audience and grow your online presence.
6. Create Video Tutorials
According to HubSpot, 54% of consumers want to see branded video content from businesses. With more consumers watching videos, you have the opportunity to capture their attention in unique ways.
What are different ways people can use your product? What are the benefits? Do you have customer testimonials? These all make for great video ideas that you can include on your website, social media channels, in blogs, and as part of emails.
7. Partner With Other Businesses
Similar to influencer marketing, people have certain brands and businesses they already trust. The advantage of partnering with a business is you now have more ways to communicate with their audience. You are also building a lasting relationship that allows you to partner again in the future, or be introduced to other similar businesses.
Some things you can do during your partnership are social media takeovers, interviews to educate more about your product, group giveaways with items from both of your brands, feature articles on each other’s blogs, or offer deals on your products to existing customers.
Keep On Growing
Because the cannabis industry is still evolving, it will still be a few years before it is a more matured marketplace. Taking the right steps now will help you stay ahead of the curve and put yourself on top of a booming industry. Insurance Canopy does more than take pride in protecting unique businesses like yours—we celebrate when you succeed. We believe you have the power to grow your business to new heights.