CBD products are incredibly popular among the natural wellness community. Given its vast array of reported benefits and its visibility, you likely started a CBD company to get in on the action. However, selling CBD products can be challenging despite it being a household name. What can you do to make your business more profitable? Let’s take a look at five business strategies to help improve sales for CBD products that you can leverage in your company.
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1. Target Local Consumers
Do you run a shop with a physical location? While this tip may not apply to every business, those who have a brick-and-mortar store absolutely need to target locals in their broader marketing strategy. Creating a profile on Google My Business will help you pop up when people are looking for CBD goods in their area, making sure that you’re visible to people who want to purchase from a reliable store nearby.
2. Diversify Your Product Line
Do you currently have one or two products that you primarily sell? There’s nothing wrong with having a store that specializes in one or two products, but it can be very hard to grow said store. Many customers may want product diversity and variety, especially with that being the trend across the board. See what other CBD products brands are selling and think about whether your current customer base may like that. Whether you add CBD capsules, CBD tinctures, or CBD edibles, having more options in your store may bring in more business. You may even discover a new favorite product among consumers that helps you grow your company more effectively.
3. Generate Buzz Via Discounts and Promotions
No one can resist a good sale. High-quality CBD products can tend to get a little pricey, so cultivating brand loyalty is a must. If you regularly have promotions and discounts for first-time customers, this can be enough to get their foot in the door and encourage them to try your product. If they like what you have, they may be willing to pay full price for it moving forward. However, you can still make sure they’re purchasing from you with small sales and rewards here and there.
4. Clean Up Your Marketing
Sometimes, difficulty selling products can be chalked up to unorganized marketing strategies. If you’re a new CBD business, you may not be sure exactly who you should be targeting. The best way to fix this is to focus on your messaging and branding, aim to hit a certain niche you think will be most impacted on your brand, and then interpret sales and engagement data as it comes in. Once you have a better idea of who is buying your product, you can then refine your approach for better results.
5. Upsell Customers at Checkout
Encouraging customers to buy more when they’re checking out can be a useful strategy. Whether you remind them that some of their favorite products are on sale or ask them if they’re missing anything else, they may go back to stock up and help you sell more products.
Selling CBD products can be challenging, but it isn’t impossible. Use the guide above to see how you can tweak your approach and get better results!