CBD based products have probably grown up in popularity in the recent years and new brands seem to be entering the market every now and then. As a result, many businesses see the CBD market as huge opportunity to rely on.
Nevertheless, the oversaturation of CBD brands is making it to be overwhelming for consumers to know what to buy and where to buy it. So, let us dive into some things that consumers expect from CBD brands for them to stand out in the competing market.
Promotion
Nowadays, most consumers make CBD decisions purchase through family and friends and it’s ranked at 34.4 percent then followed by social media which is at 27.69 percent. A little number of individuals use the information provided by both the retailers and physician. The good news is that consumers do look to CBD brands for educational information. Therefore, brands that can possibly win in the competing market are those sharing a lot of useful, reliable and authoritative content that help consumers.
Some types of promotions on CBD are also more compelling than others. The buy one get one discounts is ranked at the top position, followed by percent discounts, dollar discounts and product bundles. As a result, CBD brands should plan their future promotions accordingly for them to get the best results. Actually, you ought to give your consumers what they really want.
Place
The distribution as well accessibility of CBD-infused products is changing rapidly. As a result, consumers of all ages are interested in buying CBD products from multiple online and offline stores. Most people purchase hemp products from a cannabis dispensary which is normally ranked at 32.4 percent then followed online stores which is at 30.5 percent.
Yet, people prefer to purchase their CBD products from a wider variety of places such as Amazon. Since distribution and accessibility are changing quickly in the CBD market, the CBD brands that want to grow ought to be exactly where consumers are. You should also give your consumers what they want if you really want to gain market share.
You will probably need to start by understanding the market of CBD products, changes that are likely to come in the future in regard to regulations and consumer perceptions. After that, you can develop responsive strategies that can evolve with both the CBD industry and the consumer population.