According to experts, the CBD industry will be worth over $20 billion by 2025. The CBD market is still young, and if you want to make good money, now is the proper time to invest. Already, many people have set up CBD businesses and are generating handsome profits, but some are experiencing difficulties. In this post, we show you various tips that can help you increase the revenue of your CBD business.
1. Focus on One Thing
People underrate the importance of specializing in one thing. In the CBD space, there’s a ton of verticals, and you severely limit yourself when you stick to just one thing. There are CBD edibles, tinctures, vapes, and so on. You would get far better results if you stuck to one product and created a brand around it instead of spreading your resources thin over so many different CBD products. Once you have a powerful brand, your business is in motion, and you can now build momentum by tapping into new markets.
2. Leverage SEO
There’s no better traffic than what you receive through SEO practices. But the truth is, SEO is a long-term thing, and you shouldn’t expect instant results. Create valuable content that provides solutions, and be consistent, and you’ll eventually receive streams of organic traffic. This type of traffic is extremely profitable. But upon success, don’t be too comfortable, you need to continue publishing fresh and relevant articles so that you stay winning.
3. Approach Influencers
One of the things that people get wrong is that an influencer needs to have a massive following. You can get quality results even with an influencer with a small or average fan base as long as you have properly targeted their followers. Always go for influencers whose fans are likely to have an interest in CBD. It’s also critical to understand what platform is best as per your target. For instance, millennials and Gen Z are typically on Facebook, Twitter, and Instagram, while baby boomers are largely on Facebook. Partnering with influencers is one of the best tips for boosting your sales in the shortest time.
4. Sign Up for Affiliate Marketing Programs
One of the ways to grow your business is by having affiliates do the heavy lifting. You sign up to an affiliate network, and their publishers promote your business, and you have to give them a percentage of the earnings gotten from their referrals. It’s a really good marketing model where everybody wins. However, you need to be careful with the affiliate network that you sign up to. Some of these networks can be fraudulent. Always visit review sites like Affpaying and search affiliate networks to determine whether their partners have had good or bad experiences. Also, you want to go through their terms carefully, to avoid getting disappointed.
5. Email Marketing
One of the things that too many online entrepreneurs don’t recognize is that the money is on the list. Never slack when it comes to collecting people’s email addresses. Collect them at every turn. Run Facebook ads and offer freebies in exchange for email addresses. And now you can contact them regularly to pitch products. However, make sure that you are not the annoying marketer that blasts their subscribers with offers every few hours. If you’re too aggressive, you might lose a huge chunk of your subscribers.
6. Avoid Breaking this Law
Don’t have an illegal amount of THC in your product. And the reason is obvious; when law enforcement catches up with you, there’s a heavy price to pay. The government requires that CBD products must not contain more than 0.3% THC. If you break this law, the authorities could come for you, or a customer might sue you and seek compensation, especially if they experienced any harm after consuming your product. And so, ensure that your products are lab-tested; so that you’re sure your products don’t have excess THC.
7. Retain Customers
Customer retention is what sustains a business. Once you notice a repeat customer, you should give them special treatment, to form a relationship, and make them come back again. By retaining customers, your products are always moving, and this grants you the resources that you need to expand your brand.