Market research projects that U.S. CBD sales will reach nearly $20 billion by 2024. Major national retailers from Wegmans to Rite Aid to Target are now selling beauty products, food & beverages, even pet care products infused with CBD.
Cannabis Creative Co-Founder, Josefine Nowitz, teamed up with VP of Marketing at High Purity Natural Products, Lauren Pray, during the White Label Expo in Las Vegas to walk you through how you can take advantage of this market opportunity with CBD white label partners.
The secret to launching and sustaining a successful CBD business with a white label partner starts with having the right people for the job. For example, building your own CBD brand with Cannabis Creative gives you access to our incredible network of marketing professionals, from brand and design experts to packaging partners to web developers and social media teams.
Finding Your White Label Partner
When it comes to CBD, your product is all about its formula and the benefits that come with it. Therefore, selecting the right white label partner for your business is integral to the success of your brand. You will want to expect high quality from your partner, the same way your customers will be able to expect high quality from you. In general, this means ease of collaboration, from everything including communication and transparency to custom formulations and excellent facilities.
Make sure to ask your white label partner questions about their compliance and licenses, as well as their sourcing and testing practices. Ultimately, their product will be your product and it’s important to know what you are selling your customers.
Mapping the Landscape
Before developing your CBD product formulations with your white label partner, make sure you both have an understanding of the customer. Take one step back before taking ten steps forward in stride. Ask your team who the audience is and what pain points you are resolving for them with your product.
Additionally, know the cultural landscape of the CBD industry. This includes knowing the types of CBD users, also known as “buyer personas”. A buyer persona is a semi-fictional representation of your ideal customer based on market research and real data about your existing customers. These profiles allow you to understand the experiences and needs of your ideal customers. Extensive research has been done by organizations, such as The Brightfield Group, on the key buyer personas of CBD consumers, detailing demographics and income information to help you understand your audience better.
Diving Right In
Once you’ve found the right strategic partner and thoroughly understood the environment you are competing within, your brand will be ready to dive right into the CBD industry with a force of marketing professionals behind you.