Opportunity in CBD is hardest to see during the toughest of times
Updated: Apr 11
I started M&C Communications in the teeth of the Great Recession of 2009. I vividly remember my bank calling me to say my credit line was being reduced from $35,000 to $1,500, despite having a great credit rating!
I, like many of you reading, stressed about how to pay my mortgage, put food on the table and take care of my kids. While it may seem easiest to throw in the towel, I never gave up on M&C and took every opportunity that was afforded to me. Here we are, 11 years later!
This is not a boast, but a lesson on no matter how grim the circumstances may look, there will always be an opportunity. Right now the CBD market has been afforded a wonderful opportunity.
The Brightfield Group, a leading research firm of emerging industries, reported on a recent CBD survey of 1600 people. Their findings should open the eyes to CBD retailers worldwide.
One-third of their respondents are switching to e-commerce
The majority of people surveyed did not have strong brand loyalty
More than ⅓ will be buying more CBD products in the future
Online consumers have a tendency to be repeat customers
One-quarter of respondents are using CBD products for stress and anxiety relief
It’s critical to understand where your consumers are in life, how they are handling the COVID-19 crisis and what your role is in giving them the help they need through your products.
This is an instance we at M&C like to call “low-hanging fruit.” The fruit that’s easy to reach is just as ripe for the picking as the fruit at the top of the tree you may otherwise have to work much harder to reach.
If CBD companies are aware that their customers are using certain products to increase wellness, it’s very important to have a consistent outreach plan that creates meaningful conversations with their consumers around those issues.
Pick the low hanging fruit and use consistent social, traditional, community and educational outreach to create conversations with the millions of potential customers looking for education and guidance about CBD.
As we say at M&C Communications, MOVE THE STAIRS and commit to building your customer base.