According to YouGov, an estimated 8-11% of UK adults have tried CBD. A significant number of those people use CBD products on a regular basis, and that number grows with each passing day.
Are you thinking about launching your own CBD product to capture a part of that growth? 2020 could be the year to do it – there’s more hype than ever before around CBD and customers across the UK are warming up to the idea of incorporating CBD products into their wellness routine.
Before you launch your product, though, you’ll have to do some serious thinking. In this post, we’ll take a look at the key questions that you should ask yourself to secure success. Think carefully about these questions and you’ll be sure to develop a strong strategy that helps you to prepare for any eventuality.
Questions to ask yourself before launching your CBD product
Here are the main questions that you should ask yourself if you’re thinking of launching a CBD product. There are lots more and we’d love to hear about your own journey launching a CBD product.
1. Who is your CBD product for?
First things first, you’ll want to think carefully about exactly who you are making your CBD product for. It’s only natural that before you create a product, you’ll want to think carefully about what need it is going to satisfy and for who.
Answering this question as early as possible in the process can help you to focus flawlessly as you continue to work on your CBD product.
Lots of businesses decide to create buyer personas to satisfy this need. Those personas can become a useful tool that can guide you through the process. If you ever have a tough question or decision to make along the way, you’ll be able to refer to your personas to make the right decision.
2. Where does your CBD product fit into your range?
Next, you’ll want to think about how your new CBD product is going to integrate with your existing range. Does a CBD product make sense? Could it potentially reduce your sales of other products?
You should take the time to really explore how your CBD product is going to be positioned alongside your other products. This can help you to make sure that your overall offering is harmonious and useful to your customers, and that you won’t cannibalise your own sales.
To answer this question effectively, you’ll want to build up a bigger picture of your CBD product. You’ll need to think about very important factors like pricing and packaging, for instance, to fit it into your range.
3. Where will you get your CBD?
If you have decided that a CBD product is right for your business, you’ll need to make a very important decision about where to source your CBD. You’ll need to find a trustworthy provider that sells only the purest and most reliable wholesale CBD.
This is a question that you can’t afford to skip over. If you choose a poor-quality provider, you risk offering a subpar product that could harm your customers and deal reputational damage to your business. In some cases, there’s also a legal risk if that provider sells non-compliant wholesale CBD.
(Later in this piece, we’ll take a closer look at why you should choose to work with CBD Capital – we’re a trusted provider of wholesale CBD products and we work with some of the best businesses in the UK.)
4. How will you market your product?
Before you create your CBD product, you’ll need to make some very important decisions when it comes to the marketing of your product. It’s important that you think about where you will market it, for instance, and the approach that you will take in terms of investment and messaging.
Thinking about this important question as early as possible can help you make the right choices and set yourself up for success. You’ll also find that by thinking about the marketing of your product, you’ll build a clearer picture of what that product looks like.
5. Which challenges will you face?
Launching a CBD product is no easy task and there will undoubtedly be challenges along the way – you’ll have to prepare and try to preempt those potential issues as effectively as possible.
Here are some of the key issues that you might face if you decide to launch your CBD product:
- You fail to carve out a space on the market for your CBD product
- You find that your sales are lower than expected
- Your customers aren’t receptive to your new products
If you try to think carefully about the potential issues that you might face, you’ll find it much easier to react accordingly and develop a strategy to succeed.
6. What will success look like for you?
It’s very important that you take the time to define success and paint a clear picture of what it will look like for you. This can give you the power to create accurate projections and calculate whether or not the investment is going to be worth it.
You’ll have to paint a clear picture of success in terms of how many units you would like to sell, what you would like to sell the product for, the return that you would like on your investment and much more.
With a detailed idea of what you’re hoping to achieve, you’ll be able to create accurate and realistic goals that move your project along.
7. How will you adjust your strategy throughout 2020?
Finally, you’ll need to think carefully about how you’ll adjust your strategy over the course of the year. The CBD industry is moving quickly and you’ll need to remain agile if you’re going to secure long-term success.
You should try to look ahead as far as possible and think about all the potential routes and eventualities that you might face along the way. This will give you the power to create accurate yet flexible plans to succeed.
Use These Additional Resources
The world of CBD is an exciting one and we’re confident that you have what it takes to succeed in 2020. If you want to prepare impeccably, be sure to take a closer look at these free resources that we have prepared for you:
How to Create and Launch Your New CBD Product
If you have decided that it’s time to create and release your CBD product, you’ll need a strategy to master the process and seize success the first time.
In this guide, we take you through the process of creating and launching a new CBD product. We examine the research and customer insight phases, as well as how to create a mission for your product and handle the logistics. We also touch on marketing and how you can educate your team.
Don’t hesitate – read more about how to create and launch your new CBD product.
How to Communicate the Benefits of Your Products
Now that your product has been created, it’s important that you differentiate it from the competing options on the market and clearly articulate the benefits of your product.
In this post, we go through the step-by-step process of identifying, articulating and sharing the benefits of your CBD products. This can help you to share your product in the best light and connect with your customers.
Become a master: learn how to communicate the benefits of your products.
How to Collect Customer Feedback On Your CBD Product
Once your product is on the market, you’ll have an excellent opportunity to learn from your customers and hone your product in light of their feedback.
It’s no simple task, though, and you’ll once again need to have an appropriate strategy. In this piece, we’ll walk you through the mechanics of collecting customer feedback, and how you can then use that to adjust your product and your approach.
Read more about how to collect customer feedback on your CBD product.
How to Build the Reputation of Your CBD Product
Launching a CBD product is one thing – you’ve got to make sure that you carefully nurture its reputation and make it a force to be reckoned with.
In this post we take you through why the reputation of your CBD product is so important, the signs of a reputable product, and how you can go about starting to enhance the reputation of your CBD products.
Read more about how to build the reputation of your CBD product today.
How to Help Your Customers Shopping for CBD
CBD is more popular than ever before, and there are lots of potential customers who are thinking about taking the plunge – could they shop with you?
In this post, we explore the steps that you can take to inspire and educate your potential customers. If you follow these tips, you’ll be able to position yourself as a trustworthy and reliable provider of CBD products who cares for your customers.
How to Use Celebrity Endorsements When Marketing Your CBD Product
Celebrities around the world are using their star power to advocate for CBD products in general. Some of them are launching their own brands and many of them frequently share their experiences with CBD.
In this piece, we explore some of the key celebrity endorsements and provide you with some ideas of how you can use those to sell your own products.
9 Steps to Put Your CBD Product Ahead of the Competition
The CBD landscape is heating up and it’s more competitive than at any other point in history – you’ve got to have a winning strategy if you’re going to succeed.
While you should focus on creating the best product possible and connecting with your customers, it’s very important that you take the necessary steps to put yourself ahead of the competition. In this post, we explore nine ways that you can race ahead of the competition to delight your customers and offer the best product.
Work with CBD Capital to Succeed
We hope that this piece has been useful for you and that it gives you the power to move ahead to create a fantastic CBD product. As we touched on earlier, you’ll need to make sure that you find the right provider for your wholesale CBD.
We recommend that you work with our team here at CBD Capital – we produce the best-quality CBD isolate in the world to help you please your customers and sell the best products possible.
Here are the key reasons that you can trust us to help move your product forwards:
A belief in the power of CBD
Our company was founded with a steadfast belief in the power and potential of pharmaceutical-grade CBD. Our Executive Team work passionately around the clock to advocate for CBD as a positive health motivator, and we do everything that we can to deliver the best possible products on a regular basis.
An extensive global supply chain
CBD Capital relies on a global supply chain that provides the purest raw products. We maintain close links with the providers within our supply chain and regularly assess them to ensure that the products we provide are only ever of the highest possible quality.
Superior distillation methods
We have a strong commitment to providing industry-regulated CBD products and that’s why we use the world’s leading distillation methods. Our advanced techniques mean that we can offer pure products to our customers who can then delight their own.
A range of CBD products
It’s our pleasure to offer a wide range of CBD products that our customers can use in their own creations. The variety of products that we offer tick all the boxes for our customers and cover all the bases. CBD Capital customers come to us for leading isolate, distillate, oil and more.
If you think that we could be the right supplier for you and that you’d like to learn more about us, be sure to get in touch with us today. One of our expert representatives will be ready to provide you with a fast and accurate response to your query.