The CBD industry has come into its own since hemp CBD was legalized by the U.S. government in 2018. The industry saw 700% growth in the U.S. in 2019 (up to $2.8 billion) and is projected to be worth $20 billion by 2024. That type of money is nothing to scoff at, and it’s no surprise that many companies are flocking to the CBD industry to reap the benefits. But you must sow the right seedlings to reap what is owed to you — a low-effort approach will produce lackluster results. So, how do you make the most of your CBD business in the coming years when the industry is expected to truly explode?
The best thing you can do is promote your business across the country. One of the most trusted forms of modern promotion is affiliate marketing. Unsure of what affiliate marketing is? Here’s a quick affiliate marketing 101: Your brand contracts with affiliates — brands and influencers — to promote your CBD products across the digital spectrum, whether that is Instagram, Twitter, email, a YouTube video, etc. Those affiliates, who are going to be aligned with your niche — likely, the wellness industry — will promote your products to their audience in their tone and style, offering an authentic take on your brand that their viewers will be able to resonate with.
When it comes to enacting an affiliate marketing strategy for your CBD brand, it won’t look very different from other company’s approaches. First and foremost, you need to home in on your brand’ essence, as it’s the easiest way to make your brand recognizable to consumers you’re attempting to target. From there, you need to find the right affiliates who can properly promote your brand. But let’s break this down further.
Planting and Growing an Affiliate Marketing Program
- Affiliate marketing strategy
Your CBD marketing strategy will be your driving force for all future decisions. When implemented in conjunction with your affiliate marketing platform, you’ll be integrating a future-focused tool that will be centered on attracting affiliates, maintaining relationships, improving engagement, developing content, enhancing ROIs, and tracking conversion rates. The statistics provided to you will make it easy to determine the effectiveness of your approach over time, allowing you to identify strengths and weaknesses of both you and your affiliates, ensuring that your brand is receiving positive engagement along the way.
- Affiliate commissions and payment
The affiliate platform is especially useful, as it takes some of the stress off CBD business managers. Rather than regularly worrying about whether payments went out on time, you can rely on a payout system that can be customized and regulated, so your affiliates are paid on a consistent schedule as you watch over legal matters related to the production and distribution of products.
Furthermore, you can track the effectiveness of your commission rates as they relate to the performance of certain affiliates. While some affiliates might make a low commission on sales when starting, your top-performing affiliates might make a great commission. Moreover, you can provide bonuses to high-performing affiliates throughout the year, thanking them for their services while incentivizing them to continue promoting your CBD business just as strongly as before.
Affiliate Marketing Platform
Even if you’ve established how you’re going to run your affiliate marketing program, you’re going to greatly benefit from utilizing an established affiliate marketing platform. While you might wonder whether you should just make your own, stop yourself before going further — you can certainly do this, but joining an affiliate network is a better idea, as you’ll be working with an established, reliable platform that has its support team and analytics platform. Put more simply: It will save you time and many headaches.
The statistics portion of affiliate marketing platforms is nothing short of exceptional, allowing you to track statistics in real-time to determine when updates and modifications to your strategy are needed. This can include tracking the performance of certain affiliates, determining the effectiveness of affiliate links, predicting future campaign results, and making tweaks all along the way.
Furthermore, a specialized hub for your affiliates and a means of instant billing ensures that you maintain positive affiliate relationships, thus fostering a hard-working team that will fight for your CBD business.
Join our events and access our guides to learn how Refersion can manage, track, and grow your affiliate marketing program.
Look No Further than Refersion
If you’re looking to develop your CBD business for years to come, begin creating long-lasting relationships through affiliate marketing. Refersion’s platform is here to provide you with the connections and statistics to make your CBD business get a step ahead of the competition.