LATEST ALERTS
It seems many of the firms CBD-Intel has talked to see a similar story for January sales, focused on resolutions or upticks in health and wellness – as was predicted for the holidays sales period stretching from Black Friday at the end of November into the gift-giving Christmas and other holidays period through December.
Overall, the market is still too small and niche to see much of a bump, though some fluctuations in lower-priced offerings is expected and that may be driven by new consumers trying products for the first time.
One tactic for increasing that initial interest in products from new customers could be the sale of gift cards through the holiday period. Companies offering gift cards – particularly in combination with things like loyalty discounts – could motivate already loyal customers to convince others on their behalf.
However, the real trick would then be to convert any new customers into repeat customers, where most CBD companies expect to make the bulk of their earnings. For this, in addition to promoting gift cards in the festive season, CBD producers and retailers might therefore want to consider special offers in January for higher-strength and quality blends, as lower prices might encourage more consumers to try them out too. And the overall customer experience will also be an important part of those vital first impressions.
Feel free to submit your questions for our next blog post*
*Under CBD-Intel’s editorial discretion
