What You Don’t Know About Selling CBD Can Hurt You
You open a CBD store, or launch a line of CBD products, and expect everything to fly off the shelf. If it does, you congratulate yourself for being a genius. If it doesn’t, you hit yourself over the head. (Or someone else does it for you.)
But what you should do – what every modern business owner should be doing – is analyze every step of your process before, during and after you open your doors. Knowing how and why you succeed or fail beats not knowing.
Analytics begins with data, then drawing insights from data. Luckily, finding data on CBD retailing is easier every day to find data that’s relevant to
Your product. While there is currently less research on the benefits or challenges of CBD than on opioids, the Food and Drug Administration is, in its own words, “working to find out” this information. We at CBDbusinessmedia.com recommend checking with the FDA site often to learn about new developments that could impact your legal position.
Your store. Speaking of legal jeopardy, do you carry liability insurance? Have adequate security? Did your due diligence cover special zoning? It’s surprising how far you can get in setting up a business, only to discover expensive legal pitfalls at the last minute. Every business needs a lawyer, but CBD retailers would do well to find specialists. Checking legal sites like Lexology for specialists might be a wise move.
Your customers. Brick-and-mortar stores have this advantage over online retail: When customers need CBD, then tend to want it NOW rather than in two-days’ time. The downside is that they are likely to enter your store in pain or distressed – in other words, unhappy. You can help solve their pain points with an easy-to-navigate store and excellent customer service training.
Your market. As the CBD market continues to flourish (it’s expected to top $2.25 billion in this year alone), more analytics companies are coming out with their measuring sticks, hoping to glean product insights. BDS Analytics and the Brightfield Group are both leaders in the CBD field; while research giant Nielsen, which already reports on CBD and CBG, has expanded to measure the pet market.
While we at CBDbusinessmedia.com recommend that you check these outlets regularly, we also understand that, as a busy business owner, doing so might slip your mind 🙂 To make it easy to stay on top of all things CBD, get our white paper on CBD retailer education and all our related media offerings when you subscribe to our FREE CBD Business Daily.
Here’s to happy retailing!