Kelvin Jakes, a 25-year-old forex trader, first heard about CBD oil for dogs from his longtime friend. The friend’s cat had what seemed to be a tumor on its tail. But thanks to CBD oil, the tumor disappeared.
As a result, Kevin decided to try CBD oil on his own dog, Jackson. His dog had been exhibiting some behavioral problems and so he wanted to nip it in the bud. Within a week or two of consuming CBD oil, his pup was back to normal.
Better yet, Jackson lost a significant amount of weight, which Kelvin also credited to the usage of CBD oil.
The truth is, CBD (which is the non-psychoactive product of hemp plants and marijuana) has taken off among people all around the world. And manufacturers are marketing it as a solution for everything in their sales strategies. From skin care and diet to relieving pain and anxiety.
So it should not come as a surprise that dogs and cats are jumping on the bandwagon. American citizens already spend up to $72 billion on an annual basis on the animals. So it is about time they (cats and dogs) also started to reap the benefits.
However, the explosion of CBD oil all around the world has one limitation. The flurry of information and products has left most retailers lagging behind on the growing trend. Some do not even know how to incorporate it into their sales strategy.
So, we decided to compile this comprehensive overview. It explains CBD oil and how any pet store can integrate it into its sales strategy.
1) Helps Improve Customer Retention
For most people in the sales channel, the first priority is to craft new ways to increase a business’ revenue. To accomplish this, they need to sell more product units. Which in turn, implies their sales strategy only includes finding more clients.
However, as a result of this sales strategy, sales strategists focus all their attention on getting new clients. Which means they fail to successfully address the need to ensure they retain the ones they already have.
Yet, we keep hearing, over and over, that it’s cheaper to retain an existing client than acquire a new one.
According to research by Marketing Metrics, the success rate of selling products/services to existing clients is 60-70 percent. The success rate of selling to new customers, on the other hand, is only 5 – 20 percent.
With that study in mind, your sales reps need to modify their goals and sales strategy. They also need to ensure your store retains as many clients as possible.
Another great way to improve retention is to educate new clients. For instance, teach them how to use the oil and how long they should expect them to last.
Honest Paws treats, for instance, come in a package of 20 pieces. How long the package will last depends on the weight of the client’s dog. For a dog of 25lbs to 50lbs, for example, it will last approximately a week.
But for dogs weighing less than 10lbs, the package can last up to a month. Being honest like this with your clients will improve retention. Mainly because when the package is exhausted, they’ll know who they should go to for more.
2) Improve Your Customer’s Trust
Customer retention is just half the battle when it comes to effective sales strategies and successful sales. In fact, customer retention can only be a reality once your sales strategy establishes trust between your business and clients.
So how does your sales strategy go about starting this relationship and building trust?
One way is to ensure your CBD oil products are the best in the industry. Think about it. Let’s say a business sales team was helpful and honest with you when you were acquiring their products or services. Would you go back to them if their product or service did not meet your standards and requirements? I didn’t think so.
We already have lots of sales organizations out there claiming to be the best retailers of CBD oil for pets. Which means you must stand out amongst the crowd to have clients coming back to you for more. At Honest Paws, for instance, we have put forward some sales strategies to ensure we’re the best in the industry.
For starters, we ensure our products are non-GMO, all-natural, soy free, lab tested, and most importantly, selling at reasonable prices.
Our sales strategy is to focus on our clients’ needs. We are confident if we do that, everything else will fall in place.
The second way to improve customer trust is to ensure your clients can find you easily if the need arises. This is why every pet store selling CBD oil should create/upgrade their websites as part of their sales strategy.
Your business site will be your sales team’s gateway to the internet. Nowadays, it is crucial to have an online presence. We recognize this at Honest Paws. That is why if you type “CBD Oil for Dog” into Google, our homepage pops up as the first option.
3) Price your CBD Oil Right
One of the main secrets to any store’s effective sales strategy is pricing their products right. In fact, that is what will attract your ideal customer in the first place.
Price your products properly. And that will increase successful sales and revenue while fashioning the proper foundation for a store that will prosper. But price your product or service wrongly. And you may welcome trials and tribulations that your decision makers and sales leaders may never recover from.
Nonetheless, proper pricing sounds like an easy sales strategy in theory but is quite hard in practice.
Price your products lower than competitors, and your target audience will think it’s because your products are of poor quality. Couple that with the fact your in-house sales, as well as profit margin, will slide extensively.
Ask the same customers to pay a little too much for the same product or service, and they will stop buying from your store.
So what is the trick in such situations?
You should modify your sales tactics and find out what your ideal customer is willing/capable of paying for your product. The best place to start is by researching your prospective customers and grouping them according to demographics. These can include whether they are price sensitive, what they’ve been spending money on, and much more.
All these details will give you an overview of your prospects’ financial status.
Another really effective sales strategy tip we adopted in our account-based marketing is ensuring clients can easily bundle or use our products with other common pet supplies. This helps clients save money in the long run. For example, our CBD infused peanut butter can pair well with the Kong toy.
Remember, proper pricing will activate your sales process and attract your ideal customer. After that, you can then move on to improving trust and retention. If you do not have a customer, what’s there to retain?
To top it off, we at Honest Paws price our products as low as possible to ensure your business is in a position to price its products just right without hurting its set profit margin.
We understand that customer is king, which means we put your first throughout all our endeavors including, but not limited to pricing our products.
4) Establish your Brand on Social Media
When you have priced your products correctly and created your website, it is time to focus on your branding technique. This will let the world know about your business and the CBD products you sell.
Today’s typical owner of pets (both cats and dogs) is 21-35. And as you can tell, a vast majority of this age range spends most of its time on social media. This implies that your marketing strategy should include setting your business as an expert in social media.
When you decide to venture into social media, know that content is king. Based on the data you collected about your ideal customers, create unique posts that will connect your business with your customers.
You also need to come up with a social media marketing strategy. This will help your sales team to establish your business brand as an expert and draw your clients’ attention. CBD production campaigns and photos will also attract new clients to your business. They’ll also remind old customers who were starting to forget about you that you’re still in business.
Having said that, do not let all this stress you out. we at Honest Paws have a solid marketing strategy, and we help our clients set themselves up as experts as well.
We have a dedicated team that’ll partner with your sales team and provide them with marketing material for both in-store and social media networks.
Attaining success with your business in any industry is, without a doubt, challenging. But all you need is a little bit of hard work, proper goals, and strategic planning. With that, you can jump on the bandwagon of this growing CBD industry with little to no risk of failing. Feel free to use this blog post as a blueprint. Use it to set goals or a sales and marketing strategy that’ll take you to the green rush.
Your involvement in the CBD industry will create a new client base. You’ll reach people who, otherwise, would have no idea about the health benefits of the Cannabis plant. All this while at the same time creating a new income opportunity for you.