The cannabidiol (CBD) industry is expanding at a fast rate, being expected to reach $16 billion by 2025, according to Business Insider data. Yet, with vast growth comes a great deal of uncertainty, as well as tight competition to capture a share of the market. Both startups and already established brands in the industry have to deploy a mix of marketing and public relations strategies to be able to truly stand out from the competition.
Sadly, brand awareness efforts are often hampered by the fact that the cannabis market is quite fragile, despite its skyrocketing expansion, because the substance still faces federal regulation challenges. As a result, advertising companies have generally disassociated themselves from cannabis businesses’ marketing efforts. However, certain public relations (PR) companies and syndication networks, such as newswires, are making sustained efforts to change how CBD products are perceived.
The Advantages of Engaging a PR Firm and Newswire Service
Public relations strategies remain one of the most effective ways available for cannabis brands to gain recognition and reach new audiences. Consistent placements in the media can greatly accelerate growth. The sole purpose of media relations is to inform current and potential consumers, stakeholders, investors, partners, and employees of your company while convincing them to maintain a positive view of cannabis companies and the industry as a whole. A strong media relations strategy helps eliminate poor publicity, spreads the word to individuals who haven’t heard of you yet, and promotes growth.
It should be noted that PR companies and newswire services are not the same as advertising companies — many of them create brand awareness and coverage without seeking direct remuneration. For example, your reliable PR partner may take a more educational role and focus on organizing campaigns that aim to educate your target audience about the effects and benefits of CBD, as well as what makes it different from the other most popular cannabinoid, tetrahydrocannabinol (THC), responsible for the proverbial marijuana high.
The right CBD PR firm and/or newswire service will be able to disseminate information about your company or brand’s message and vision to your target audience effectively. A great team can also collaborate with mainstream media to make sure there is adequate coverage of a brand and its latest products or promotional campaigns to increase their visibility with the public.
Coping with Bad News
Irrespective of the industry, many companies have faced the challenge of putting a positive spin on bad news. CBD and the cannabis industry as a whole are no strangers to bad publicity, especially given the legal status of the substance on federal level.
A PR expert will know how to make the most of adverse events, whether they affect the entire CBD industry or just a specific brand. A good publicist will create a plan at the beginning and be able to navigate responses. Having a response to a real-life scenario ready will help you cope with any issues, even if your company has a crisis on its hands.
Keeping Up with the Latest Challenges
Your company can become a leading player if you strike while the iron is hot. Of course, this is no easy feat, especially in an industry that is changing and evolving as fast as the CBD market. A common challenge experienced by companies in their PR efforts is therefore keeping up with industry news. Your PR partner should help you stay on top of the latest developments, ideally even before they manifest.
It’s also of paramount importance that you position your brand as an expert source. Speaking engagements and bylined articles can all contribute to the expertise of your company. A PR strategist can identify the most relevant speaking engagements in your industry, as well as the best publications where you can have well-researched, valuable and informative content posted.
Where to Start
Whether you are working with an in-house team, an outside PR firm, or no one at all, the most powerful way to get your own headline is to make an announcement with your company listed as the source. With a wire-grade newswire provider, your news release will get direct reach to the public in addition to industry-specific journalists. Some newswires, such as CannabisNewsWire and CBDWire, also have dedicated followings specific to the space which receive a copy of every release facilitated. This ensures your brand gets in front of CBD enthusiasts, business leaders and other crucial demographics – even if a journalist or reporter doesn’t contact you for a story.
The Value of a Specialized Agency
A highly knowledgeable agency in the space that is able to uncover various opportunities and angles in a myriad of avenues can help position your company in important ways. Having a team to manage industry growth is crucial because of how many sectors CBD impacts – healthcare and wellness, sports, pet care, and more. Placing your focus on education, reputation, transparency, and crisis management and building a relationship with a trusted PR partner will prove pivotal to your company’s growth and success.
Keim, Jonathan. “Standing Out from the Competition: How Ongoing News Coverage Benefits a CBD Brand.” InvestorBrandNetwork. Web. 4 Dec 2019. Accesse