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Go Green: How to Start and Market Your CBD Company

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The CBD market is/was expected to reach a growth of 700% during the 4 years from 2016 to 2020. We’re sitting right in the middle of that growth trend now, and it shows no signs of stopping!

CBD is becoming more and more popular for recreational and medical use. It’s something people of all ages can benefit from (minors can be prescribed CBD for medical purposes), and that animals can enjoy, too!

From a business perspective, it’s easy to see why so many CBD enthusiasts are starting CBD companies. If you’re thinking about becoming one of them, here are 3 things you need to know about starting a CBD company and making it unique.

1. Choose Your Niche

CBD is arguably something anyone can enjoy, but you can’t expect your company to appeal to everyone. You have to choose an industry niche that speaks to you and shows good signs of profit.

For instance, you may choose to make and sell CBD products for solely medical purposes. Or, you might like the thought of appealing to recreational customers more.

Maybe you’d enjoy creating delicious CBD dog/cat treats; maybe you want to venture into the world of topical CBD products. There’s also the possibility of focusing on a unique product like CBD tincture, something to learn more about before making your final decision.

These are just a few of the pockets of the CBD market worth educating yourself about. There is a way for your business to expand into multiple niches, but it’s better to focus on one or two when starting out.

2. Know Your Market

Once you’ve chosen a CBD niche to operate in, you have to learn everything about it that you possibly can. Research how well the market is doing as a whole and start finding your place in it. Think of who your ideal consumer is and create a buyer persona to help you relate to your audience.

This is crucial for your sales numbers and your marketing strategy.

You can’t expect to reach potential customers with the right marketing campaign if your buyer persona is off. It doesn’t matter how much you invest in traditional advertising and digital ads or how great your SEO content is – if your target is off, the sales you’re looking for won’t happen.

3. Create the Best Possible Product

There’s only one thing more important than establishing a clear buyer persona: creating an amazing product! You can’t work so hard to get your CBD business up and running only to have your products fall flat.

They need to match the value that users are expecting to have.

More so, your CBD products should be potent, well-made, and versatile.

You want them to seem exciting and unique to users even though they have so many other ways to fulfill their CBD needs. Your products have to be innovative enough to get their attention and create loyal customers.

How to Stand Out Against Other CBD Companies

It’s one thing to finally open your doors for business and another to ensure those doors stay open. You don’t want to put such high hopes into your CBD business only to watch it crash and burn.

Take your time to learn about what other CBD companies are doing right and follow their lead. But, do so in a way that allows you to stand out and carve your own path of success.

For more tips to help you entrepreneurial efforts pay off, click here.