The Rise of CBD in the Wellness Industry CBD.market has overcome the stigma over its use by focusing on educating customers on the CBD experience
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The use of cannabidiol, commonly known as CBD, has gone mainstream during the last decade because of its potential health benefits. Since the passage of the 2018 Farm Bill, which legalized the use of industrial hemp by removing it from the Schedule I list of Controlled Substances, that trend has picked up momentum as consumers look for natural methods to relieve various health issues. However, even with broader consumer acceptance of CBD, the stigma surrounding its sale and usage remained because of its association with the Cannabis plant species containing trace amounts of THC, the psychoactive ingredient in marijuana. Yet, curious consumers began to experience the natural benefits of CBD and wanted more. One of those consumers was California entrepreneur Alex Malkin, who saw an opportunity to make CBD products more accessible and affordable.
How Alex Malkin Entered the CBD Market
Like many other individuals, Malkin had difficulty sleeping at night, suffering from insomnia for nearly 10 years. The only thing that worked was medications like SleepAid, which left him with morning weakness and brain fog. A friend familiar with Malkin's troubles asked him if he had ever considered using CBD oil for sleep. Malkin had not but was intrigued that no side effects accompanied its use. The original purchase didn't give him the desired results, so Malkin purchased concentrated oil. After about three to four days, he noticed an actual change in his sleep quality, sleeping through the night without any wakeful periods. He continued using CBD at night, eventually sharing his discovery with Alexander, his business partner, who saw an opportunity, as the CBD niche market had many weaknesses. These included the lack of multi-brand stores and an Amazon-like store that could allow producers to sell their products directly to buyers at affordable prices. Because of their 20 years in the digital marketing realm, Malkin and his partner decided to launch CBD.market and expand their offerings in a calculated manner to provide the widest choices of products at affordable prices.
Overcoming Marketing Misconceptions
Despite the growing interest in CBD, the stigma over its use remains due to several factors. These involve a lack of understanding about the compound and its effects and a lack of regulation, resulting in a wide range of available products that aren't always high quality.
CBD.market has overcome this stigma by focusing on educating customers on the CBD experience. The website regularly publishes informative CBD news and features, focusing on usage, dosing guidelines, and the legal status of CBD products in the USA. In this manner, the company enhances public understanding of CBD and its benefits.
The CBD Business's Unique Challenges
The stigma surrounding CBD also presented Malkin and his staff with unique marketing challenges. The first involved payment processing. When CBD.market first opened its online store in 2018, all payment systems refused to work with the company since it was a startup. Malkin kept badgering various brokers, even when they said his company needed $250,000 in sales. The company became so well known in the field that several months later, it became one of the first online CBD stores in the United States to accept card payments.
Online marketing and selling also proved to be a problem because companies can't run Google Ads for products where CBD oil is derived from hemp plants. CBD.market overcame this issue by focusing on SEO to drive with appropriate keywords and informative blogs designed to drive customers to the website. When the budget began to allow more spending, the company added other advertising networks to reach its audience.
Malkin's Strategy for Business Growth
Everything centers around real customer needs. Malkin and his staff regularly expand their reach, making quality CBD products more accessible to an ever-widening audience. Assessing customer needs through interviews and questionnaires is what it's all about.
Consumer education is essential. People are curious about CBD, so the best way to get them to try a product is by showing them the difference between good and bad CBD products. Malkin also recommends that entrepreneurs keep abreast of the laws in all states where they ship goods.
Smart and thriving employees are also essential to the operation. When staffers are genuinely interested in what they are doing, owners and management can give individuals more responsibility in an attempt to make the company flourish. Self-realization in real time is a significant key to success.
A Never-Say-Die Attitude
Malkin lives by a number of tenets that other entrepreneurs could apply to their own companies. The first thing he does when he begins his work day is to visualize his company's success. Doing so inspires him and quickly brings him to a state of clarity. From there, he builds a plan for the day by prioritizing tasks from the most to least important. This habit helps to spend the hours of the work day most effectively. Minor tasks can always wait.
Hand-in-hand with the above is only doing things you love for the company. When you do what you love, you'll maintain a lot of energy and motivation that turns into success. Unloved businesses only take up time and energy and will not produce a return.
Finally, he recommends engaging in self-development daily and recommends Steven Covey's seven skills as one way to pursue that goal.