Seldom any product garners abundant attention in the global marketplace. It has not been the same with CBD, which ignited curiosity across the wellness industry.
It is a popular cannabinoid in the mainstream, especially with several studies backing up its potential as a wellness booster in recent times. It created a multi-billion dollar market in the past decade.
With several businesses dealing with this cannabinoid, the need for a reliable CBD marketing company sprung up. Advertising this compound as a product for therapeutic use has not been easy, even with scientific evidence as backup. However, there are always ways to capitalize.
CBD is profitable for all cannabis businesses in the US. The only problem is that its legal status is somewhat confusing. But traditional marketing techniques won’t work in this industry. Hence, affiliate marketing became one of the most effective strategies for CBD businesses.
We created this blog post as a guide to CBD affiliate marketing. Discover how you can leverage it and derive desired outcomes.
Affiliate Marketing: What it is and How it Works
A CBD affiliate is a person promoting CBD products. There are affiliate marketers with whom your CBD business can team up. The affiliate promotes the business’s products and earns a commission for each sale a customer makes using their unique affiliate link.
While sale is the priority, some affiliate marketing programs provide rewards for sending visitors to the website, getting leads, or getting app downloads.
Commission rates vary for every company and its program, from as low as 5% of the sale to as high as 50%. Some programs may offer a flat rate per sale instead of a percentage.
An affiliate marketer can select their strategy to promote your product. It could be through a blog post, email list, or product review on any platform, like YouTube, Instagram, and TikTok.
As it would be, you will choose an affiliate with an audience base encompassing CBD on a popular platform. It shortens the hard work for you, and you only pay them a commission for the traffic they bring you.
It is an effective method for advertising your brand and products. Prospective customers will learn about your company from a person they follow.
Affiliate Marketing: How it Benefits CBD Businesses
People between 18 and 35 make up most of the CBD consumer base. Most youths search for brands and products online, and a large percentage seek opinions from social media influencers.
Contact and ask them if they would like to be your ally. They can voice your messages through product reviews. Your affiliate marketing program will profit from it.
There are various affiliate marketing networks other CBD brands have been using; using which could benefit you. You can create your affiliate network, but joining an existing one should serve you well. It will allow you to take advantage of its analytics tools and support teams, saving you time and energy.
With their reporting features, you can use the collected data to make improved decisions, like affiliates you should reward or retain. Also, you can check how your marketing tactics are faring.
You will come across various ways to track such things. You can track an affiliate’s stats, analyze affiliate link performance, forecast campaign outcomes, and adjust as required. Additionally, with a dedicated billing system, it becomes easier to maintain a healthy relationship with the affiliates.
Types of Affiliate Marketing
Affiliate marketer Pat Flynn divided affiliate marketing into three categories.
Unattached affiliate marketing:
The seller and customer have no connection. Also, the seller has no authority in the domain. An example would be initiating a PPC campaign with an affiliate link for people to click and buy the product.
Related affiliate marketing:
It involves promoting products the affiliate has never tried. However, they may already have a significant audience.
Involved affiliate marketing:
The affiliate marketer is well-versed in the product they are promoting. They may have used it. In this marketing type, they market what their followers may need.
Affiliate marketing can be an effective way for CBD businesses to shine. Since traditional marketing methods cannot help, seeking reputable influencers to work as affiliates can be a clever choice. You can do this yourself or ask your marketing team to work on it.