None of us could have predicted how the first quarter of 2020 would turn out. In the face of a global crisis, many businesses are facing unprecedented challenges.
The coming weeks and months will challenge us all, both on a personal level and on a business level. Most businesses in the CBD industry are early stage, so the number one priority will be to keep sales and growth moving. There has been examples of a few nefarious businesses making claims that CBD may be a cure for Covid-19, but for the most part companies have been focusing on how they can keep working in challenging conditions.
A recent article in Food Navigator questioned if coronavirus could see a run on CBD as consumers looked to boost and balance their immunes system. Similarly many consumers praise CBD for its anxiolytic properties. In times of heightened worry and stress, CBD sales could increase.
Brands need to navigate their position carefully. Speaking to Food Navigator, Dr Andy Yates, science lead at the Association for the Cannabinoid Industry said “There is currently absolutely no evidence that CBD can play any role in altering the course of coronavirus (CORVID-19) disease and I would strongly urge the CBD industry to stay far away from making any suggestion, however subtle, that it does. During a time of serious national and international challenges our industry needs to show leadership and a strong moral compass and do the right thing.”
Smart brands will communicate honestly and openly with customers. This is a crisis which has no discrimination, and now is a time for unity. Consumers are anxious and worried, and social media is oversaturated with information shadowing the efforts of brands. Still, social media and email will be key channels for businesses as they communicate. Offering support to consumers in a manner which shies away from being mercantile or sensationalist is key. Reassure customers that risks are being mitigated and orders can still be shipped while reasonably and safely possible.
Changes are certain but unpredictable, so communicating effectively and efficiently is going to be key to maintaining your customer relationships. If your business finds itself unexpectedly effected by changes or restrictions, let customers know. It’s important that you keep your brand alive in the minds of customers and make your voice heard.
Plan For The Future
Regardless of CBD’s attractive properties, consumer confidence is likely to fluctuate wildly in the next few weeks. While price slashing and huge promotions might seem the only option, they aren’t a sustainable solution. Halting all sales and marketing is also unwise, the key is to push your brand responsibly, in the right way, and in the right place. After all, the impact from this pandemic is sudden, but likely to be short in the grand scheme of business. At some point, consumers will return to work, to the shops and streets, and they will begin to spend freely again. Think of spending small but smart over the coming weeks. Keep your brand alive in the consumer’s eyes so that when they do feel compelled to purchase again, they remember you.