5 PROVEN STRATEGIES FOR MARKETING TO THE B2B CANNABIS INDUSTRY
Modern technology has made many things much effortless for humankind. The medieval humans had things more complicated to them. The food products went to other countries through long trade routes, and travel often took a month or two. The same was true for the market needs, as humans had to step out to fulfill their daily needs. From shopping to weekly drinking, everything involved individuals stepping out of their homes. It was a driving force for the economy in the past. The age of medieval time is also known as the social age, as the interactions between humans increased.
Modern devices changed the whole scenario of how customers interact with businesses. The same is true for how businesses interact with other corporations as well. The transition from offline business to online was supposed to happen on a vast scale this century, but the coronavirus pandemic fastened the change at a rapid pace. From attracting new customers and businesses, small-scale businesses had to ensure an online presence. They could be a mix of websites, lead generation systems, marketing emails, lead generation, and many more. The lockdown restrictions across the world made consumers and businesses switch to online portals for their supplies.
The same trend was visible in the cannabis industry. A study by Grand View Research states that the cannabis market worldwide will be more than 65 billion US dollars by 2028. The figure is much more than the gross development product of many countries. The countries where legal cannabis products are most popular are the United States of America, Canada, Mexico, and the United Kingdom. The dominant part of this market was offline before as countries had a large chain of CBD products. The presence of these chains in the online market was meager, but it all changed after the pandemic restrictions.
BREAKING INTO THE BUSINESS TO BUSINESS MARKET
The interaction between businesses to businesses is as essential as a business to customers. Just like any other trade, both parties have their demands and needs. Business to business often involves an established firm catering to the services of smaller and new firms. The small firms have a smaller footprint but also ensure a better quality of every product. The difference between B2B (Business to Business) and B2C (Business to customers) is quite stark. The B2B transactions are more logic-driven and involve a long-term policy.
Another trait of the business-to-business transaction is that there are hardly any emotions attached. The business to consumers transactions involves the customer’s emotional choice forefront. The B2B transactions often are due to the first company trying to streamline the production process and save resources. The second firm also gets a small share of profit and uses it to expand its businesses.
The same trend is in the Cannabis Wholesale Program, as the companies involved in the B2B transactions look to streamline their production process. It is a common way for established foreign companies to enter a new market in a different country. The examples are present across the world. Marketing plays an essential role in facilitating the process. Some of the proven strategies for marketing in the B2B business are-
RESEARCH
The research process is the most critical part of any marketing strategy worth it . Research on your potential clients is always a great choice to make before entering any business meetings. The research on a client can involve various data points. They can include the client’s budget, their user base, and their past clients. Research about their past clients can help you know what they demand and cater to your marketing strategy. Pitching why your business is a perfect fit for their B2B needs is half of the marketing.
HIGH-PERFORMANCE WEBSITE
The first thing which customers associate with a firm that has an online footprint is its website. The same applies to transactions between multiple businesses. The homepage of your website is the first impression a potential client gets. From the colors on the site to the user interface, everything makes the viewer prefer you over the other options in the market. There are many options in the online world, making it critical to have an effective first impression. The user interface and your website’s content can affect the number of potential clients one might receive.
SEARCH ENGINE OPTIMISATION
There are millions of sites on the internet. The wide-scale competition caters to the consumers rather than the parties in a B2B business. Search engine optimization is a process that makes your website more visible to others by placing several keywords. The keywords and good content give you better readability and a place on top of your competitors. By searching several keywords, you can stand out for a client in the B2B business. Search engine optimization is a practice, which most successful firms follow, having an online footprint. It helps the search engines make your website appear on the top whenever a specific keyword search happens.
ADVERTISING
It is no surprise that established firms have a dedicated budget for advertising. It can be in many forms, ranging from sponsorship to cold electronic mail. Studies suggest that your advertisement is the key to attracting new consumers and keeping the old ones yours. Advertisements can also be in videos which can have a tagline attracting other businesses. The catchy line can be a problem-solving catchline for the targeted business firms. A new and popular medium is advertising your brand on popular social media platforms.
REFERRAL MARKETING
The old clients or the business firms you have been your best tool to get new ones. The statement is quite ironic, but it holds the truth. The older clients, which already had a good exit with your brand, making them refer to new ones is a policy that is gaining traction. The referral system does not need to be complex and can be possible through simple feedback forms. Most productive processes are short and to the point.
CONCLUSION
The cannabis market is quite large, and it is easy to feel lost in the millions of websites. Cracking a B2B deal is critical and generates a positive impact on the business consumers’ deals. A good business-to-business marketing strategy is what will place you apart from the other alternatives. The best advice is to make consumer cycles shorter, leading to more satisfaction for your client. Have all-hours helpline support, where your potential clients can reach you for any queries. A lot can happen over a simple call should be the motto of your support and marketing strategy. Always have targeted marketing strategies for different clients.
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5 PROVEN STRATEGIES FOR MARKETING TO THE B2B CANNABIS INDUSTRY
