Getting ahead of your competition is vital in any market, and the CBD industry is no exception.
The Hemp Business Journal estimates that the CBD market will explode in value from $390 million in 2018 to approximately $1.3 billion by 2022. The race for growth and dominance has well and truly begun.
The CBD industry is a delicate one, though. Shifting legislation and customer expectations mean that you must tow a delicate line when it comes to your CBD products, offering outstanding quality without misleading or misrepresenting your products.
Looking to beat the competition with your amazing CBD product? Here are nine steps that you should follow to achieve success.
1. Understand the Landscape
First and foremost, you have to understand the landscape that you are operating in. Everything is changing rapidly, from legislation to competitors and the products that are available on the market.
These changes mean that you must stay on top of the latest news and updates to get every competitive advantage that you possibly can. This will ensure that your product is the best it can be, and that you are communicating its benefits in the right way while making the right strategic business moves.
Last year, the average consumer had no idea what CBD was; just last week, Carl’s Jr. trialed its first CBD burger in Denver. Stay ahead of the CBD trends and you’ll be one step ahead of the competition.
Monitor the news closely and cultivate a list of trusted resources that you can use to educate yourself about the CBD industry. Be sure to check out our blog, for example.
2. Know What Your Customers Want
There are hundreds of potential reasons that a customer will want to try CBD. Some health-conscious people want to incorporate it into their health regimen, while others might want to use CBD in a bid to resolve their headaches.
You must understand these diverse CBD needs if you are going to beat your competition. Be sure to check out our post on exactly what your customers want from CBD for more tips.
Focus on the five key areas that interest your customers and begin to think about how you can communicate the benefits of your products in a transparent and clear way.
3. Know What Retail Stores Want
If you are developing a CBD product for resale in retail stores, you’ll also want to understand what that group wants from your product.
A third of consumers now say that they would buy CBD-infused food and drink, so the appetite is clearly there. In order to succeed and get ahead of the competition, you must understand what makes retailers look for in CBD products.
Make sure you check out our post on exactly what retail stores want from your CBD product.
Be sure to think about how you can pitch and present your product to retail locations. Understanding the needs of retail locations will help you to broaden your reach and build long-lasting partnerships.
4. Gather Data
In this new industry, data is a precious commodity. If you are able to understand your customers and their buying habits, you will be sure to succeed.
If you are selling CBD products, you should develop a rigorous data collection initiative and a strategy to interpret and act upon that data.
Begin thinking immediately about how you can collect data. Think about what data you need and how you can use it to bolster your offering and improve your chances of success.
5. Acquire Feedback
Again, feedback is incredibly valuable in a new industry where you have to move fast to succeed. Customer feedback can help you to refine your offering, allowing you to gain superiority over your competition.
According to The Independent, the number of CBD users in the UK doubled in 2017 from 125,000 to 250,000 users. Each of these early adopters holds important information that could help you to succeed and get ahead of the competition.
Develop a strategy for acquiring and analysing feedback. Whether this feedback comes from existing customers or via paid initiatives, you’ll want to develop a system for incorporating that feedback into your product.
6. Never Compromise on Quality
According to The Independent, CBD product sales have surged by 99% in the UK. As new customers enter the market, you want to put your impress them as much as possible.
As customer knowledge and expectations of CBD grow, poor-quality competition will quickly be eliminated. You can never afford to sacrifice on the quality of your product.
Ensure that you are using only the best wholesale CBD in your products, and that you properly reflect and articulate the quality of the products that you offer.
7. Build a Strong Reputation
Every business would love to have a strong reputation and customers, but it’s particularly essential in the CBD space. When it comes to their health, customers are very selective in the brands that they choose to work with.
When we look at the more mature CBD market in two years time, we will find that the majority of the brands left standing will be those with the strongest reputations. It is essential that you begin taking the necessary steps to establish yourself as a trusted and reliable brand.
Begin to think about the PR and branding strategy that you can adopt to help establish yourself within the minds of your customers.
8. Be Transparent
The CBD market is unfortunately filled with poor-quality brands offering ineffective products and making false claims. This only serves to reduce confidence in CBD and confuse customers, turning them away from CBD.
As legislation and customer knowledge of CBD improve, those brands will quickly disappear. If you are transparent and clear with your customers now, you will build strong, enduring links with them. Be sure to read our post on how to communicate the benefits of your CBD products.
Assess how you are currently communicating the benefits of your products. You need to be accurate and truthful.
9. Help Your Customers
The final tip that we have to help your CBD product stand out from the competition is to help your customer. The industry is evolving at a breakneck pace and even if you’re involved in the industry, it can be difficult to keep up.
Your customers are undoubtedly excited about the prospect of CBD, but they need some help in navigating the landscape. If you can become their trusted guide, you will be sure to win loyal customers who have faith in your knowledge.
Be sure to help your customers whenever possible, given that they will appreciate the assistance. You should think about whether your product provides adequate direction and support before refining this area of your product.
Get the Best Wholesale CBD Today
We hope that these tips have been helpful for you and give you a helping hand in a competitive and exciting nascent industry. Here at CBD Capital, we are very proud to offer the best wholesale CBD on the market. Be sure to learn more about our wholesale CBD today.