In your head, a CBD consumer might look like a person with messy hair, with a vape pen in his hand who is in his early twenties. But the reality is far from it. The target market is as diverse as the CBD products like delta 8 gummies. You can check out cbd.
Earlier, the Cannabis market was only for the young, who wanted to get high and enjoy it with their peer group. However, with CBD, the limitations of Cannabis have reached beyond the walls of age.
A study found that 88% of Cannabis users are from a new culture, which is not always high or lazy but is sophisticated, professional, and social individuals. Check out cbdMD for more information.
Most Cannabis users prefer cbd juice. Only 1 out of 3 Cannabis users accept to consume it to feel stoned. So, if you are a CBD seller, your CBD target market is not as simple as you think. But for successful marketing, you need to know your target market. This article will help you.
CBD Target Market
The CBD target market is unexpected. You cannot limit it to a particular category or type. However, in 2022 you can broadly classify the target market in the following ways.
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With CBD becoming federally legal, most parents turn to CBD to treat medical conditions for their kids. Society does not accept the step because of stigmas around CBD. However, things are changing. Now, most people understand that Cannabis is not about vaping or getting high.
Besides, some parents want to consume CBD but not in front of their kids. They want a discreet method of consumption so that their kids do not know about it.
It might sound surprising, but almost 84% of total Cannabis users have a job. Most of the time, working people shift to CBD for focus or concentration. Some also use CBD to handle the workload and stress.
Many professionals with anxiety issues might try CBD before a meeting or interview. If you are a CBD brand that focuses on CBD stress relief products, your target market comprises professionals.
Besides, creatives or artists, and experts are also the target market for CBD. However, primarily the target market in 2022 is the above categories. Now for a successful marketing strategy, you should know the particular target market for you. The subsequent section deals with it.
Tips to Analyze Target Market
Target market analysis is about extensively investigating the needs, problems, preferences, and behaviors. Your goals should be:
- Understand the issues your CBD products could solve
- Find out the audience looking for that solution
- Learn about the things the secondary audience needs
- Experiment with new marketing channels to reach the identified segments.
Here is how you can do all these things.
Gather the Data
There are two types of information you have to collect. They are:
- Quantitative insights: Statistical data about your target audience, neat facts, and other numbers
- Qualitative insights: customer sentiments, voice of customer Data, psychographic traits, attitudes, purchase drivers, and preferences
Now the question is how to collect this data. Here are different methods:
- Pricing research
- Customer surveys
- Content analysis and more!
- Brand tests
- Focus group interviews
- Product intelligence platforms
- Customer sentiment research
- UX research
- Content analysis and more!
All these data will help you reach the answers to the following questions:
- Is your potential market limited, or is it large enough?
- Do your marketing ideas need alteration to fit customer demand?
- Does your service or products need any update to maximize effectiveness?
The core idea behind all these is to find out your TAM ( Total Addressable Market), SAM ( Serviceable Available Market), and SOM ( Serviceable Obtainable Market). It will also help you to build a customer profile.
Create Market Segments and Customer Profile
A customer profile is qualitative data that includes views of individuals with expected behavior, psychographic traits, and demography.
By recognizing your consumers and their shopping patterns, you can make your online store more appealing and attractive. Here is the data you will need to build a customer profile.
- Education level
- Income level
- Marital status
Psychographic Criteria for a deeper understanding
- Lifestyle preferences
You can collect this data from your customer support tickets, CRM system, interviews, surveys, social media posts, and other marketing research tools.
Look at Your Competitors
To know your target market, know your competitors first. The CBD market is vast. The competition is also high. In such a situation, analyzing your competitor becomes more crucial.
You should perform a competitor analysis test at least once a year. It will ensure that your deals and offers are more relevant and attractive to the consumers.
Besides, competition analysis supports you to develop USPs and establish better brand differentiation. For the former part, performing a SWOT analysis is a quick and helpful way.
Here is the way to frame your competition analysis.
- Research about your competitors’ best sellers and positioning.
- Analyze their pricing strategy
- Read their customer reviews from social media posts.
- Surf on-site for third-party reviews to recognize a missed opportunity.
Place the data collected on a SWOT template as threats, opportunities, weaknesses, and strengths. Include your team to plan a strategy for covering the gaps in weaker sections and benefit from the opportunities.
Analyzing target markets is a vital part of planning your CBD marketing strategy. It provides a list of benefits.
Pros of Target Market Analysis
Here are the tasks that you accomplish with target market analysis.
- Understand the audience that brings the most value to your CBD brand
- Check the credibility of a new product
- Explore more hidden markets
Target Marketing analysis gives you an idea to plan your site, offers, etc.
An efficient target market analysis is a pillar to your success and growth. If you perform the task well, most of the other marketing strategies become easier for you.