The CBD market has been growing quite steadily over the past few years. Also referred to as Cannabidiol Oil, CBD is actually an active compound found in cannabis. CBD offers a myriad of medical benefits. For instance, it is used in the management of ailments such as arthritis, epilepsy, blood pressure, cancers, back pain and HIV/AIDS.
The rising CBD industry is predicted to rake in at least $3 billion annually. This spells wonderful news for marketers and vendors of this all-natural plant extract.
New companies that are dealing with CBD Oil usually face challenges when it comes to marketing. You can’t put a billboard or advertise on radio or TV. They have a problem when it comes to growing their brands, especially online especially. These are the reasons why this is the case:
Getting a Bank Account
When you are running a business online, you need to have a payment option for your customers to be able to purchase and pay for your products. Financial institutions are not comfortable allowing businesses that deal with marijuana products to use their products due to legal issues.
What this means is that people will not buy from the online companies and there will be no sales made.
Having a good lawyer can help you open a bank account and find a way which the customers can use to pay for your products. The lawyer can also explain to you legal requirements of running your cannabis business and how you can keep your money safe if you can’t get a bank account.
Payment Options May Be Limited
Processing credit card payments for customers is another area where ecommerce companies selling hemp-related products run into challenges. Because credit card payment providers use merchant codes for sellers when processing payments, it can get complicated for CBD oil sellers.
Merchant codes include categories like utilities, groceries, gas, and many others. Unfortunately, there are not currently any merchant codes that differentiate hemp-related products and marijuana products. So, products that are derived from hemp are categorized along with marijuana and cannabis products. This is why payment processing becomes an issue.
To run a successful CBD Oil company online, you need to be aware of the laws governing the cannabis industry. It sounds like a simple thing to do but cannabis has been illegal for many years, and it still is in some states.
Depending on the state you are in and running your business online, it is imperative to follow the state and tax laws so that you and your business are protected from closure. If you are running a cash-only business, it will be difficult to pay your taxes. This raises a concern about the safety of the money when it comes to robberies.
Identifying your target market
If you’re looking to run a successful CBD business online, you’re in luck. There’s a huge demand for this product globally. Cancer patients love Cannabidiol oil not only because of its restorative properties but also because the oil has pain-relieving elements.
So the first step to take is identifying the illnesses that you desire to concentrate on. If you’re an adult over 60 years living with arthritis, you could target other sexagenarians with the same condition.
Next, create content that specifically targets your audience. You want to create articles and posts that revolve around solving the reader’s issue using CBD Oil.
One major challenge faced by people selling CBD Oil online is marketing their business online. Most social media platforms do not allow you to write posts that advertise such products. And with the changes in the Facebook algorithm, it has become more and more difficult to reach people organically.
Aim to create positive reviews and testimonials
Nothing moves new clients to buy your product as effectively as good customer reviews. As an online vendor of CBD Oil, one of your main goals should be to attract more customers using referrals, reviews, testimonials and a bunch of other smart marketing techniques.
If you’ve been using Cannabidiol Oil yourself, use your life-changing experience to draw customers in. you’ll be surprised by the numerous patients who are searching for a reliable CBD Oil retailer online.
It’s time you upped the marketing ante. The more positive reviews you have on your website, the more people will want to buy your product – it’s a basic Marketing 101 lesson. So create a “Reviews and Testimonials” section on your blog and fill it with genuine customer reviews.
Use your own moving story with CBD Oil as the curtain-raiser, then explain how this oil has helped some of your clients.
Figure out an effective funding plan
Like any other business, the CBD market requires some initial capital upfront. You also need to take care of maintenance costs such as shipping, packaging and branding. So where do you get the money? Well, there are a couple of avenues you could pursue.
Even with the above challenges, entering the hemp industry can be a successful and lucrative business choice. The market is ever-growing and the demand for products like CBD hemp oil is high. Additionally, laws, rules, and regulations are changing constantly. This means that challenges are likely to become less taxing in the future.
Running an online CBD business is a great idea, but it’s not entirely a walk in the park.[/vc_column_text][/vc_column][/vc_row]