Running a CBD business takes the same input and effort a retail manager puts into a store, but too often owners forget about protecting their company brand. With a CBD or hemp affiliated business, there are three components that should be included in your business plan.
Build Customer Trust and Cultivate Loyalty
There is still a lot of growth and explosion in the CBD industry, so you need to start now to build your brand. Have clear, consistent, conversational, and compassionate messaging. Use your position to educate customers and grow them into lifelong consumers.
Develop a Response Action Plan
With all of the changes the hemp industry is going through, you need to have people in place to manage your public face and the company response to a crisis. Your first protection against crisis should be through hemp product insurance, as there are numerous liabilities that your operations present. You also need to have people in place to follow up with claims or negative press, managing the exposure and customer perception.
Hire the Right People
The right staff will protect and support the brand you are trying to build. With people that believe in the products, they are better able to communicate the benefits with others. Your staff should be thoroughly trained and vetted for the industry, as inexperienced individuals are another potential liability for your business.
Insuring your company and products is one way to protect a successful and reputable brand. You also need to hire the right people and have a response plan for adverse situations.