How to Boost Your CBD Business Revenue

Tips to Help You Boost Your Revenue 

Have a Wide Variety of CBD Products on Your Menu

The trick to upselling your CBD products does not involve creating a cult of personality around the cannabinoid. Instead, you need to offer your consumers a wide variety of high-quality CBD products. Make sure they are from reputable brands to arouse confidence in them. 

CBD can be infused into capsules, pills, oils, vapes, edibles, beverages, and almost any type of consumable item you can imagine. Some of the more popular types of CBD products in the market include:

• Sublingual tinctures
• Vape concentrates
• Topicals such as creams, gels, sprays, and roll-ons
• Edibles like gummies, candies, baked goods, chocolate bars
• Flower buds

Influencer Marketing

With myriad CBD businesses up and running, you must strive toward increasing your brand awareness and building loyal customers. Influencer marketing is an excellent strategy to help you achieve this. 

Influencers are individuals who have the power to affect the buying decisions of consumers. The reasons could be because of their knowledge, position, or rapport with their audience. If you want to find the right influencer for your CBD business, you’ll need to look for one within a niche. That may mean working with micro-influencers instead of mega-influencers. Micro-influencers have fewer than 100,000 followers. Mega-influencers have over 1 million social followers. 

The trend in influencer marketing is shifting from mega-influencers to micro-influencers, the reason being that micro-influencers appear to deliver better returns for businesses. They come with laser-targeted followers in a specific niche who show an interest in their views. In contrast, mega-influencers have a large following because of their celebrity status, and their followers don’t necessarily have a specific interest in their content or views. So, they have less engagement when it comes to marketing.

Influencer marketing also enables you to share fresh content whenever you want. You’ll also improve your search engine rankings and increase business sales.

Not convinced yet? Here are a few statistics that prove influencers are a good CBD marketing strategy:

• Eighty-six percent of women are heavily influenced by social media when making purchasing decisions.
• Eighty percent of consumers have bought something through an influencer’s recommendation.
• Forty-one percent of consumers find out about new products courtesy of influencers weekly, and 24 percent do so every day.
• Seventy-four percent of customers would make purchasing decisions based on the influence of social media.
• Influencer recommendations influence 22 percent of significant purchase decisions made by the younger demographic market (18-34-year-olds).
• Online word-of-mouth referrals are trusted by 92 percent of consumers, while banner ads are trusted by only 33 percent.

Educate Your Staff

As a CBD dispensary owner, teach your staff about everything they’re selling. Of course, this might seem obvious, but a lot of cannabusinesses skip this crucial step. Your staff should be knowledgeable about what CBD is and how it works. This CBD knowledge will help your budtenders identify consumers who may benefit from CBD use, even if the customers themselves are not aware of it yet. 

After all, a key reason someone who would benefit from CBD isn’t using it is that they are not aware of what CBD is or how it works. So, they might need to be enlightened, and this is where your educated staff comes in handy.

Adopt a Problem-solution Strategy With Your CBD Products

Search for gaps in the CBD market and provide solutions. For example, you might notice most CBD-infused products in your state have a CBD to THC ratio of 1:1. The gap, in this case, is a CBD product with a higher CBD-to-THC ratio or an entirely pure CBD product. This is especially suited to consumers who might be experiencing pain issues and want a product for pain relief without getting high.

So, you could introduce a branded CBD product with an 8:2 ratio of CBD to THC, for example. You can go a step further and introduce a product with almost 90 percent CBD purity. The trick is to move first. Once the market samples and enjoys your novel CBD product before anyone else’s, you get in the fast lane to building loyal customers, which leads to a better return-on-investment (ROI).

Simplify the Checkout Process

Many CBD businesses have an e-commerce platform for shopping online, and the checkout process can make or break the sale. Consumers generally go about their shopping with no frustrations, up until they reach the checkout point. Often, there’s a breakdown in the shopping experience. So, what can canna-businesses do to get consumers through checkout and avoid cart abandonment?

Simplifying the point of sale is at the core of consumer satisfaction. A study by Accenture reveals 87 percent of online shoppers will desert their carts if the checkout is complicated, while 55 percent will stop shopping from the retailer.

Consumers expect the following functions during checkout:

• Ample payment options like Apple Pay, PayPal, and cryptocurrency
• No hidden cart fees
• Accurate total costs upfront
• Guest checkout alternatives
• One-click checkout solutions

The Bottom Line

Moving forward, the CBD market will continue to be profitable. For already established CBD businesses, this means more players entering the market, which adds to the competition and may have a negative impact on your revenue. 

The factors mentioned, including product variety, checkout process, and influencer marketing, will impact the purchasing decisions of consumers, translating to a revenue boost for your CBD business.