What To Do When Your CBD Business Seems “Stuck”
All companies go through ups and downs. If a business is resilient enough, the bad times don’t last long. But what if your CBD business gets ‘stuck’, or worse, it stops making sales? Use the following approaches to get things back on track:
1. Use Direct Marketing Campaigns
Look beyond connecting with retailers. Use direct marketing methods such as direct mail, email marketing and social media. Furthermore, use platforms like LinkedIn to build genuine, lasting relationships and engage directly with the public. These forms of marketing help you get straight to the customers in your target market.
2. Advertise Your CBD Business Wisely
Why does McDonald’s still advertise? Because it works. In order to advertise wisely, you need to plan and book advertising well ahead of your product launch dates. First, figure out where your target market customers get their product information. Then, book advertising in industry print and get featured in online publications.
3. Print Communications Materials for Your CBD Business
Create a product brochure and then use point-of-sale posters to draw attention to the new product. These come in handy at conferences and you can also use them for mail orders.
4. Execute a Public Relations and News Media Strategy
Use public relations (PR) to your advantage. Mainstream media often pick up innovation stories. Launch a print and online news media campaign and then target interested industry journalists.
5. Develop a Sales Plan For Your CBD Business
Develop a sales plan tailored to your new product and then stick to it. Sales planning helps you define strategies for your ideal customers and set realistic, healthy sales targets.
6. Establish a Pricing Strategy
Develop a pricing strategy for your CBD business. This should show an entry-to-market price, a premium price and a minimum sale price. Then, use this strategy to maximize value for your clients.
7. Contact Your Distributors
Give your distributors plenty of forward notice of your new product launches. Then, use forecasts to calculate the product numbers and meet your anticipated sales volume.