Changes to cannabis legislation around the world are the driving force behind the popularity of CBD, leading to attitudes that are becoming more open and accepting.
In the US, this shift in legislation means that many drugstore chains are now stocking popular CBD products. Rite Aid recently joined CVS and Walgreens in offering those products, for example. In New York, a groundbreaking new law means that job applicants can no longer be tested for marijuana.
These changes are coming to the UK, too, where a third of consumers would buy CBD-infused food and drink and CBD product sales have surged by 99%.
How can your business prepare for this shift? As retailers become more open to the possibility of stocking these products, what are they looking for you to offer?
At the end of the day, customers purchase items to fulfil a distinct need that they have. Drugstore chains and stores need to deliver on this dynamic constantly to win the loyalty of their customers and keep them coming back. This is why those stores will be looking to stock the most effective products possible.
Stores will be looking for those products that have a good reputation among users and despite the often subjective nature of CBD efficacy, those stores will want to know that it is effective.
There are a range of methods that you can use to ensure the efficacy of your product, but this all begins with using the highest-quality CBD that is available to you.
- Proven Results
To get buy-in from retailers, you will need to offer proof that your product works and that your customers enjoy it. This can be achieved through testing and customer surveys, and you will have to demonstrate the methods behind this testing.
There are a range of methods that you can use to get quality customer feedback, and a selection of metrics that retailers will find interesting. If you are looking at where to get started, these 20 effective methods from OptiMonk are great.
It will also be essential to offer detailed sales figures and statistics here. A strong sales pitch it essential and you should know how to communicate the benefits of your products.
To begin, Rite Aid is offering its customers a selection of CBD creams, lotions and lip balms in stores across Oregon and Washington. This initial selection and limited rollout suggests that the chain is looking to start slow and gauge the reception of these products among its customers.
These topical products are perceived as less invasive by customers and when compared to oil and isolate, they are more likely to be used by casual customers. Perhaps you could consider offering a range of forms in order to address this demand among casual users and secure your place in the market.
Retail businesses run on tight margins and they need to strike delicate balances between the amount they pay for products versus the amount that they sell them for. This means that your pricing will have to be both accurate and attractive to ensure that both parties benefit from the transaction.
Accurately pricing your products can be a challenge, given that the landscape is shifting so quickly and there is such a wide range of products on the market. There are a range of poor-quality products that are offered at low prices – you must be able to articulate and prove the value of your product to get ahead of those competitors.
Retailers like Walgreens and CVS are looking for nothing but the very best quality. Quality is distinct to efficacy and it encompasses the whole experience – the branding, the packaging and everything else that leaves an impression on their customers.
Quality products reflect positively on their own brand and those stores want CBD to be a success – the hemp-CBD market could hit $22 billion by 2022 in the US alone. You should ensure that your product is attractive and distinct from the legion of low-quality products on the market.
- A Strong Reputation
Those retailers looking to break into this area of the wellness niche will want to work exclusively with those brands that have a strong reputation and do not represent a reputational risk. Mainstream retailers will most probably want to avoid working with those CBD brands that invoke the more controversial aspects of cannabis culture.
CBD brands should do their best to focus on efficacy and wellness, distancing themselves from links to the psychoactive nature of alternative cannabis products.
- Clear Customer Guidance
The world of CBD is new and exciting, with research ongoing in a range of areas. Many customers are excited about this new world, but they are often lost when it comes to knowing how to get started.
Retailers will want you to offer detailed and accurate guidance to customers in terms of dosages and how to get the most from your product. These directions should, of course, be developed using proven methods that get the best results for the greatest number of people. Where appropriate, you should also offer background and additional knowledge around your product.
It is important that your product is forthcoming in the claims that it makes and the information about how the product was sourced and created. Retailers know that these two areas are very important for customers with a passion for wellness, so it is important that you deliver on them.
You should avoid unrealistic and bombastic statements and also provide truthful information about where your products were sourced and how they were manufactured. This level of transparency means that retailers will be able to stock your product with good conscience and without the fear of conducting false advertising.
Keeping your customers happy
A great way to keep retailers happy is to focus on keeping your customers happy. If you can identify and meet their various needs, your product will naturally become very attractive to retailers. Be sure to check out our post on what customers want from CBD.