CBD manufacturers are finding it more difficult to gain market share as the sector is becoming more crowded over time. There is a pool of CBD merchandise, and where everyone is trying to establish their product as the most effective of the lot.
The current situation calls for better marketing and branding strategies for businesses of all sizes. Everyone now is struggling to hold a fair share of the marled, and the products appear like exact copies of one another.
Market expert Cindy Blum has found the perfect way out. She is trying to create an emotional connection between the product and the consumer. Familiar things like gums and organ juices are being infused with CBD to make more appealing in the market. Cindy has become the vice-president for the CBD line-up at Axcentria Pharmaceuticals, Pennsylvania. Cindy Blum shares her experience of working with cannabis products and will suggest a few tips on how to market these products at MjBiz in the coming week in Las Vegas.
Blum was interviewed by the Hemp Industry Daily to know more about her views on marketing strategies and ways of building a robust brand image from scratch.
Products are the biggest asset of every brand, and they have to be functional. Whenever a customer purchases a product, there are always some requirements associated with it.
The product brand plays an essential role in connecting people with the company.
There is always a set of values that a brand follows to create its image. Behind all this, they have a mission and purpose. They offer value and also maintain emotional and functional promise.
The difference between emotional and functional values is quite significant. When a brand establishes appropriately, it is put-up with to communicate with potential buyers with whom they build an emotional connection that stays beyond their requirements. When shopping for cereal, it is often seen that the companies claim it enhances heart health.
Let us consider an example; the relationship between heart health and Cheerios. Here an emotional promise is made that the user will be healthy and will live a significantly longer life. That is how the client builds an emotional connection with the corresponding company.
How does this imply to CBD?
These products are very interchangeable, individually when the CBD market takes into consideration. If you happen to find good quality CBD Oil, then there is not much difference between the two, both treats as oils. It is a brand that sets the two products apart and lets the consumer two choose betweenthe two.
What kind of Product is CBD? What are its characteristics?
CBD products can be divided into several categories.
The most important thing is to categorize CBD in one of the privileged classes. Consumers must be aware of the purpose of CBD and the things which can get solved with it. You must be careful about how your brand gets positioned in the market.
It is essential to know the difference between cream and oil. It is a company owner who will decide how their products need to position in comparison with its rivals. Plans were associated with product development aid in positioning the consumer, which will also fall
into the same category.
Where to start?
Initially, it is crucial to figure out those foundations and how they are going tub handled. Be assured that you are clear about your decision. Have a clear idea about what you will be doing and why. It will guide you in all your future courses of action. Products are functional,and buyers will purchase your product and your reason behind its development.
It is always advised to begin with a vision. It can be two-year-old, five years old, or a 20-year vision. Get a clear idea about where you want to be. Know more about what success you areworking for will finally appear. Once you have a comprehensive plan of your future accomplishments, you are bound to get an excellent starting point from your hard work.
Pricing is crucial as CBD is a relatively new sector
Need to keep close attention to your competitors and be aware of what their price looks like. Do a comparison study of different products available in the market. This research work will be the starting point.
A clear understanding of the current market space is an important starting point. Work out a profit loss statement or every single product that leaves the production line. As you go through your profit loss statement, you will come across things like overhead
costs, product costs, salaries, etc.
With this, you will surely have a clear idea of how to price your products to earn the right profits. Always be prepared to be flexible. If the prices start to drop, then be assured that you have sufficient resources to fight that drop. Be ready to pivot anytime because you might need to pivot frequently overtime. It isn’t effortless to figure out the process five to 10 years from now.
Flexibility is essential in this industry. Be confident that you are providing a competitive price to your consumer while making sufficient profit at the same time.